Ethiopia sets course for a decade of capital market reform

Addis Ababa, 15 May 2026 - The Economic Commission for Africa (ECA), the Ethiopian Capital Market Authority (ECMA), FSD Africa and Ethiopia convened over 80 representatives from Ethiopia's financial sector this week for the Stakeholder Validation Workshop of Ethiopia's Capital Markets Master Plan (CMMP), a ten-year strategic roadmap designed by Genesis Analytics and Bourse Consult to develop a deep, diversified, and trusted capital market capable of financing the country's economic transformation.

Held at the UN Conference Centre in Addis Ababa, the two-day workshop brought together regulators, government ministries, financial institutions, capital market intermediaries, professional associations, and development partners to review the draft CMMP, stress-test its implementation priorities, and build collective ownership of the reform agenda it sets out.

Ethiopia's capital market has moved rapidly from institutional establishment into early market operation. The Ethiopian Securities Exchange is operational, the Central Securities Depository is advancing, and licensed intermediaries are active. The CMMP now provides the strategic framework to consolidate these gains and move toward a more mature, diversified market over the coming decade.

The plan identifies six interconnected areas of reform: strengthening the legal and regulatory framework; developing market infrastructure; deepening the sovereign debt market; broadening the non-sovereign issuer base; expanding investor participation; and building sustainable human and institutional capacity.

Speaking at the workshop, ECMA Deputy Director General Rahel Kassa emphasized that the CMMP must function as more than a strategic document. "This is your opportunity to lay your fingerprints on what you envision for this market," she told participants. "It must be the source code of our market's ecosystem."

Victor Nkiiri, Senior Specialist of Capital Markets from FSD Africa echoed this call, noting that plans which succeed are those owned by an entire ecosystem of institutions, ones that see their own strategic ambitions reflected in the document and adjust their own plans accordingly.

CEO of FSD Ethiopia, Hikmet Abdella, emphasized that stakeholders are encouraged to provide practical feedback to ensure the roadmap is grounded in real institutional and market conditions and capable of delivering sustained impact.

Representing ECA, Chief of Finance and Domestic Resource Mobilization section, Sonia Essobmadje (CFA), highlighted the Commission's commitment to supporting Ethiopia's capital market development as part of a broader continental agenda. "Capital markets are a critical tool to mobilize long-term financing, support private sector growth, and strengthen economic resilience," she said, pointing to the alignment between Ethiopia's reform trajectory and ECA's work on domestic resource mobilization across Africa.

The workshop facilitated structured roundtable discussions across all six reform areas, gathering direct stakeholder feedback on sequencing, institutional responsibilities, risk factors, and governance arrangements. Synthesized feedback will inform the finalization of the CMMP, with implementation expected to begin following formal adoption.

Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: [email protected]