Addis Ababa, July 11, 2025

The National Bank of Ethiopia (NBE), the Ethiopian Capital Market Authority (ECMA), the Ethiopian Securities Exchange (ESX), and the Central Securities Depository (CSD) today celebrated a landmark event: the official listing of Government of Ethiopia Treasury Bills (T-bills) and the commencement of securities trading on Ethiopia’s first-ever securities exchange.

This momentous occasion signals the beginning of a new chapter for Ethiopia’s financial sector, one defined by transparency, market-based financing, and enhanced investor access. It marks the culmination of years of strategic reforms aimed at unlocking domestic capital, broadening financial inclusion, and supporting long-term economic growth.

Capital Market Reform: A Strategic National Priority

Since 2021, the Government of Ethiopia has pursued a phased, reform-driven approach to developing the capital market ecosystem. Anchored in the Home-Grown Economic Reform Agenda, this strategy emphasized regulatory readiness, institutional strengthening, and technological modernization.

The Ministry of Finance and the National Bank of Ethiopia have worked in close coordination to create the necessary infrastructure for an efficient and transparent government debt market. One of the key achievements is the implementation of Ethiopia’s Single-Entity Multi-Asset Central Securities Depository (CSD). Owned, managed, and operated by the NBE, the CSD streamlines securities issuance, settlement, and safekeeping across asset classes. Fully integrated with the Ethiopian Automated Transfer System (EATS) for Delivery versus Payment (DvP) and with the ESX’s Automated Trading System (ATS), the CSD is a cornerstone of Ethiopia’s post-trade architecture.

“The National Bank of Ethiopia is committed to continued innovation and collaboration to ensure that the capital market ecosystem and its supporting infrastructure advance the country’s long-term financial prosperity,” noted H.E. Mamo Mihretu, Governor of the National Bank of Ethiopia.

ECMA: Building Trust and Transparency

The Ethiopian Capital Market Authority (ECMA), established in 2021 as the regulator of Ethiopia’s capital markets, has been instrumental in developing the enabling legal and regulatory framework. ECMA introduced critical directives on securities issuance, market operations, investor protection, and licensing, while leading wide-reaching public education and stakeholder consultations.

“Today is a landmark moment for Ethiopia’s financial sector as we officially begin securities trading for the first time on the Ethiopian Securities Exchange,” H.E. Hana Tehelku Director General of ECMA stated. “This milestone reflects years of commitment to establishing a transparent, inclusive, and robust capital market that will open new investment opportunities and support sustainable economic development. ECMA remains committed to fostering a secure and vibrant market that serves all Ethiopians.”

Ethiopian Securities Exchange: A Platform for Opportunity

Since its incorporation as a public-private partnership under the Capital Market Proclamation (No. 1248/2021), ESX has played a leading role in driving market development. With its state-of-the-art Automated Trading System, Broker Back Office, and integration with the national CSD, ESX provides a secure, modern trading platform that supports the listing and trading of both debt and equity instruments.

Today’s launch event also commemorates ESX’s evolution as a multi-product market. In addition to today’s T-bill listing, ESX has been supporting the interbank money market since October 2024, in collaboration with the NBE and commercial banks.

“Today marks another milestone for ESX and stakeholders that worked hard for the past few years to deepen the Ethiopian capital market,” said Dr. Tilahun E. Kassahun, CEO of the Ethiopian Securities Exchange. “The first listing of government securities on ESX marks the beginning of a new chapter for a very promising debt market in Ethiopia. Similarly, the commencement of equities trading is testament to how far preparations to build a modern market infrastructure have come. ESX is proud to stand at the center of this transformation, creating a trusted platform where capital meets opportunity.

A New Era for Ethiopian Finance

The official bell ringing ceremony signals the beginning, not the end, of Ethiopia’s capital markets journey. NBE, ECMA, and ESX remain fully committed to broadening investor access, introducing new asset classes, and fostering financial innovation.

The three institutions express their deep gratitude to the Government of Ethiopia, pioneering listed companies, trading members Wegagen Capital and CBE Capital, and all market participants whose contributions made this day possible.

Together, we celebrate the launch of a dynamic marketplace that will support national development and economic transformation for generations to come.