Deloitte Set to Return to Addis Ababa After Six Years Absence

Addis Ababa, Ethiopia (08 October 2023)

Global consultancy giant Deloitte is set to reestablish its presence in Addis Ababa, marking a return to the Ethiopian market after a six-year hiatus. The firm is preparing to open a new office near the bustling Meskel Square district of the capital city, with plans to complete its re-entry into Ethiopia in the current financial year.

The multinational consultancy firm, one of the "Big Four" alongside KPMG, PwC, and EY, had ceased direct operations since breaking away from its local partner HST in 2017. At the time, legislation prohibited foreign investors from opening a subsidiary. Since restrictions were eased in 2020, foreign consulting giants are now allowed to join domestic firms in offering their audit services in Ethiopia.

Deloitte Africa’s re-entry, according to its first woman CEO Ruwayda Redfearn, aligns with its East Africa expansion strategy. The company previously had a presence in Ethiopia but withdrew from the market due to various challenges, including political instability and regulatory issues. Ethiopia’s recent progress in political stability and reforms have gained the firm's interest once more. The government’s commitment to liberalizing key sectors, notably telecommunications and banking, has made it an attractive hub for international investors and consulting entities.

Deloitte's renewed presence promises a wealth of opportunities for Ethiopia's private sector. By offering insightful guidance, technical proficiency, and advisory services, Deloitte aims to empower local businesses amidst the evolving economic environment. The move underscores Deloitte's confidence in Ethiopia's growth trajectory and affirms the nation's appeal as a hub for international business ventures.