Ethiopian Investment Holdings (EIH), the country’s state-owned investment arm, plans to develop domestic currency-printing capacity as part of a broader strategy to build strategic national assets under public ownership.
The move would place Africa’s second-most populous nation among a small but growing group of countries seeking to print their own currency to reduce reliance on foreign firms, even as most African states continue to outsource banknote production.
Of the continent’s 54 countries, only a handful—estimated at between nine and 12—currently print their own currency. These include Nigeria, South Africa, Egypt, Morocco, Algeria, Kenya, Sudan, Zimbabwe and the Democratic Republic of Congo.
Abiy Ahmed, the country’s prime minister disclosed the plan on Thursday at the Finance Forward Ethiopia 2026 conference, saying the initiative would see EIH take on responsibilities traditionally outsourced abroad as Ethiopia seeks greater control over critical economic infrastructure.
Ethiopia’s central bank, the National Bank of Ethiopia (NBE), is responsible for issuing the birr but has historically relied on foreign firms to print its banknotes.
According to Remitly, a US-based remittance platform, Ethiopia’s currency is currently printed overseas by companies such as UK-based De La Rue, a practice common across Africa where many countries lack secure domestic printing facilities.
Abiy said establishing a local printing facility would lower long-term production costs, strengthen control over currency supply and security features, and reduce dependence on foreign contractors and logistics.
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The prime minister described the move as one of several strategic functions being developed by Ethiopian Investment Holdings, which oversees the government’s commercial enterprises.
“The institution will build many key, untold strategic arms,” Abiy said.
He added that EIH is expected to expand significantly over the coming years, with its contribution to 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.
Established in December 2021, EIH manages more than 40 state-owned enterprises across key sectors, applying corporate governance and investment principles to improve performance and attract capital.
The holding company has built an asset base of 8.2 trillion birr ($140 billion), with combined revenues rising from 704 billion birr ($12 billion) to 6.1 trillion birr ($104 billion) over four years. Its foreign exchange holdings now stand at $48.7 billion.
Abiy noted that many state-owned enterprises had previously suffered from weak oversight and poor management despite controlling substantial national wealth. Some failed to pay taxes, while revenues and expenditures were poorly documented and operating costs excessive.
He said EIH was created to place these enterprises under a corporate framework, improve profitability and diversify operations.
The prime minister also disclosed that the holding group is working with crypto-mining firms, an initiative he said is expected to deliver returns in the coming years.
In addition, Abiy revealed that EIH has begun constructing a gold refinery, marking 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.”
