Since the early days of modern trade there has been anxiety about the future of local businesses. It’s safe to assume that many Ethiopian companies haven’t experienced such a state of flux and uncertainty. Yet, as the economy positions itself to further integrate with the global economy and open its doors to more foreign investors, we must question the sustainability of continuing with the entrenched ‘business as usual’ approach as a long-term option.

The number of African entrepreneurs and those of African descent is growing significantly around the world. That is wonderful news, because frankly, I think nothing will be more empowering to Africans psychologically, economically, and politically in the long-run. Entrepreneurship is not a job, it’s a way of life that can potentially put you in control, enable you to expand your potential, increase your influence, and ultimately allow more freedom.
But there is more to it: one can actually make a significant impact in this world. And when you focus on Africa, you will contribute towards the future of a continent that has struggled to shine for far too long.

Globalisation has created a highly interconnected world. The increased flow of trade, investment and people, sustained by rapid transport and communication, is one of the features of the globalised world – one that provides immense potential for economic growth and development. However, countries should be competitive to tap the maximum benefit that globalisation brings forth.

Technological innovation has long triggered diametrically opposed reactions: awe of new possibilities for some; for others, fear of disruptive change. But most of us don’t even realise what is happening. We take change for granted.

There seems to be a consensus that Ethiopia’s decade-long economic growth is largely the result of government investment in public infrastructure and the growth of the country’s labour force. Indeed, government investment in the physical and institutional infrastructure created jobs and growth in the service sector. According to World Bank data, of the 11Pct annual growth rate registered during this period, the service sector contributed 5.5Pct, while agriculture and industry contributed 3.6Pct and 1.9Pct, respectively.

Development requires continuous learning. This is because achieving inclusive and sustainable development is a complex and comprehensive process. That’s why nations have to learn from the experiences of other countries that have achieved better records of development. Though China is facing economic challenges related to its strategic transition, its development experience can still provide a number of important lessons for other countries.
The Chinese successful development experience –double-digit economic growth for nearly thirty years and its position as one of the most powerful economic powers in the world – are important development outcomes that developing countries should note.

The concept of ‘micromanagement’ might not be new to you. Still, it’s a buzzy term in the business world and often it means different things to different people; therefore, it is important to define the term from the outset. Its actual meaning, as defined by academicians, is supervision with too much control on trifling details. In most cases, no matter how minute the project or decision, micromanagers sense it compulsory to be in command of it.

In 2008, the Commission on Growth and Development, which I had the privilege of chairing, produced a report updating our knowledge about sustainable growth patterns. Then, as now, one thing is clear: the policies that underpin multi-decade periods of high growth, structural transformation, rising employment and incomes, and dramatic reductions in poverty are mutually reinforcing. The impact of each is amplified by the others. They are ingredients in recipes that work – and, as with recipes, missing items can substantially undermine the outcome.

It’s raining money in Africa! For instance, as the India-Africa Forum Summit 2015 concluded in New Delhi last October, Indian Prime Minister Narendra Modi announced a concessional credit of USD10 billion for Africa over the next five years. This credit is in addition to the ongoing Indian credit lines for African countries.

According to the 2014 population data from the Central Statistical Agency, the youth aged between 15 and 39 years constitute 42Pct of the Ethiopian population. This is a huge resource and force for the country that must be nurtured through the creation and provision of the right conditions and supports.