Ethiopia’s Capital Market Referee Gets New Deputy Within Eight Months

Ethiopia has appointed Dr Yirgalem Assefa as deputy director general of the Ethiopian Capital Market Authority (ECMA), less than eight months after Rahel Kassa took up the same position, in the latest change at the regulator overseeing the country’s developing securities market.

Prime Minister Abiy Ahmed announced Yirgalem’s appointment on October 10, alongside the appointment of Dagmawit Shiferaw as director general, replacing Hana Tehelku, who has moved to the Ethiopian Investment Commission as commissioner.

Rahel was appointed deputy director general in February 2026, making the interval between the two appointments seven months and 13 days.

The changes come as Ethiopia develops its capital market infrastructure following the launch of the Ethiopian Securities Exchange in January 2025. ECMA is responsible for regulating market participants, licensing capital market service providers and enforcing rules governing securities markets.

The authority has been expanding its network of licensed intermediaries. In July 2026, it announced the licensing of three additional capital market service providers, bringing the total to 21. The new entrants included firms operating in securities investment advisory and investment banking services.

The expansion of licensed operators is part of the effort to establish a functioning market for securities, allowing businesses to access financing through capital markets and investors to trade financial instruments under a regulatory framework.

ECMA’s leadership has changed several times since the authority was established. Before Rahel’s appointment, Esayas Kassa served as deputy director general before moving to the Development Bank of Ethiopia, where he became president.

Dagmawit brings experience in investment management, innovative finance, telecommunications, consulting and public-sector leadership. Before her appointment, she led the Innovative Finance Lab at the United Nations Development Programme.

Source: FSX Business News