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AfricaJanuary 20 2023

Can Ethiopia’s fragile peace pave the way to further economic reform?

As the ceasefire signed between Ethiopia’s federal government and Tigray rebels continues to hold, hopes for reform of the country’s hitherto state-driven economy — including its banking sector — remain dependent on macroeconomic stabilisation, writes John Everington.
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Can Ethiopia’s fragile peace pave the way to further economic reform? Image: Getty Images

After two years of vicious civil war, Ethiopians can dare to dream of a return to something approaching normal life in 2023. The November 2022 truce between Abiy Ahmed’s federal government and the leadership of the northern state of Tigray remained intact as The Banker went to press in late January. Phone and internet services in Tigray have been partially restored, with food and medicine being delivered to the state’s beleaguered population.

Beyond an end to the fighting that has claimed thousands of lives, the truce reawakens hopes for the resumption of the country’s bold market-led economic reform programme, announced in 2018, which followed decades of successful state-led development.

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John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.
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