Economic Growth of East Africa Benefits Whole Continent: UNECA Microeconomics, Finance and Governance Division Director

Addis Ababa, November 8, 2025 (ENA) – When the economy of East Africa, including that of Ethiopia, is doing well like now, the whole continent benefits from this, UNECA Microeconomics, Finance and Governance Division Director Stephen Karingi noted.

In an exclusive interview with ENA, the Director said the Ethiopian economy is one of the engines of the continental growth and when this region in East Africa is doing well as it is doing now, the whole of the continent benefits from it.

Macroeconomic reform is very important in order to fully realize the opportunities under the economic development plan of the country, he added.

"I think the macroeconomic reforms that we have witnessed in Ethiopia are all about creating that kind of environment you need for the private sector, which is what is driving the goal that we are seeing today in the country."

For the Director, the reform is also critical to enhance the ability to attract foreign investments and also to catalyze domestic investments. It is also imperative to properly collect the remittances that are coming from the diaspora.

Stressing the importance of the macroeconomic reform in creating certainty and predictability, he stated that the reform is also crucial to those who come and invest here, like Safaricom, including the opening up of the financial sector.

"I think the commitment towards these reforms is actually quite clear. We have been working closely with the government in the area of public finance; and we have also seen reforms in the tax administration."

Macroeconomic coordination, both here in Ethiopia and the rest of the continent, is actually very important to realize deeper integration and deeper connectivity of the African market, Karingi added.

Ethiopia is one of Africa's largest and fastest-growing economies undertaking a comprehensive and bold Homegrown Economic Reform Agenda with the view to transforming its economy.

Significant achievements of Ethiopia's recent macroeconomic reforms include increased economic growth, record export revenues, and declining inflation.

The reform has resulted in several tangible achievements, including strong GDP growth, significant job creation, and improved foreign exchange earnings, among others.