BY STAFF REPORTER
The economic situation of black people is still an appalling issue throughout the world. Africa which is a big continent predominantly populated by black people is well known for economic backwardness and poverty.
In other parts of the world where black people live in large numbers too, the black community is known for being economically disadvantaged. Their poor economic status also contributes to spoiling of their political and social rights. This makes the need to work on changing the economic status of black people throughout the world an urgent issue.
According to americanprogress.org, Wealth an individual’s or family’s financial net worth—can function as a generational stepping stone that older generations pass on and future generations benefit from and build over time. Throughout most of American history, however, this essential stepping stone was not, for all intents and purposes, available to African Americans.
For blacks, the American experience began with slavery, which allowed whites to profit off of the bodies and blood of enslaved people, who by rule of law were unable to live freely, let alone build wealth to pass along to future generations.
More than one and a half centuries since slavery’s abolition, America has yet to fully reckon with how to atone for this original sin. The disparities that exist between blacks and whites today can be traced back to public policies both implicit and explicit: From slavery to Jim Crow, from redlining to school segregation, and from mass incarceration to environmental racism, policies have consistently impeded or inhibited African Americans from having access to opportunities to realize the American dream. Direct action must be taken to change an American system built on suppression, oppression, and the concentration of power and wealth.
Decade after decade, black Americans have struggled to keep pace with their white counterparts and—despite momentous effort—continuously find themselves several steps behind. The data are clear: Even when African Americans pursue higher education, purchase a home, or secure a good job, they still lag behind their white counterparts in terms of wealth. Moreover, the disparities between white and black Americans can nearly always be traced back to policies that either implicitly or explicitly discriminate against black Americans. According to the Centers for Disease Control and Prevention, for example, black mothers and children die at disproportionately higher rates than their white counterparts, regardless of their income levels. Researchers have suggested that racism—which has produced segregated neighborhoods with fewer hospitals, higher rates of chronic illnesses, and unequal access to health care—is the main culprit.
The situation of black or colored people in America is only a tip of the iceberg and simple indication to the entire image globally. Changing this situation needs the concerted efforts of people especially concerned black communities both in African countries as well as America and where ever black and colored people inhabit en masse.
In this regard the initiative taken by Ethiopian diaspora can be mentioned as exemplary. Ethiopians in the United States have recently established and launched a mega share company called Purpose Black.
According to information from the initiatives website, Purpose Black is a new initiative launched in May 2020 through collaborative effort of more than 135 individuals. As the name indicates, the goal of Purpose Black is to offer economic solutions to some of the major problems of Black people all over the world. Preparation is well underway to launch the first model of this global initiative in Ethiopia.
We strongly believe this is a great opportunity to position Ethiopia and Africa, at the center of a huge global initiative and benefit millions of Africans in the process. The Purpose Black Ethiopia initiative will be a multi-billion Birr endeavor which encompasses the construction and launching of a mega agro-processing complex, an ecommerce marketplace, 5 hypermarkets, 10 big supermarkets, a chain of more than 1000 retail and distribution stores all over Ethiopia, and multiple agricultural endeavors which will be established through joint ventures with farmers throughout Ethiopia.
Black Ethiopia, in collaboration with the Ethiopian Diaspora Agency and FDRE missions, launched the project online for members of the Ethiopian Diaspora Business Community around the world.
Chief Executive Officer of the project Dr. Fisseha Eshetu said on the occasion Purpose Black Ethiopia’ was founded by Ethiopians and people of Ethiopian descent living in the United States and is part of the Black Economy Excellence.
In just one year, it has collected 10 billion birr from the local and diaspora and has set up an agro-processing business through five major production centers, 10 supermarkets and more than 1,000 e-commerce channels.
He said the project will increase the economic potential of the agricultural sector, create jobs for the youth, stabilize prices, encourage export trade and increase foreign exchange earnings. .
Representatives of the Diaspora business community who participated in the forum, on their part, said the business idea is unique and encourages participation. The CEO responded to questions and comments.
The Ethiopian Herald July 18/2021
