Its endowment of natural resources notwithstanding, for want of the right policy directions, food self-sufficiency was the Achilles’ heel of Ethiopia for long, for the country was subject to a vicious cycle of drought resulting from the repercussions of environment change.
By way of a reform, as bold measures to upturn the tragic scenario have been introduced the country is experiencing a turnaround in almost all atop the list.As never before, coming up with bumper wheat harvest that astounded the world, Ethiop has changed floor from wheat-aid-recipient to wheat-exporter as recently testified by bigwigs Like Bill Gates. In so doing, Ethiopia has beefed up its muscle to keep it sovereignty intact in the sphere of agriculture.
The country is also striving to register similar outcomes in other agricultural yields.The thrust is attended by promising feat in rice production. Optimizing the coffee harvest, Ethiopia’s green emerald, is a major pillar the country leans on for its economic sovereignty. Modernizing the farming trend has also proceeded apace aspirant of breaking away from the ligature of poverty and joining the ranks of prosperous nations.
Presumably the ball of green legacy Ethiopia stood out in rolling has immensely helped in stabilizing the climate and fructifying pushes in the agriculture sector.
Ethiopia’s move to put in full swing renewable energy such as hydropower harnessing its bountiful water resources and cater to the energy demand of the country witnessing industries like mushrooms after rainshowcases Ethiopia’s push to ensure its economic sovereignty.The Grand Renaissance Dam(GERD) close to see its completion is expected to satisfy the recent economic reform is also believed to boost invest and tourism.
As the country persisted in maintaining its territorial integrity and sovereignty intact repelling invaders, it must press ahead with ensuring its economic sovereignty working better than its best.Citizens must emerge successful in respective walks of life they are engaged in a bid the cumulative effect is felt reflected in the upswing of the country’s economy.
In the sphere of diplomacy amicable Ethiopia, which espouses a win-win approach, is cautiously moving striking a balance between east and west. This anchor state in the horn is marked for cutting a neutral posture elbowing its way in the global community.
The aforementioned facts have contributed to its admittance in to the BRICS bloc.It is also basking undercenter stage position in global affairs.
When it comes to the economy, thedeparting year has been characterized by the robust translation into action off “the Home Grown Economic Reform,” and far-reaching economic reform that sought redressing the nation’s economic woes with the active support of international financial institutions like the World Bank Group and the International Monetary Fund. Recently the National Bank of Ethiopia has introduced a floating exchange rate regime. Soon the IMF Board approved an Extended Credit Facility (ECF) arrangement of about USD 3.4 billion, with a USD 1 billion immediate disbursement. The World Bank followed the IMF announcement with the pledge of USD 16.6 billion of funding over the next three years, including a USD 1 billion IDA grant and a USD 500 million concessional loan.
These institutions’ positive gesture portrays Ethiopia’s being on the ball of correct economic direction, even though the adjustment made to foreign exchange rates has resulted in an immediate inflationary tendency. To tame inflation, slash down foreign debt, and ascertain self-reliance, the incumbent has been upholding increased production and curtailing export of commodities and boosting export.
In the outgoing year, Addis Ababa witnessed refurbishment of dilapidated buildings and widening of roads flanked by towers suitable for window-shopping. The efficiency portrayed in project execution was equally amazing.The project has transformed the city into a fashionable, sumptuous, and ecologically a savory place to live in. The corridor project conducted in different sessions has seen completion one after the other rendering the city glamorous. The outcome was not a wind fall as did not come without wedding with challenges.Resilient Ethiopia has been facing skirmishes here and there. Inflation is also posing pressure while the Horn region heading to increased uncertainty. These internal and external hurdles create barriers on the country. Nonetheless, the above upswings demonstrate that with exertion and conviction; the country could circumvent challenges and crystalize its objectives.
The Ethiopian Herald September 8/2024
