Addis Ababa, July 22, 2025 (FMC) — Ethiopia generated a record 32.1 billion US dollars in foreign revenue during the 2024/25 fiscal year, marking a significant leap from the previous year’s 24.7 billion USD, according to the National Bank of Ethiopia (NBE).
The announcement came as the Ethiopian Finance Forum officially opened in Addis Ababa this morning. The high-level gathering brought together policymakers, private sector leaders, and financial experts to deliberate on sustainable development, macroeconomic reform, and pressing trade challenges.
Delivering keynote speeches at the forum, Finance Minister Ahmed Shide and NBE Governor Mamo Mihretu highlighted Ethiopia’s ambitious reform agenda and its tangible impact across sectors.
Finance Minister Ahmed Shide affirmed that Ethiopia’s sweeping macroeconomic reform program has played a central role in catalyzing broad-based growth across agriculture, manufacturing, tourism, services, and mining.
Governor Mamo, meanwhile, contextualized the economic transformation within Ethiopia’s long-standing tradition of independence and sovereignty. Despite that legacy, he noted, the country had yet to achieve its full economic potential.
“Under Prime Minister Abiy Ahmed’s leadership, Ethiopia has taken decisive steps to eradicate poverty as a foundation for attaining comprehensive sovereignty,” Mamo stated.
He also outlined the persistent structural challenges Ethiopia has grappled with—namely inflation, foreign exchange shortages, and macroeconomic instability. However, Mamo pointed out that recent reforms have started reversing these trends.
Over the past several months, a set of carefully designed and data-driven macroeconomic policies have begun delivering measurable improvements, he explained. These include a sharp rise in foreign exchange inflows—from 24.7 billion USD to 32.1 billion USD—indicating restored investor confidence and improved economic performance.
For the first time, Foreign Exchange Bureaus have become operational, substantially increasing access to foreign currency, Mamo added. Inflation has also declined by 50 percent compared to previous years, reflecting the reforms’ early success—though he acknowledged that inflation remains a challenge.
Looking ahead, Governor Mamo stressed that more work is needed to reduce living costs and sustain economic momentum, reaffirming the government’s commitment to long-term financial stability and inclusive growth.
Finance Minister Ahmed Shide also emphasized the macroeconomic reforms’ far-reaching effects, stating that the program has brought about “significant structural transformations” in public finance and economic management.
One of the most notable milestones, he said, is the government’s decision to refrain from borrowing from the National Bank of Ethiopia—a first in the nation’s history. Instead, public expenditures have been guided by principles of fiscal discipline, savings, and efficient resource utilization.
The minister further explained that Ethiopia’s macroeconomic agenda supports regional integration. Strategic investments in cross-border energy distribution, express road and rail networks, and digital infrastructure are strengthening the country’s economic ties with neighbors and fostering interconnectivity in the Horn of Africa.
Ahmed also reaffirmed the government’s dedication to expanding private sector participation in the national economy, recognizing its critical role in job creation and diversification. Policies are being tailored to remove barriers and attract more private investment.
He underlined the importance of finance forums such as the current one in enabling constructive dialogue. “These platforms are vital for diagnosing the challenges within the financial sector and identifying collective solutions that will enhance private sector engagement,” the minister stated.