Microeconomic Reform Revitalizes Private Sector Growth, Says ECCSA President

Addis Ababa  November 23/2024 (ENA) Ethiopian Chamber of Commerce and Sectorial Associations (ECCSA) President Sebsib Abafira stated that the macroeconomic reform has revitalized the private sector through increasing its participation and benefits.

Stabilizing the macroeconomy is among the economic policy measures taken to ensure the structural economic transformation in recent years.

The Ministry of Planning and Development convened a high-level sessions among various stakeholders including ambassadors, heads of UN agencies, development partners and  representatives of international organizations to discuss Ethiopia’s Economic Transformation driven by the implementation of the Homegrown Economic Reform. Numerous achievements have been acknowledged despite some challenges. 

Accordingly, the implementation of the Homegrown Economic Reform has registered tangible results across the nation, it was learnt. 

Among the outcomes of the macroeconomic reform is enhanced participation and benefits of the private sector,  which are instrumental in achieving sustainable economic growth.

President of the Ethiopian Chamber of Commerce and Sectorial Association Sebsib Abafira 

in an exclusive interview with ENA, expressed that the macroeconomic reform has fulfilled a long-standing aspiration of the private sector. 

Highlighting the indispensable role of the private sector for the overall development of the country, the president stated that the reform presents an opportunity to rectify longstanding issues.

In this regard, the regulation passed to privatize stated-owned economic sectors fully or partially will enable to build inclusive, competitive, and sustainable economic system, the president noted.

The manufacturing industry has been collaborating with the government to substitute imported products with locally produced items; imported products require high foreign exchanges, he elaborated, adding that the macroeconomic reforms have alleviated the previous foreign exchange bottlenecks facing the private sector in  importing products and inputs.

He also noted that the macroeconomic reform is addressing operational inefficiencies within the business system. 

Emphasizing the need for cooperation from all stakeholders in implementing macroeconomic reforms, the president assured that the private sector will exhibit continued cooperation and national responsibilities.  

He highlighted Ethiopia's efforts to participate in various continental and global business environments, including the accession to the World Trade Organization, which requires strong competition and a robust private sector.

Finally, the president called on stakeholders, including financial institutions, to work together to strengthen the private sector.