The private economic sector in Ethiopia plays the lion’s share in the observance of the rule of law through ensuring fair distribution of resources and proper growth, said the Ethiopia Federal Cooperative Agency (FCA) regulatory Directorate Director Zeleke Yibeletal. ‘‘In developing countries the government plays a central role in chalking out regulations, and policies.
It conducts follow ups on how the policies are implemented over the scope, creating awareness on government’s regulation and policy implementation as well as supporting economic growth on top of reducing poverty. This could ensure country’s peace and stability. It as well warrants the respect of rule and order,’’ he added. On the part of the government, designing feasible policy, creating strong institutions and efficient public facilities as well as services will ensure a vibrant private economic sector.
It as well ensures efficient and fair administration, according to the director. ‘‘Policy regulation can be important to accomplish works which would transform the private sector. If so, the economic growth would gather momentum. Job opportunities could be created to the young demographic base that has been engulfed into violence,’’ Zeleke said, adding: ‘‘In developing countries like ours, the development character of every moment requires the private sector’s intervention in a bid to support the economy pertaining to the respect of the rule of law through reducing poverty and creating job opportunities in a wide spectrum.’’
He further elaborated that to respect law and order in the country all pertinent stakeholders should fulfill their responsibilities and must see to the implementations of the rules, policies and proclamations of the nation. ‘‘The role of the private economy in our country is massive. It has been playing a pivotal role in taking the economy to a higher level. The government should realize that the private sector is an important player in sustaining economic growth and ensuring peace and stability.’’
The agency’s role towards the respect of the law is providing the regulation for all National states and City Administrations and associations on how they can organize themselves .It also sees to the approval of the policies in country’s legal framework, which could be vital for associations, unions, and cooperative, he insisted. Aschalew Demise is Communication Director from Bank of Abyssinia. For his part, he said that private financial institutions and banks have incomparable role in building the economy of the nation.
‘‘The proliferation of private banks has changed everything. It has brought economic boom over the last two decades. However, practical policies and strategies are needed to streamline the financial flow. They should be designed to provide effective service for the public and to enhance the awareness of the society as well as to minimize financial crimes,’’ he noted.
As a private bank, Bank of Abyssinia has its own part to play in the observance of the rule of law in the country because the bank has been working in line with the government’s rule and regulations, according to him. ‘‘Banks and other financial institutions have roles in encouraging investment policy and promoting reform in times of uncertainty the regulation with appropriate sounds of the government.
This is what Abyssinia bank has been undertaking since its establishment.’’ In addition to this, they also play pivotal role in saving and credit service that would empower low income societies to create job and contribute for the economy of their nation. He concluded that the Ethiopian people should work in collaboration with the private sector to promote peace, development and democratization, rule of law and the government need to focus in sustaining the economic growth which could change the livelihood of citizens.
The Ethiopian Herald, March 10/2019
BY MUSSA MUHAMMED
