Ethiopia – The underestimated growth hotspot: WeBuild, Heineken, AJN Resources

Ethiopia: Reforms since 2018 – IMF and World Bank give the thumbs up

Ethiopia has been undergoing a transformation in recent years, according to reports from the German Agency for International Cooperation (GIZ). As examples, the emerging market experts cite achievements such as a democratic constitutional state that includes all citizens, the strengthening of independent institutions like the electoral commission, and a growing civil society that includes freedom of the media. While Ethiopia was only able to implement these achievements after the ceasefire in 2022, improved conditions for foreign investors have been in place since 2018, when a new investment law came into force. These improvements have not gone unnoticed by international institutions and companies. Both the International Monetary Fund (IMF) and the World Bank are active in the country, and major corporations are beginning to take advantage of the growing opportunities.

Heineken: First mover with top market position in East Africa

The Dutch beer and beverage manufacturer Heineken became involved in Ethiopia back in 2011 and now operates four plants there. Its portfolio includes eight beer and malt beverage brands. The bestseller in Heineken's portfolio in Ethiopia is the strong beer "Walia". Thanks to its early commitment to the country, Heineken is in a unique market position: Ethiopia is approaching the 130 million population mark and prosperity is growing – meaning that more people are turning to beer, which also has a long tradition in Africa. In 2025, Heineken announced an investment of EUR 26 million to increase capacity at one of its plants. The approach of focusing on local brands, brewing them in Ethiopia and offering them to the growing and increasingly prosperous population seems to be paying off.

Africa expert AJN Resources with gold project in Ethiopia

A cooperative approach is also being pursued by the gold company AJN Resources, which secured the Okote gold project in southern Ethiopia a few months ago. The CEO of AJN Resources is German geologist and serial entrepreneur Klaus Eckhof. Eckhof knows the region well and has previously worked successfully with local authorities in the Democratic Republic of the Congo – a country often criticized in public reporting – making the most of the circumstances for investors. Among other achievements, Eckhof was responsible for the successful sale of the Kibali gold mine for USD 500 million, which is now considered one of the largest gold mines in Africa, and the development of the Bisié tin project and the Manono lithium project, also in the DRC.

To achieve these successes, the experienced corporate leader has always relied on direct contact with decision-makers, residents, and employees. According to Eckhof, involving and engaging all those indirectly involved is key to identifying problems in a timely manner and establishing partnerships for the benefit of all stakeholders. AJN Resources will also pursue this principle in the Okote Gold project in Ethiopia. While the country is considered stable and grew by 8.1% in 2024, with inflation also declining since the Ethiopian currency has been freely tradable again since mid-2024, there are additional strong arguments for the cooperative approach: Many local gold prospectors are active in Ethiopia. Good contacts pay off for companies in the raw materials business and can, for example, lead to valuable information about promising exploration targets or help prevent theft and vandalism.

Win-win creates stability: AJN Resources valued at only CAD 5 million

The fact that Ethiopia has been a reliable partner even during times of political instability is demonstrated, among other things, by the commitment of Italian infrastructure specialist WeBuild, which has been active in Ethiopia since 1957 and has built the Grand Ethiopian Renaissance Dam, which is considered the largest dam in Africa and plays a major role in Ethiopia's sustainable development. Heineken also ventured into Ethiopia before the reforms of 2018 and is now benefiting from an exceptional market position. Unlike the two large companies, AJN Resources is focusing strongly on this emerging country, apart from other projects in the Democratic Republic of Congo. Investors who want to benefit from the boom in Ethiopia, which has so far passed many market participants by, should take a closer look at the shares of AJN Resources. The ongoing global uncertainty is also a good argument in favor of gold prospector AJN Resources. With a market capitalization of less than CAD 5 million, the risk/reward profile appears promising.