Deloitte has today announced the opening of its Ethiopia office in the country’s capital, Addis Ababa. The opening follows a signing, in July last year, of a merger agreement between Deloitte and leading Ethiopian accountancy and advisory firm, HST. HST was the first professional accounting partnership in Ethiopia and brings with it a combined experience of over 20 years in the local market.
The Deloitte commitment to Africa is evidenced by the firm’s long-established presence on the continent, and its strategy to strengthen local presence and on-the-ground knowledge of the economies in which it operates. Africa and Ethiopia offer a compelling case for investment and expansion. African economies are set to continue growing faster than many developed economies and, with shifting trade patterns towards China and India continuing to gain momentum, Deloitte is already well-positioned to partner with clients as they pursue new opportunities here.
For its part, Ethiopia is one of Africa’s most uplifting growth stories of the past two decades. The country is now one of the top ten cattle exporters in the world, according to The Economist, and is expected to join the World Trade Organisation within the next decade.
One of the critical growth areas that Deloitte can help Ethiopia explore is how to extract mineral resources. The country boasts a wide range of mineral deposits but in spite of this potential wealth, the mining sector is relatively underdeveloped. Deloitte’s acquisition of Venmyn Rand to form Venmyn Deloitte means that this new technical and economic mineral advisory business will offer unmatched expertise throughout the life cycle of a mining project. It has already been involved in techno-economic advice on a world class potash deposit in the Danakil depression of Ethiopia – a project that will provide infrastructure, upgraded transportation routes, and employment for the relatively impoverished area.
With its entry into Ethiopia, Deloitte now has a presence in 34 African countries.