Addis Ababa: Ethiopia is implementing crucial reforms in its financial sector, as stated by Africa Insurance Organization (AIO) President Patty Karuaihe-Martin during the 51st African Insurance Organization Conference held in Addis Ababa. The reforms are part of a larger comprehensive economic reform initiative that has been noticeable in the country.
According to Ethiopian News Agency, Karuaihe-Martin highlighted that the rest of Africa is eager to engage in more business with Ethiopia, which is leading the way in financial sector reforms. She emphasized the potential for collaboration and mutual learning among African nations as partners.
Karuaihe-Martin also mentioned that there will be increased harmonization of regulations and laws in the insurance and financial sectors across Africa. Reflecting on the recently concluded conference, she noted its success, with nearly 2,000 participants attending.
Expressing gratitude towards the Ethiopian government, Karuaihe-Martin commended the hospitality and the opportunities for networking, bilateral relations, and partnerships that the conference facilitated. Discussions at the conference included Africa’s debt situation and its effects on the insurance sector, as well as potential solutions.
AIO Vice President Yared Molla remarked on the participants’ opportunity to experience Ethiopia’s hospitality and witness its significant economic reforms. Ethiopia also benefited from sharing best practices with other countries in the insurance industry.