Ethiopia’s Prime Minister Abiy Ahmed has unveiled plans to liberalize the country’s economy by allowing foreign nationals to purchase real estate and opening up the retail sector to international companies.
In a meeting with business executives broadcast on state media, Abiy announced that a law allowing foreigners to own property is in its final stages of drafting.
This move is part of Ethiopia’s efforts to attract foreign investment and shore up its finances amid economic challenges.
Abiy also stated the government’s intention to ease restrictions in the retail sector, allowing international players to operate alongside Ethiopian businesses. These reforms aim to stimulate economic growth and create a more competitive business environment in Ethiopia.
The country, with a population of about 120 million, is facing significant economic challenges, including high external debt, inflation, and a shortage of foreign currency reserves. Abiy’s government has been pursuing economic reforms since coming to power in 2018, but progress has been slow.
Despite the challenges, Ethiopia has made some strides in opening up its economy.
It recently issued a telecommunications license to Kenyan telecoms giant Safaricom and announced plans to sell a stake in the state-owned Ethio Telecom.
The government has also expressed its intention to allow foreign investment in the banking sector, signaling a continued commitment to economic liberalization.
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