Ethiopia’s New Exchange Faces Investor Confidence Test

Ethiopia's Ethiopian Securities Exchange (ESX) has launched, marking a significant step in the development of the country's domestic capital market. The OECD highlights that the market remains at an early stage, with limited depth, liquidity, and investor participation.

The ESX was established in 2025, providing the initial trading infrastructure and a framework for domestic securities activity. The OECD notes that this development is part of broader state-owned enterprise reform efforts in Ethiopia.

Ethio Telecom became the first state-owned enterprise listed on the ESX in May 2026. This followed its transformation into a joint-stock company and a public offering of a minority stake to Ethiopian citizens.