Ethiopia launched a securities exchange on Friday, in what officials touted as a milestone in Prime Minister Abiy Ahmed's drive to open up the country's tightly controlled economy to private investment.

Ethiopian Prime Minister Abiy Ahmed rang a Wall Street-style bell to officially launch the country's first stock exchange in 50 years on Friday, part of efforts to liberalise the struggling economy. Ethiopia has not had any form of stock exchange in 50 years,

ADDIS ABABA - Ethiopian Prime Minister Abiy Ahmed on Friday officially launched the country's first stock exchange in more than 50 years, describing it as a "historic milestone" for the nation's economy.

Ethiopia opened its stock exchange — part of a plan to lure investors to an economy recovering from a civil war — without any brokers and no initial public offering debuts.

The operations of the Ethiopia Securities Exchange were stopped in 1974 following the takeover by a communist military government. Prime Minister Abiy Ahmed described the relaunch as an “historic milestone” for Ethiopia’s economic and financial landscape.