Ethiopia Launches First Government Securities Trading on Securities Exchange

Addis Ababa, July 11, 2025 (ENA)—Ethiopia has marked today a historic milestone in its financial sector with the official listing and commencement of trading of Government of Ethiopia Treasury Bills on the newly established Ethiopian Securities Exchange (ESX).

The landmark event was celebrated by key financial institutions, including the National Bank of Ethiopia (NBE), the Ethiopian Capital Market Authority (ECMA), the Ethiopian Securities Exchange (ESX), and the Central Securities Depository (CSD).

According to a press release from the organizers, the launch signifies the beginning of a new era of market-based financing, greater transparency, and broader investor participation in Ethiopia’s emerging capital market.

This achievement is the result of years of reform under the Homegrown Economic Reform Agenda, which prioritized the development of capital markets.

 Since 2021, the government has pursued a phased approach focusing on regulatory preparedness, institutional capacity building, and technological modernization.

 A cornerstone of the new financial infrastructure is the creation of the Single-Entity Multi-Asset Central Securities Depository, fully owned and operated by the NBE.

 The CSD enables seamless issuance, settlement, and safekeeping of securities. Integrated with the Ethiopian Automated Transfer System (EATS) and ESX’s Automated Trading System (ATS), the platform supports efficient delivery-versus-payment (DvP) settlement.

 “The National Bank of Ethiopia is committed to continued innovation and collaboration to ensure our capital market ecosystem supports Ethiopia’s long-term financial prosperity,” NBE Governor Mamo Mihretu said.

Since its establishment in 2022, the ECMA has laid the legal and regulatory foundations for the capital market by issuing directives on securities issuance, investor protection, market conduct, and licensing of market participants.

“Today is a landmark moment for Ethiopia’s financial sector as we officially begin securities trading on the Ethiopian Securities Exchange,” ECMA Director-General Hana Tehelku said.

 The milestone reflects the authority's commitment to building a transparent, inclusive, and robust capital market that supports sustainable economic growth, she added.

Formed under the Capital Market Proclamation No. 1248/2021 as a public-private partnership, the ESX has developed a secure and modern trading platform designed to accommodate both debt and equity instruments.

Since October 2024, it has also been facilitating inter-bank money market operations in collaboration with the NBE and commercial banks.

“Today marks another major milestone for ESX and all stakeholders working to develop Ethiopia’s capital markets,” ESX CEO Tilahun Esmael Kassahun said.

The Exchange is “proud to launch this trusted platform where capital meets opportunity, and to open the door to a promising future for Ethiopia’s debt and equity markets, " he added.

The ceremonial bell-ringing marked the official start of securities trading on the ESX, a significant step in Ethiopia’s journey toward establishing a dynamic and inclusive capital market.

The launch of the Ethiopian Securities Exchange represents a pivotal advancement in building a resilient financial system that supports Ethiopia’s economic transformation for generations to come.