Silverio Omari
In late July, Prime Minister Abiy Ahmed announced the initiation of a macroeconomic reform policy known as the Homegrown Economic Reform Program (HGER 2.0). This program aims to tackle structural issues within Ethiopia’s economy, including the debt burden, inflation, unemployment, sluggish structural change, and the stabilization of the foreign exchange market.
During a speech to the House of People’s Representatives, Abiy Ahmed accused certain foreign embassies of participating in black market currency operations, claiming they are “robbing” Ethiopia’s resources. He expressed concern about how these illegal activities affect the availability of foreign currency, emphasizing the destabilizing influence of illicit currency exchanges on the Ethiopian economy.
“We have been patient thus far and do not wish to harm our healthy relationships with other countries. However, we expect these relationships to respect the laws of our land,” Ahmed declared, indicating that action would be taken if foreign embassies continue their involvement in black market dealings.
These accusations come as Ethiopia seeks to implement its macroeconomic reform policy to address persistent economic challenges. The reforms include a shift toward a competitive, market-based exchange rate system. Although banks and licensed forex bureaus are now providing official exchange rates, the black market continues to pose a significant threat, complicating the government’s efforts to stabilize the foreign exchange market.
Dj Vnyash
