For 30 years Ethiopia was ruled by the Tigray minority, the economy being self-sufficient to the point of paranoia. In 2011, then prime minister Meles Zenawi cautiously opened the economy to China: a cluster of light industry around Addis Ababa airport has mushroomed as Chinese companies take advantage of low wages and privileged access to western markets. When the Tigray minority was replaced by a broad coalition of the two major ethnic groups, led by Abiy Ahmed, deeper economic reforms were embraced. Moving to a market-based exchange rate is the latest — crucial — phase. Fifty years ago, Zambia was by far the most prosperous society in liberated black Africa, neck-and-neck with Chile, the other major copper exporter. But unlike Ethiopia, until recently its economic management was poor. Decisions were made by a corrupt political class in Lusaka, where political power alternated between the two largest ethnic parties.
Ethiopia and Zambia are Embracing Sustainable Reforms Big Enough to Warrant Investor Interest
