The Ethiopian Capital Market Authority (ECMA) is one of the key institutions established by Article 3(1) of the Proclamation as an autonomous Federal Government Regulatory Authority with its own juridical personality, accountable to the Prime Minister of the Federal Democratic Republic of Ethiopia.
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Capital markets development is a key component of the Government of Ethiopia’s
(GoE) Home-Grown Economic Reform Program and the 10-Year Development Plan
(2021- 2031). In line with this commitment, the Capital Markets Proclamation (No.
1248/2021) was adopted by the House of Peoples’ Representatives in June 2021, which
included the establishment of the Ethiopian Capital Market Authority (ECMA).
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