Ethiopia wants to open its banking sector, but it won’t be walk in the park for new entrants

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Between 2003 and 2011, Ethiopia recorded sustained double-digit real gross domestic product (GDP) annual growth rates; after which growth peaked in 2017. In the fiscal year 2015/16, the country’s annual economic output slumped to a 12-year low (with real GDP printing at 8% year-on-year).

The output numbers could even be worse in 2022 given that growth has been negatively impacted by the conflict in the Tigrayan region. But perhaps a rather more worrying trend was recorded in the country’s external position, as the current account balance worsened to a deficit of $6.5bn in 2017 (or just about 9% of its GDP at the time).

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