Safaricom 2023 Sustainable Business Report

5 OUR STAKEHOLDERS KPI SUMMARY OUR MATERIAL TOPICS OUR BUSINESS PATHWAY TO A PURPOSE-LED TECHNOLOGY COMPANY OUR ETHIOPIAN OPERATIONS AT A GLANCE • GDP – Growth in 2023 expected to be 6.2% compared to average of 9.1% (2011- 2020) • Rising inflation – at 34.2% as of March 2023 1 • Ethiopian telecom privatization – 45% of Ethiopian telecom privatisation was announced in February 2023 • Telecoms licence – Ethiopian Communication Authority (ECA) is expected to issue an Expression of Interest for the 2nd private telecom entrants • Financial liberalisation – Government is still keen on liberalising other industries including opening the mobile financial services and banking sectors 1 Ethiopia is classified as a hyperinflationary economy by the IASB on or after 31 Dec 2022. Accordingly, Safaricom Group has applied IAS 29 Financial Reporting in Hyperinflationary Economies on Ethiopia related numbers at consolidation level