Addis Ababa — Ethiopia has appointed Fitsum Assefa Adela as its new finance minister, placing an experienced economic policymaker at the centre of the government's efforts to manage debt restructuring and advance reforms aimed at attracting greater private investment.
Prime Minister Abiy Ahmed named Fitsum to the position on Thursday as part of a new cabinet, replacing Ahmed Shide, who has moved to become speaker of the House of People's Representatives. Ethiopia's parliament endorsed the new cabinet appointments on Thursday.
Fitsum previously served as minister of planning and development, where she was responsible for economic planning and development policy. She holds a doctorate in agricultural economics from the University of Giessen in Germany and previously worked as an academic before entering government.
Her appointment comes at a critical point for Ethiopia's economy. The Horn of Africa's largest economy is restructuring its external debt under the G20 Common Framework while pursuing reforms designed to increase private-sector participation and improve economic efficiency.
Ethiopia defaulted on its only Eurobond in 2023 and has since been negotiating with creditors to restructure its obligations. In June 2026, the government reached an agreement in principle with a group of private bondholders on restructuring terms, marking an important step in efforts to restore debt sustainability.
The cabinet changes also bring new leadership to other strategic sectors. Frehiwot Tamiru, chief executive of state-owned Ethio Telecom, was appointed minister of innovation and technology, while Mohammed Edris was named defence minister. The approved cabinet includes 22 federal ministers overseeing areas ranging from agriculture and industry to mining, trade, infrastructure and energy.
Source: Reuters
Reporting: Dawit Endeshaw
Writing: Elias Biryabarema
Editing: Alexander Winning
