Ethiopia, the Eastern African powerhouse that is also home to the HQ of the African Union (AU), is in the process of the introducing significant legislative changes to the country’s constitution. This was revealed by the Ethiopia’s Prime Minister, Abiy Ahmed, during an address to prominent “tax-payers” in the capital, Addis Ababa. He said his administration is in the final stages of drafting new laws that will enable foreigners to become property owners – a first in the country’s history.
Ethiopia is the only country in the continent that was never colonised by Western imperial nations even at the height of the “Scramble for Africa” in the 19th century. The media quoted Prime Minister Ahmed as saying: “We will introduce a law which will allow foreigners to own property.” The move is likely to receive widespread endorsement both locally and internationally.
It will rejuvenate economic activities in the real estate industry, and further create much-needed direct foreign investment in the local economy that has been ailing for a while due to conflict. Many foreigners who are economically active regularly visit Ethiopia on business and sometimes leisure. The move new changes in the law will therefore lead to foreign investors likely turning Ethiopia into a destination of choice – “home away from home”.
Last August, at the BRICS Head of State Summit held in South Africa, the bloc took a ground-breaking resolution to expand membership. Ethiopia was one of the six strategic countries accepted into a geopolitical bloc now referred to as BRICS-Plus.
Other nations accepted were Saudi Arabia, UAE, Iran, Egypt and Argentina, which has since tendered its decision to withdraw following a change in the nation’s politics. The first BRICS-Plus Summit will take place in Russia toward the end of 2024.
