Ethiopia is preparing to print its own currency in a major policy shift aimed at strengthening economic sovereignty and reducing reliance on foreign banknote producers.
Prime Minister Abiy Ahmed (PhD) announced the plan on Thursday at the Finance Forward Ethiopia 2026 Conference, stating that Ethiopian Investment Holdings (EIH) will lead the initiative as part of a wider strategy to build critical national capabilities under public ownership.
EIH, the government’s state-owned asset manager, currently oversees more than 40 enterprises across key sectors. It will now add domestic currency production to its growing portfolio of strategic functions.
“The institution will build many key, untold strategic arms,” Abiy said.
He added that EIH’s contribution to Ethiopia’s gross domestic product is projected to reach 20 percent by 2030, positioning the holding company as one of the country’s most powerful economic pillars.
“If this target is achieved, Ethiopia will have created a structure that can be transferred to the next generation,” the prime minister noted.
Founded in December 2021, EIH was established to reform the management of state-owned enterprises previously affected by weak oversight, poor record-keeping, and high operating costs.
Several public firms failed to pay taxes, while others operated without clear accountability despite controlling significant national assets.
To address this, the government introduced a corporate governance framework to improve efficiency, profitability, and investor confidence.
Since then, EIH’s asset base has grown to 8.2 trillion birr. Combined revenues have surged from 704 billion birr to 6.1 trillion birr within four years. Foreign exchange holdings have also risen to $48.66 billion.
Beyond currency printing, Abiy revealed that the holding company is partnering with crypto mining firms in projects expected to generate long-term returns.
In addition, EIH has begun constructing Ethiopia’s first large-scale gold refinery.
“For many years, Ethiopia sold gold in its raw form,” Abiy said. “For the first time, EIH is building a refinery, and it will be finalised in the coming months.”
He explained that local refining will preserve national wealth, create skilled jobs, and add value to the country’s mineral exports.
Economists say domestic currency printing could also improve security, cut costs, and strengthen control over monetary operations.
More broadly, Ethiopia’s strategy reflects a growing trend across Africa, where governments are seeking to build stronger institutions, develop local value chains, and reduce dependence on external systems.
For Addis Ababa, the move signals more than financial reform. It represents a long-term effort to reshape the foundations of national economic power.
