By Ankober
The banking sector in Ethiopia has been protected from involvement of foreigners and bankers by Banking Proclamation No. 1984.However, negating this Proclamation, the government in Ethiopia has been illegally allowing foreigners and foreign banks to invest in the sector.
Although, the regime and its ideologues have in various forums staunchly argued that the opening of the banking and telecommunication sectors to private or foreign investors would hazard the country security, economy and basically opposes their political ideology, since few years, a growing number of foreign owned banks and foreigners are being involved in the business sector.
For many, the 2007 announcement by Commerzbank, the second largest German bank, to open an office in Ethiopia was unexpected news and contrary to the law. The Bank opened its Eastern Africa branch at the DH Geda Tower 9 Floor Bole Sub city, Bole Road after the arrival of Chancellor Dr. Angela Merkel along with the bank’s officials to Addis Ababa in 2007.The move then made many wonder whether there was political pressure at government to government level. The office was opened to perform representative functions and carry out market research.
Similar to this bank, different Sudanese, American and Chinese banks and citizens are involved in Ethiopia’s banking sector.
Details to come soon...
