Prime Minister Abiy Ahmed (Dr.) today made a bold statement during a parliament address, pointing to unnamed embassies involved in activities he described as detrimental to Ethiopia’s economy. He accused certain foreign embassies of orchestrating black market operations and conducting unauthorized foreign exchange dealings. This behavior, according to the Prime Minister, has become so disruptive that Ethiopia may soon enact more stringent oversight measures.
“Some embassies directly steal Ethiopia’s resources and engage in foreign currency trading as a primary operation,” said Prime Minister Abiy, emphasizing that these activities go beyond diplomatic norms and infringe upon Ethiopia’s financial stability. “If these actions continue unchecked, we will take decisive steps to enforce the law. We do not seek relationships with embassies that operate unethically; we only welcome those that uphold a sound legal framework.”
Without explicitly naming any specific embassies, PM Abiy clarified that there are diplomatic missions which, by abusing their positions, play a prominent role in fostering black market economies within Ethiopia. His comments reflect a growing frustration with external interference, which, according to the Prime Minister, exploits Ethiopia’s resources and undermines local markets. “There are embassies that run the black market, but we tolerate them to avoid disturbing their operations,” he said, hinting that Ethiopia has thus far exercised restraint.
Black Market and Resource Theft
The Prime Minister’s statements delve deeper into how Ethiopia’s resources, particularly foreign exchange and gold, are illegally siphoned out of the country. He claimed that some individuals, operating under the guise of legitimate businesses or Franco Valuta — an arrangement that allows foreign nationals to import goods duty-free — play a key role in this exploitation. “Gold and dollars are smuggled out of the country. This theft must be stopped, and we must prevent further illegal activities carried out by internal actors colluding with external interests,” Abiy asserted.
The issue, he added, is pervasive, even involving transport and other industries. “Small operators and drivers move Ethiopian black market dollars across borders, often traveling to certain countries where this illegal currency trade finds a home,” he explained.
Addressing Ethiopia’s National Interests
Abiy’s rhetoric underscores a strong national stance, emphasizing Ethiopia’s right to defend its resources against those who see its wealth as a commodity to be plundered. His comments come amid a backdrop of longstanding concerns around foreign influence in Ethiopia’s economy. “There are countries that consider it their right to rob Ethiopia, disregarding our national interests. We demand respect for Ethiopia’s sovereignty,” he declared.
In a call to action, the Prime Minister urged Ethiopians to prepare to both give and receive in matters of economic exchange, setting the expectation for reciprocity in international relations. “It is necessary to be ready to give as much as is necessary to take from us,” he stated.
Franco Valuta: A System in Need of Reform
Abiy also turned his attention to Franco Valuta, suggesting the system had veered from its intended purpose and has, in recent years, become a channel for wealth flight from Ethiopia. Originally designed to facilitate trade and investment, Franco Valuta is increasingly used by foreign entities to circumvent traditional regulations, which, according to Abiy, necessitates reform. “Franco Valuta has lost its purpose. It is now contributing to capital flight from Ethiopia. This must change,” he noted.
What Lies Ahead?
The Prime Minister’s assertions highlight Ethiopia’s intensified efforts to tackle illegal markets, currency smuggling, and exploitative diplomatic practices. While the lack of specificity regarding embassies and countries involved leaves questions unanswered, the Ethiopian government’s stance is clear: illegal extraction of resources and economic exploitation will not be tolerated.
The next steps will likely involve heightened scrutiny, reforms to trade facilitation policies, and possibly new legislative measures aimed at ensuring that diplomatic missions operate transparently and align with Ethiopia’s national interests. As the country faces mounting economic challenges, these measures signal a readiness to protect Ethiopia’s assets and sovereignty in an increasingly globalized economy.
With these developments, Ethiopia is sending a strong message: embassies and foreign entities must respect Ethiopia’s resources and adhere to its legal frameworks — or face accountability.
