Serrari Group

Deloitte Becomes First Investment Adviser in Ethiopia's Emerging Capital Market

Ethiopia’s financial landscape is set for a significant transformation with the advent of its Securities Exchange, slated for launch in the third quarter of this year. In anticipation of this milestone, Deloitte, a leading audit and consultancy firm, has secured a noteworthy achievement by obtaining the first securities investment adviser license for operations within the country.

The application for the license was submitted by Deloitte’s Nairobi office, reflecting the firm’s strategic commitment to supporting the growth of Ethiopia’s capital market. Tewodros Sisay, Deloitte Africa Advisory leader, expressed confidence in the firm’s ability to contribute meaningfully to the development of Ethiopia’s financial ecosystem.

The debut issuance on the exchange is expected to feature the listing of 10 percent of the State-owned Ethiotelecom, which reported a robust ETB 11.0 billion ($193 million) in net profit for the six months ended December 2023. Additionally, the Capital Markets Authority (ECMA) has conducted investment readiness assessments for five other State-owned enterprises in preparation for their listings.

Brook Taye, Director-General of ECMA, emphasized the significance of Deloitte’s licensing in advancing Ethiopia’s capital market development agenda. He expressed optimism for increased interest from Nairobi-based entities seeking permits for operating in Ethiopia, highlighting the potential for cross-border collaboration and investment opportunities.

Deloitte’s entry into Ethiopia’s investment landscape marks a pivotal moment for both the firm and the country’s capital market. With the imminent launch of the Securities Exchange, Ethiopia is poised for further growth and expansion in its financial sector, setting the stage for a new era of economic development.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

2nd April, 2024

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