Augmenting the country’s hard currency reserve tops the tasks behind which Ethiopia needs to throw its full weight. One way of doing so is letting its export items rub shoulders if not stand shoulder high with similar ones, supplied to the global market by competing countries.
To this effect, it must place focus on ensuring such items bear quality as their hall mark. It is well known that coffee and leather are among the topmost items Ethiopia exports. As the country is blessed with such natural resources, it has the potential of multiplying over the hard currency it generates increasing both the volume and quality touch of such exportables.
Hearing about the tragic news that, seen through the prism of set 9 months plan, the hard currency the country garnered from the export of leather is below average makes citizens heart sink.
Backing up the way of handling tasks with a thorough research is obligatory. Pertinent state and federal bodies must display Chemistry in fulfilling envisaged goals. Facts on the ground show that change for the better is round the corner.
The problem is mainly attributable to failure of properly handling the skin and hide and treating them with salt in the right manner. The problem that emanates from carelessness and from lack of awareness makes the situation more tragic. Sensitizing citizens about the need to reverse the trend is imperative. Factories that come up with processed leather and government bodies that extend support to them must work hand in glove.
Shoe and leather factories must click each other. In coming up with the much-awaited skilled personnel that helps effectively discharge the required task the incalculable role of universities must be underlined.
Also there is a call for to outreach different corners of the world, where the potential door for market is open. It sure is good the push to augments the return from the country’s export is buttressed by economic diplomacy.
Another way of augmenting the foreign currency exchange is increasing the tourist influx to the country, which boasts innumerable touristic spots. But, here it must be heeded that putting in place infrastructural facilities that catalyze the flow of tourist and prolongs there stay here is mandatory.
A third way of augmenting the hard currency reserve is increasing the foreign currency remittance the country gets exporting labor and the like. Ensuring citizens’ safety, health and rights are guaranteed, augmenting the country’s hard currency reserve the aforementioned way is commendable. The work pertinent ministries are doing to this effect is recommendable.
Another way of handling the hard currency case is cutting down its outflow for the importation of items the country could produce here.
It is a sad episode that Ethiopia imports wheat which it could easily produce here given its vast arable land and abundant water resources. Coming up with path breaking achievement that bumps up yields such sorghum aside from helping the country in food self-sufficiency, it will allow it curtail the outflow of hard currency, the dearth of which is besetting it at this moment in time. Investing on individuals with a creative knacks pays. This must be noted.
Also, pressing ahead with creating a friendly investment climate that attracts FDI plays incalculable role in troubleshooting the challenges related to foreign exchange reserve. The bottom line is an all-out effort is called for to boost our foreign currency reserve.
The Ethiopian Herald, Sunday Edition, June 2/2019
