Ethiopian Business Review

The financial sector in Ethiopia, and particularly banks, do hardly any work towards developing future CEOs.  You might argue that this is anecdotal evidence, but I have surveyed various bank executives to find out if there is an ongoing, constant, and systematic process of development and discernment.  Rather, I have found out that it is a time – limited event   which it is not   driven by the strategy and core values of the banks, and it does involve the intentional engagement of all of board members.  To be specific, most banks, for instance, grapple with CEO succession when there is a real need to find a CEO.

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Considering the existing reality in the Ethiopian finance sector, one may propose that an excessive short-term focus by some boards of directors, corporate leaders and shareholders combined with insufficient regard for long-term strategy can cause an imbalance in the companies’ long term and sustainable growth. Particularly, shareholders represented by a board of directors typically affect company operations and decisions differently than other stakeholders concerned with the business.

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Ethiopia has been making various reforms that may finally lead it towards genuine democratization. Part of the reform measures has been the court reform effort within the macro legal reform program. Ethiopia’s court system has been hassled by the drastic upheavals in the political system over more than half a century. Although the country successfully implanted modern codes of law in the 1960s, establishing a court system that can accommodate the modern laws have been and is still the challenge. Accordingly, the country’s modern civil law, penal law, and commercial law are ahead of the level where the court system needs to be to understand them, let alone apply them.

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