Ethiopia is planning to develop its own domestic currency printing capacity as part of a broader effort to reduce the risks of producing banknotes abroad, Prime Minister Abiy Ahmed said on Thursday.
According to source, the initiative will be led by Ethiopian Investment Holdings, the state-owned asset manager, and is aimed at strengthening the country’s economic sovereignty.
Speaking at the Finance Forward Ethiopia 2026 conference, Abiy said the move forms part of a wider strategy to establish key national capabilities under public ownership.
He explained that Ethiopian Investment Holdings would take on this responsibility as it expands its role in managing strategic state assets.
“The institution will build many key, untold strategic arms,” Abiy told conference participants.
The prime minister said the holding company is expected to grow significantly in the coming years, with its contribution to Ethiopia’s gross domestic product projected to reach 20 percent by 2030.
“If this target is achieved, Ethiopia will have created a structure that can be transferred to the next generation,” he added.
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Ethiopian Investment Holdings, which was established in December 2021, oversees more than 40 state-owned enterprises operating across key sectors of the economy.
The entity applies corporate governance and investment practices to improve performance and attract capital.
According to Abiy, the fund has built an asset base of 8.2 trillion birr, with combined revenues rising from 704 billion birr to 6.1 trillion birr over four years, while foreign exchange holdings have reached 48.66 billion U.S. dollars.
Abiy said many state-owned enterprises had previously suffered from weak oversight and poor management despite controlling large amounts of national wealth.
Several did not pay taxes, their revenues and expenditures were poorly recorded, and operating costs were excessive.
He said Ethiopian Investment Holdings was created to bring these enterprises under a corporate management framework, improve profitability, and diversify their operations.
The prime minister also revealed that the holding group is working with crypto mining firms, describing the initiative as one expected to generate returns in the coming years.
In addition, Abiy announced that Ethiopian Investment Holdings has begun building a gold refinery, which he described as a shift away from exporting raw gold.
“For many years, Ethiopia has been selling gold in its raw form,” he said. “For the first time, EIH is building a gold refinery, and it will be finalised in the coming months. This will help preserve national wealth and create additional value.”
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Image Credit: The Ministry of Foreign Affairs of Ethiopia
