Ethiopia is undergoing various economic improvement programs. This move is part of the country’s economic reform initiative and that of the 10-year home-grown economic improvement push. As such, lately, the country has opted for the market to decide the foreign currency exchange rate. The bold measure is aimed at curbing the loss in the foreign currency earnings the country used to incur and augment its perks.
The policy amendments are believed to bring to life an enduring and sustainable seedbed to the country. The reform program has zeroed in on covering one’s expenses by oneself. The full translation into action of the Macro Economic Reform Program has the objective of modernizing Ethiopia’s economy and warranting unflagging growth.
Though Ethiopia’s economy is portraying growth, failure to fully implement initiatives has created its share of sluggishness. The macroeconomic reform program in full swing has the aim of covering expenses by oneself. This has resulted in an upswing in the supply side of hard currency. The venture aside from allowing Banks to render a state-of-the-art service, affords them an upward trajectory in the hard currency they collect thereby facilitating their success.
Such an economic reform program does not only promise a turnaround in the aforementioned sphere but also a new opportunity for Ethiopian Diaspora and Ethiopians of Foreign Origin who have the capacity and preparedness to open foreign exchange bureaus. Because the aforementioned stakeholders have the financial muscles and expertise to crystalize the sought-after change. Through formal channels, they could inject their hard-won wealth into the country’s growth ventures.
Observably, the Ethiopian Diasporas and foreigners of Ethiopian origin will do everything they can to buttress the reform program and kill birds with a stone—assist their country and help themselves. Following the measure taken, the National Bank of Ethiopia has called upon the Ethiopian Diaspora, foreigners of Ethiopian origin, and Ethiopians who can be forthcoming in getting the ball rolling. In doing so the latter could benefit innumerable unemployed citizens here.
A country does not belong to a few. It experiences a leap or suffers a lapse as a cumulative effect. In light of this, knowingly or otherwise some try to bar the inflow of foreign currency. However wide the chasm in political outlook with the incumbent, it is hard to imagine the presence of individuals untethered from Ethiopia that take pride in the lapse of this ancient country aiming as well as striving to catapult to affluence.
When it comes to politics, begging to differ is not something to be frowned upon as it is exercising democracy. But this does not swing a room for putting a spoke in the development wheels of the country, for such a folly augurs ill for the nation. This way a rosy future and a prosperous country for the coming generations will be elusive. That is why capitalizing on supporting a nation becomes plausible.
The abovementioned reform is also one that takes aboard entrepreneurs who want to engage in the investment sector. It could serve as a springboard for them to make a dive into the investment venture to allow the country to catapult to the pinnacle of prosperity.
Thanks to the economic reform and policy amendments, the ripe moment has presented itself. Hence, it is high time the Ethiopian Diaspora and foreigners of Ethiopian origin come here in droves and roll up their selves to play their due role in spurring the country’s march in the right direction, which holds in store the amenities of modern life. The good gesture on the government’s side must sink in.
There is a call for a concerted effort to crystalize Ethiopia’s turnaround in the economic sphere.
THE ETHIOPIAN HERALD SUNDAY EDITION 11 AUGUST 2024
