Picture used for illustrative purpose. File

Gulf Today Report

Ethiopia to sell 45% stake in its Ethio Telecom monopoly said a spokesman for the minister of finance.

This is in line with the government vision to liberalize the country’s economy, in spite of the armed conflict in the northern part of the country.

The telecommunication sector is regarded as the country’s biggest prize due to how much the market of around 100 million consumers is guarded. 

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Brook Taye, adviser at the ministry of finance said, “It is 40% to all interested bidders and 5% will be dedicated to Ethiopians. The 55% will remain with the government of Ethiopia.”

The sale is expected to take nine months, the government will also be issuing tenders for operating licences in December.