The economy of the Ethiopian Empire was dominated by the barter system, traditionally composed of Arab and Ethiopian Muslim caravans, and a strong trade culture nourished business within the feudal system. In medieval times, neighboring state Emirate of Harar became the center of commerce while imports and exports passed through the port of Zeila, operated by Muslim merchants, delivering commodities to the Abyssinians through Aliyu Amba a town in Ifat, which connected the Shewa.[1]
Starting during the reign of Menelik II, the Emperor of Ethiopia, modern banking institutions and currencies were introduced, including the Maria Theresa thaler in 1890 and Ethiopia's own currency, minted in Harar beginning in 1892 following the annexation of the Emirate of Harar by the Abyssinians. Despite these changes, the barter system continued into the early 20th century until the Italian occupation in 1936.[2] The first national bank, the Bank of Abyssinia, was established by a fifty-year concession from the National Bank of Egypt in 1905, and had a monopoly on banking. In 1932, by decree of Emperor Haile Selassie, the bank was renamed the Bank of Ethiopia.[3]
After the end of the Italian occupation, the National Economic Council embarked on a state development plan in 1954, led by a policy-making body headed by Emperor Selassie to improve agriculture and industry productivity, literacy and well-being, and the standard of living. The First Five-Year Plan (1957–1961), Second Five-Year Plan (1962–67) and Third Five-Year Plan (1968–73) projected to develop the agricultural industry and manufacturing sector and employ skilled manpower in the country. Between 1960 and 1970, Ethiopia enjoyed an annual 4.4% growth rate in its per capita and overall gross domestic product (GDP). There was an increase in the manufacturing growth rate from 1.9% in 1960–1961 to 4.4% in 1973–74, with the wholesale, retail trade, transportation, and communication sectors increasing from 9.5% to 15.6%.[4]
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^"Industry and Industrialization in Ethiopia: Policy Dynamics and Spatial Distributions" (PDF). 4 July 2022.
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