Ethiopia Begins Printing Its Own Money Locally in Addis Ababa

Ethiopia has announced plans to start printing its own bank notes and minting the country’s currency locally, ending decades of reliance on foreign firms for the Birr. Ethiopia is thus joining DR Congo, Kenya and about nine other African countries in making their own money. Over two-thirds of Africa’s 54 countries (at least 40) still print money abroad, mainly in the UK, France, Germany. Sometimes in the United States or Canada, adding high shipping costs and risks. Ethiopia’s move strengthens economic sovereignty and may reduce long-term costs. The DRC prints its own currency, the Congolese franc (CDF), at the Mint of the Central Bank of Congo (BCC), making it one of the few African countries to have this capacity, a process which involves design, security printing, numbering and quality control. Until Ethiopia joined the fold, Kenya and the Democratic Republic of Congo were the only Eastern African states that were producing their own currencies at home. But on the other hand, it is only Nine African States that print their currency in their own country. In a continent of about 55 states, less than 10 countries have the capacity to print their own currencies or mint their own coins. At least 40 African countries print their money in France, Germany and the United Kingdom. In East Africa it is only Kenya and DR Congo, producing their own money at home Nigeria, Morocco, Kenya, Algeria, South Africa, the Democratic Republic of Congo, Egypt, Sudan, and Zimbabwe are the only countries that have set up private companies and state-owned enterprises printing banknotes. Within the East African Community, it is just Kenya and DR Congo that make their own money. KENYA Described as East Africa’s economic powerhouse, the Kenyan banknotes are printed in Nairobi by security printer De La Rue. On 31 May 2019, the Central Bank of Kenya issued a new family of banknotes without the portraits of known Kenyan individuals, as mandated by the revised Constitution of Kenya of 2010. DR CONGO The Banque Centrale du Congo (Central Bank of the Congo), was responsible for issuing and printing the Country’s Currency and is also the central bank of the Democratic Republic of the Congo. The Congolese franc is the currency of the Democratic Republic of the Congo. It is subdivided into 100 centimes. However, centimes no longer have a practical value and are no longer used. In April 2022, 2,000 francs was equivalent to $1 USD. NIGERIA Nigerian Naira notes and coins are printed or minted by the Nigerian Security Printing and Minting (NSPM) Plc and other overseas printing and minting companies and issued by the Central Bank of Nigeria (CBN). EGYPT The Central Bank of Egypt, has a printing house which was established in 1967, culminating the efforts of the Central Bank of Egypt over the years, allowing the CBE to print money locally instead of abroad. MOROCCO The dirham is the official currency of the Kingdom of Morocco and is printed by the Bank al-Maghrib. ALGERIA Algerian currency is the Dinar (DZD) The Algerian Currency is printed by ‘Banque d’Algérie,’ the Algerian Central Bank SOUTH AFRICA The South African Bank Note Company was established in 1958 as a result of a decision by the South African Government to print South African currency locally. The South African Reserve Bank formed a joint venture with Bradbury Wilkinson and Company and commenced production from a factory in Pretoria. SUDAN The Central Bank of Sudan and Sudan Currency Printing Press prints the Sudan Currencies. Sudan Currency Printing Press is a private enterprise of limited liability established in May 1994 in accordance with the 1925 company law. Banknotes production is the main activity of the company which is also authorized to print banknotes in Sudan. ZIMBABWE In April 2009, Zimbabwe temporarily stopped printing its currency, with currencies from other countries being used. In mid-2015, Zimbabwe announced plans to have completely switched to the United States dollar by the end of that year. But again in June 2019, the Zimbabwean government announced the resumption of money printing and reintroduction of the ‘Zimbabwe Dollar,’ and that all foreign currency was no longer legal tender.