Ethiopia To Print Its Own Currency In A Move For Economic Sovereignty
The Ethiopian government has announced plans to begin printing its own banknotes locally to reduce its reliance on foreign suppliers.
The initiative will be led by Ethiopian Investment Holdings (EIH), one of Africa’s largest sovereign wealth or state investment funds.
Ethiopia currently outsources the printing of its currency, the birr, to foreign firms.
Prime Minister Abiy Ahmed says the government is losing millions of dollars to the West annually in printing its currency.
He said printing their own currency locally would save Ethiopia billions of taxpayers’ money.
Around 40+ African countries print their currency in Germany, France, the United Kingdom, the United States and Canada, which costs them an estimated sum of $300 million annually.