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Ethiopia's economy is ranked 159th place out of 190 countries in 'Ease of doing business'. [35] Ethiopia is also a part of African Continental Free Trade Area, Common Market for Eastern and Southern Africa, Intergovernmental Authority on Development, and the G24, and has observer status at the World Trade Organization.
The National Bank of Ethiopia (NBE) in 2008. On 29 July 2024, the National Bank of Ethiopia (NBE) relaxed restrictions on the value of the Ethiopian birr to secure a loan of $10.7 billion from the International Monetary Fund (IMF) and World Bank. [1]
The Ethiopia Commodity Exchange (ECX) is a commodities exchange established April 2008 in Ethiopia. In Proclamation 2007-550, which created the ECX, its stated objective was "to ensure the development of an efficient modern trading system" that would "protect the rights and benefits of sellers, buyers, intermediaries, and the general public."
Khat with a market price of a quarter rupees per parcel was another commodity, largely produced or exported to Aden. Locally produced woven clothing, earrings, bracelets, wax, butter, honey, mules, sorghum, wheat karanji (a bread used by travellers), ghee and all kinds of tallow were imported to Harar and exported to other parts of the world.
However, according to data from the Ethiopian government's Central Statistical Authority, during the 1960–61 to 1973–74 period the economy achieved sustained economic growth. [1] Between 1960 and 1970, for example, Ethiopia enjoyed an annual 4.4 percent average growth rate in per capita gross domestic product (GDP). [1]
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However, this early attempt at establishing a stock market came to a halt in 1974 when major companies and financial institutions were nationalized and brought under government control. [3] Establishing a securities exchange in Ethiopia has been in planning for several years. The Ethiopian government has made efforts since 2019 for this vision.
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