In May 2019 The Reporter described a National Bank of Ethiopia directive that ordered foreign oil and gas explorers to open and keep foreign-currency accounts inside Ethiopian commercial banks under central-bank supervision.
Companies told the paper they had long used offshore accounts and then moved money into local birr accounts to pay for exploration. They said the new rule would not fix Ethiopia’s foreign-currency shortage and would make it harder to finance projects or get loans from foreign lenders.
Mines and Petroleum Minister Samuel Hurkato said the firms wanted to keep offshore accounts while the central bank wanted money parked under Ethiopian oversight. Weeks later Abiy Ahmed’s office allowed offshore accounts again after the ministry and the firms appealed, and concession talks that had stalled began to move.
Kept as FX and energy archive, the episode shows how tightly managed foreign exchange rules shaped oil investment under Abiy Ahmed’s early reform years, and how quickly a banking directive could freeze or restart field work.
Sources: The Reporter Ethiopia