ADDIS ABABA – Prime Minister Abiy Ahmed emphasized the critical importance of macroeconomic reform in Ethiopia, aiming to integrate the nation into the global economy, including the African Continental Free Trade Area (AfCFTA).

According to Ethiopian News Agency, the macroeconomic reform is essential for Ethiopia to shift from a predominantly closed economy to one that is more integrated with global markets. This approach is in line with the Medemer development principles which guide the national reform agenda. Abiy reflected on the progress made since the inception of the national reform, particularly highlighting the strides taken to involve the private sector more fully in the economy.

The Prime Minister reiterated that the opening of Ethiopia’s economy was a decisive action taken right after the national reform initiative began. He credited the first phase of the Homegrown Economic Reform with numerous successes, despite facing various challenges. Abiy pointed out that Ethiopia’s economy has been relatively insulated compared to other large African economies, which he deemed unsustainable in the long run.

Abiy further stressed that for Ethiopia to take full advantage of opportunities in the global market, including the AfCFTA, it must continue to open up its economy. He asserted that the ongoing reform is not only about sustaining past achievements but is also geared towards creating new opportunities that will lead to the nation’s prosperity.