ECMA: Founding Board Members Begin 5-Year Term

ADDIS ABABA – The newly appointed board members of the Ethiopian Capital Market Authority (ECMA) have officially begun their first term.

Prime Minister Abiy Ahmed on Dec 1, 2022, appointed six of the seven board members of ECMA as per the Capital Market proclamation. The law reserves a seat to the governor of the National Bank of Ethiopia (NBE).

Hikmet Abdella, Director General of the Accounting and Audit Board of Ethiopia, is the only female member of the board.

The President of ECMA Brook Taye and the CEO of Ethiopia Commodity Exchange, Wondimagegnehu Negara, are also among the appointees.

The remaining members are Eyob Tesfaye of the UN Capital Development Fund, Cerberus Capital Management vice President Tesfaye Hailemichael and Addis Ababa University Professor Abate Abebe.

“The new board members of the Capital Market Authority have officially started their term with the first meeting on Tuesday,” says NBE in a statement.

The central bank Governor Yinager Dessie, who was appointed as chairman of the board, chaired the meeting of the board.

The newly appointed board members of the Ethiopian Capital Market Authority will serve for five years.

The authority is tasked to govern the stock market activities including soon to be formed the Ethiopian Securities Exchange (ESE).