Ethiopian New Year is due to ensue. Such a time is an occasion to assess past performances with a cool head.
To move forward there is a need to congratulate oneself on well accomplished tasks that have to be stepped up down the road as well as identify and ward off stumbling blocks bogging down the realization of the set objectives.
Therefore, charting a new course of action brainstorming with pertinent bodies is imperative.
Currently, the nation’s economy is subject to the combined strain the foreign currency smuggling and the black market exchange of the same are creating.
As such, clogged by the aforementioned cholesterols, foreign exchange is not circulating in the right manner in the nation widening the gap between the purchasing power of the country’s money and hard currencies.
This trend exacerbates inflation and creates shortage of foreign exchange the country badly needs to import much-needed drugs as well as agricultural and industrial inputs.
Here, it is necessary to note that some unfairly fatten from the illegal process, while others plunge deeper and deeper into the quagmire of poverty magnifying the wealth imparity.
Also, there are some problems related with technology. At this juncture, it is important to raise the need to smoothen the knotty issues such as a bit protracted service delivery related to internet connectivity responsible citizens’ at times experience while exchanging Forex in Banks.
This could compel clients to opt for black market. There is a call for troubleshooting this challenge especially during holidays when such exchanges make an upward spiral.
Mindful of the reality on the ground the nation needs to do away with the aforementioned challenges the coming new Ethiopian year.
Not only the abovementioned bottlenecks, the problem besetting the country could be traced back to mismanagement of the Forex the country garners from export trade, Foreign Direct Investment(FDI), remittance, loans and grants.
As the saying goes adding a fuel to the fire, the hard currency the country managed to collect the hardest way was being siphoned by corrupt officials. Generally, it would be meaningless as it would be as fetching water with a pail that is full of pores. That is why scholars behest the incumbent to come up with policy measures helpful in circumventing the hurdles.
Parallel to improving policy directions the government should throw its full weight behind maximizing the Forex it generates from tapping its potential resources. For instance, the country was remiss in getting the right amount of Forex from civet export trade.
It needs to give due attention to it. Some states have taken the lead to this effect. Others must follow suit to make civet cat musk export yet another sector of the economy.
The country’s attempt in civet export is hemmed in by lack of awareness on the benefit of fully unleashing the country’s potential in the sector, quality output in the right volume. To curb the challenge it obligates the government to conduct aggressive sensitization tasks.
The move the Oromia state took in arming farmers and youths with the knowledge of unleashing the resource in modern ways deserves a thumps up approval. The significance of the move in curbing unemployment goes without saying.
Here, the government must also think of value addition through industrialization. For instance, instead of exporting the musk producing a perfume locally could be viable.
Flipping back, the incumbent must cement its ties and strengthen its chemistry with the diaspora community as a doable way of augmenting foreign exchange.
Currently it is recasting its foreign policy and discussing with its diplomats that has a direct contact with the diaspora community. This is a laudatory task.
The Ethiopian Herald September 8/2019
