Ethio Telecom goes private

Ethio Telecom along with the World Bank, took a big step by pre-selecting six consultancies which were divided into two businesses, which will boost potential growth for new entrants.

With a population of over 100 million people, Ethiopia has one of the fastest growing economy in Africa, now major companies are approaching the Government to open up its economy. This will boost the company economic growth and country’s development by attracting more foreign investors to the country.

Ethio Telecom was selected as the first of four major state corporations in telecommunications, aviation and banking sectors, to be sold to private investors.

Ethiopia’s Ministry of Finance, Haji Ebsa, said “the government will give priority to the partial privatization of Ethio Telecom as it considers the best approach for the entire process. While majority stakes will be held by the state, shares in the corporations will be sold to investors”.

Other state-owned organisations for liberalization are Ethiopian Airlines, Ethiopian Shipping & Logistics Services Enterprise and Ethiopian Electric Power, opening them up to private investments.