Ethiopian Business ReviewNational resolution may be indispensable, but it is not, however, sufficient. If we are to find finance to our development endeavors, we have to raise our financial weight by developing the culture of saving.
Gezahegn Dugassa Leta, director for Banking Products and Technology Innovation at Awash International Bank, on Ethiopia Banking and ICT Summit, 2013, which was held at Sheraton Addis on August 2, 2013, referring to the challenges Ethiopia’s banking sector will face when it is fully engaged in internet and mobile banking. “You have to be ready well before you start it,” he added.
The great successful men of the world have used their imagination… they think ahead and create their mental picture in all it details, filling in here, adding a little there, altering this a bit and that a bit, but steadily building – steadily building.
Robert Collier (1885-1950)
American writter, famous for his self help books and new thoughts of meta physics
Teklewold Atnafu, governor of the National Bank of Ethiopia, was referring to the pressure that the governmental financial institution, Commercial Bank of Ethiopia (CBE), has been put under due to the new housing development project financing it was mandated to accomplish by the government, at the First National Business Conference which was held at the United Nations Economic Commission for Africa (UNECA) on June 27, 2013. Teklewold, in his response to a question about the possibility of the crowding out effect that the mandate that was given solely to CBE to handle the financial end of the new public housing scheme will have on private banks, also said that the investment is too huge to be handled by private banks (more than ETB 60 billion), and he didn’t think that it would be profitable for private banks to provide mortgage loans of 90 pct, that will mature after twenty years for a mere 7.5 interest rate, half the industry average. He also said no complaint had been forwarded from the private banks on the issue. Also present at the Forum was Prime Minister Hailemariam Desalegn along with ministers and Mulu Solomon, president of the Ethiopian Chamber of Commerce and Sectoral Association (ECCSA).
When the missionaries came to Africa they had the Bible and we had the land. They said ‘Let us pray.’ We closed our eyes. When we opened them we had the Bible and they had the land.
Nobel Peace Prize winner Archbishop Desmond Mpilo Tutu
Said Vandana Chandra, a senior economist at the World Bank referring to the growing trend of rural-urban migration that followed as a result of reducing poverty rate in urban areas of Africa and the world in general. The Economist made the remark on an event organized in Addis Abeba University (AAU)’s Eshetu Cholle Hall on May 8, 2013 for the launching of the 2013 Global Monitoring Report (GMR), which was compiled by the World Bank and International Monetary Fund.
“Some people regard private enterprise as a predatory tiger to be shot. Others look on it as a cow they can milk. Not enough people see it as a healthy horse, pulling a sturdy wagon.”
Winston Churchill
Said Engineer Tsedeke Yihune, founder and general manager of Flintstone Engineering and Flintstone Homes, on the second Executive Idea Exchange Forum which was held at Eshetu Cholle Building, Addis Ababa University, on March 28, 2013. The engineer said this as he shared his personal experience in the sector. In addition, Tsedeke elaborated on rent seeking and developmental theory in his rather captivating presentation. He also shared his views on how easier it is doing a business abroad than it is at home and his principles as an executive.
Mulugeta Assefa, Chairman of the Freight Forwarders and Transistors Association, said on December 13, 2012 at a business lunchon discussion organized by the Addis Ababa Chamber of Commerce and Sectoral Association at Hilton Addis.
Abebe Abebayehu, a Senior Private Sector Development Advisor with the Ethiopian Public Private Consultation Forum/Ethiopian Chamber of Commerce, made a brief presentation on the challenges and opportunities of multimodal transport (MMT) in Ethiopia. Abebe explained that MMT requires efficient transport system which is usually achieved by liberalizing the sector.
Sivu Maqungo, Chief Director for East and the Horn of Africa at the Department of International Relations and Cooperation, Republic of South Africa said on September 19/2012. He was in Addis Ababa to address a business meeting the Addis Ababa Chamber of Commerce and Sectoral Association (AACCSA) organized for the Ethiopian Business Community to talk about business and investment with a delegation from South Africa. Maqungo, who was head of the Delegation, said to a group of Journalists that South African Business Community would like to know three things about Ethiopia. So, solemnly, he said, the first thing they would like to know is, Ethiopia’s location.
