> Ethiopia: “PM Abiy wants to change the culture and allow foreign investment in Ethiopia, He thumbs down the culture of closure inherited from centuries of imperialism and communism
> Somaliland who have already been the lamp and light of business in the region and the Horn of Africa, who currently have large businesses such as Dahabshiil Group which is one that has become famous in the Horn of Africa region, and at the same time has become an international one.
Written by Arraale M. Jama, a freelance journalist and human rights activist.
#Araweelo_News_Network.
Addis Ababa(ANN)-Ethiopia: “PM Abiy wants to change the culture and allow foreign investment in Ethiopia, He thumbs down the culture of closure inherited from centuries of imperialism and communism
Abiy Ahmed’s administration’s “home-grown economy” is taking another neoliberal turn – perhaps far right. As has been the case in the past, the Prime Minister exploited public meetings to hint about the critical juncture policy change that could turn out to be very controversial, to say the least.accoding to Borkena as based Toronto.
“Foreign nationals property ownership is in the final stage for legislation to be enacted,” Abiy Ahmed said this past weekend during a “discussion” with businessmen whom he labeled as “relatively honest taxpayers.”
He did not provide an adequate hint as to whether there would be exceptions or conditions of property ownership in Ethiopia. But it is worth noting that Prime Minister Abiy said in his meeting with businessmen that the laws of the country will be changed to adapt to the new plan
“We will change two things. First, we will legislate for foreign nationals to own property. Second, brands that were restricted from entering the country so far will be allowed [to operate in the country] like Starbucks he said .”
He also said that there would be a reform in the banking sector. “That is why Mamo [ Governor of the National Bank of Ethiopia] came and I hope he will do it. There is something that we have to be decisive about.” Abiy Ahmed told the business community members during the meeting. Mamo Mihretu, NBE governor, used to work for the World Bank.
What changes are coming to the banking sector? There have been reports for some time that foreign banks will be allowed to operate in Ethiopia, and the Prime Minister has confirmed this. However, he refrained from highlighting other “minor changes” that the government plans to make in the sector, Borkena’s report said.
It is worth noting the incident of the commercial bank of Ethiopia, where the million of coins, which were estimated to be equivalent to 50 million dollars, were presented by the bank to the people who returned them.
except for a small number of people who have not returned, whose names have been mentioned by Media. in the same future it is assumed that they have left the country, or are hiding.This has shown that the government system of Ethiopia is one whose orders cannot be ignored, this action surprised the world.
What Abiy Ahmed said during his meeting with the selected business community regarding upcoming changes attest that the economic policy his government has been framing as a “home-grown economy” is taking a radical neoliberal economic policy within the context of the Ethiopian economy. And his strategic communication about his economic policy reform came at a time when International Monetary Fund (IMF) senior officials were in the country for a conversation with the government.
Kenya was used as a reference for the new home ownership right for foreign nationals. Kenya’s land ownership policy for foreign nationals is based on a 99-year lease. To cite another example, Canada, with its huge land mass and less than 40 million population, has restricted the purchase of residential property by foreign nationals. Abiy Ahmed’s new policy could certainly help ease the foreign currency shortage in the country, but what it entails in the long term does not seem to be considered.
Abiy Ahmed’s government’s signs of neoliberal economic policy were revealed when he set up an “advisory board” for his plan to privatize key national assets within a year after he took power. The telecom sector in the country, which used to be restricted, was privatized for under $1 billion when Safaricom was allowed to operate in the country. There has also been a rumor that his government has plans to privatize a portion of Ethiopian Airlines.
The most people who benefit from the openness of Ethiopia can be the surrounding Somalis, especially the people of Somaliland who have already been the lamp and light of business in the region and the Horn of Africa, who currently have large businesses such as Dhabshiil Group which is one that has become famous in the Horn of Africa region, and at the same time has become an international one.
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Written by Arraale M. Jama, a freelance journalist and human rights activist.
info@araweelonews.com