Deloitte Merges With HST In Ethiopia
Feb. 07, 2013 – Professional services firm, Deloitte, today announced the opening of its Ethiopia office following a 2012 merger agreement signing with leading Ethiopian accountancy and advisory firm HST, giving Deloitte presence in 34 African countries.
The deal also cements the firm’s position as a leading revenue earner among professional services firms on the continent. Deloitte revenues in Africa for 2012 amounted to $664 million.
Analyst believe one of the critical growth areas Deloitte can help Ethiopia explore is in the extraction of mineral resources.
Last year, Deloitte acquired 100 percent of South African based mining consultancy firm Venmyn Rand. This acquisition will see the establishment of a new technical and economic mineral advisory business called Venmyn Deloitte which will offer expertise throughout the stages of mining.
Ethiopia boasts a wide range of mineral deposits. These range from gold, tantalum, niobium, platinum, iron ore, to cement, salt, gypsum, clay, shale, and soda ash, to mention a few. In spite of this potential wealth, the mining sector in Ethiopia remains relatively underdeveloped.
Venmyn Deloitte has already been involved in techno-economic advice on a world-class potash deposit in the Danakil depression. The project will provide infrastructure, upgraded transportation routes and employment for the relatively impoverished region. “This is just one of a number of areas in which Deloitte can work with Ethiopia to realise its full development potential,” says Bam.
With its entry into Ethiopia, and recent office openings in South Sudan and Libya, Deloitte now has a presence in 34 African countries.
Ethiopia has a population of just under 100 million people, while arable land takes up 10 percent to 15 percent of its land area. Agriculture accounts for about 80 percent of employment while the country is now one of the top ten cattle exporters in the world, according to The Economist.
Deloitte East Africa is a cluster of offices located in Ethiopia, Kenya, Tanzania and Uganda that have joined together to provide seamless cross-border services to clients in the region. Clients enjoy access to the firm’s global presence comprising approximately 200 000 people from more than 150 countries around the world. ”This means we have a pool of local experts that can solve any problem in any industry area, leveraging off global expertise,” says Sammy Onyango, CEO of Deloitte East Africa.
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Source: Venture Africa