Ethiopian Prime Minister Abiy Ahmed recently voiced strong concerns over foreign embassies allegedly participating in black market currency exchanges, which he claims drain Ethiopia’s resources.
Speaking before the House of People’s Representatives, Ahmed asserted that some embassies are involved in unauthorized currency trading, intensifying Ethiopia’s economic difficulties.
He emphasized the government’s patience thus far but stressed the importance of upholding Ethiopian laws and vowed action should such practices continue.
This comes on the heels of Ethiopia’s launch of the Homegrown Economic Reform Program (HGER 2.0), a comprehensive plan to address persistent economic issues, including inflation, unemployment, and a soaring debt load.
A significant part of the initiative aims to stabilize the foreign exchange market by shifting toward a competitive, market-based exchange rate. Yet, illegal currency trading remains a roadblock to achieving these goals, undermining efforts to improve foreign currency availability and stabilize the economy.
