Prudence Versus Generosity

There is a common culture in this country whenever someone buys a house or a car we expect them to invite us or treat us, what we call “ye des des,” which is a way of sharing one’s happiness and success with a loved one. And usually, it is not something big. It is either a few beers or a nice meal.

This is usually with close relatives, friends or family members. One is not expected to invite a stranger. I do not know when this culture evolved, but I think it has its roots in Ethiopians’ togetherness and sense of community. My husband the other day was saying how “ye des des” is absurd. According to him, people who did not contribute in any way to an individual’s success should not expect to be invited. It is not fair that the individual, on top of spending money on a new house, car or possession, is also expected to invite everybody else who did not contribute much to their success.

Recently, I heard of a story about parents who came across a large amount of money. They bought a house and put the rest in the bank. They did not give a penny to their children. They have one daughter with kids and two sons. But they have put their children’s name on the deed.

Their life has not always been a bed of roses. They had to work very hard to earn that money, and nobody helped them. They are good, honest and kind people. They help the poor and give one-tenth of their earnings to the church. They are not seen flashing their money. They pretty much lead the same life they did before the money.

Now their neighbours have started gossiping, chiding them for not giving anything to their children or throwing a party for their relatives and friends. From what I have heard, their children did not really ask them for money. Are the parents expected to give money to their children?

After all, they raised them, and now it should be the children’s turn to return the favour and take care of them. And all their children are old enough to take care of themselves. Their daughter is married with kids and the others have their own thing going on. The parents did not touch the money, they put it in the bank and are living off the interest.

Personally, I would have spent the money on my children and relatives, and I know people who would have done the same, but that does not mean this couple were stingy or were not kind people. I learned that the couple used to throw money around in their youthful years and after some time turned broke. When that happened, there was nobody to help them pick up the pieces. So they learned their lessons.

They started to save money to become self-sufficient and to be able to provide for their family. Maybe that changed them, and people like me who have not really seen misfortune but have lived off family for their entire lives might not understand the value of money. But those people and others like them appreciate the value as they have come close to hitting rock bottom.

There are some people who spend whatever money they get throwing parties for their loved ones and who end up broke after a short time or people who spend money on their already rich relatives and friends in the name of sharing their happiness but who would neglect actual unfortunate people in need. There is a saying in Amharic that expresses this very issue, “yemayalfilet deha habtam yigabizal,” which loosely translates to “an impoverished person spends money on the rich and never improves their livelihood.”

Maybe we should cultivate a habit of giving to the less fortunate or for people in need whenever we buy a house, a car or start a business instead of spending the money on people who do not need it. And if our intention is to say thank you for the support given to us by family and friends, we should do both: treat our loved ones or do something good for them and at the same time give some money to the less fortunate as well.

The lesson I have learned this week is to not expect anyone to do certain things for me just because I would do those things for them. And not being able to do that does not necessarily make them the villain. But even saying that leaves me with disappointment, as I would have thrown a big party.

Privatisation Bill Reaches Legislators

A new bill that will gear up the privatisation process of public enterprises has been tabled to parliament.

If legislated, the proclamation will replace the existing two-decade-old law. The existing law indicates that a privatisation process will be made within the mandates of the Public Enterprise Holding & Administration Agency. The revised draft recognises the Council of Ministers and the Ministry of Finance as stakeholders in the process.

The Council of Ministers will determine which enterprises will be privatised and approve their transfer to the Agency. The Council also approves the use and structure of golden share vote and veto rights for any decision deemed against the public interest.

The Ministry of Finance will conduct the valuation of the assets and share values of the public enterprise under consideration and decide on the floor price for the transaction. The transactions can be made through a competitive tender, a public auction or an initial public offering (IPO) on a stock exchange or another suitable trading platform.

The revised draft proclamation also requires the revenue from privatisation to be deposited in a special account designated for the Industrial Development Fund administered by the Ministry of Finance after the associated costs for the transaction are duly deducted.

GALLERY AT UNITY

Historical and artistic photographs taken by the late renowned photographer Johannes Haile (1927 – 2016) are being displayed at the Unity Park at the grand palace. Curated by Meskerem Assegued, guests visiting the Park can enjoy the exhibition for the coming three months. Johannes Haile was one of the first  Ethiopians to study photography at the NY School of Modern Photography and the University of Southern California. He was the official photographer of Emperor Haile Selassie at the OAU.

10 YEARS

Premier Switch Solutions (PSS) celebrated its 10th anniversary in the presence of former and current presidents and board members at the Hilton Hotel on December 19, 2019. PSS is a consortium owned by six private banks. It was established in 2009 to save the high investment cost of the modern payment platform and deliver electronic payment services to financial institutions with a shared system.

Inputs Enterprise Faces Critics over Supply Shortfall

The Ethiopia Industrial Inputs Development Enterprise (EIIDE) was put in the spotlight for its failure to deliver on its mandates to provide major industrial inputs to support local industries.

Despite the limitations, the Enterprise has managed to collect 81 million Br from advance payments in the first five months of the current fiscal year.

This was highlighted when the Enterprise presented its performance report of the first five months to the Trade & Industry Standing Committee of parliament on December 18, 2019.

The dearth of forex was highlighted as the major challenge to import food supplements, chemical inputs to hide and skin processing factories, as well as construction materials.

The failure in the provision of salts was also highlighted to go beyond the capacity of the Enterprise, as the suppliers from Afar Regional State allegedly declined to supply salt at the price already determined by the Ministry of Trade & Industry, which was 257 Br a quintal.

Ethio telecom Avails Unity Park Ticket via Paypal

Ethio telecom launched an online payment system for the sale of entrance tickets for Unity Park for visitors living abroad.

The online system can be accessed through a website that allows visitors to check the availability of space for the date of their choice by providing their personal details such as full name, telephone number and email address.

Visitors have the option of choosing between regular or VIP tickets, which cost 20 dollars and 50 dollars, respectively, and they can buy up to five tickets using Paypal.

Ethio telecom already introduced a short code reservation service for local visitors, who can send a text message to 6030, or alternatively use the online system via the Park’s website. The online system provides two options to purchase tickets, using Paypal or a bank card.

To visit the park, it costs 200 Br for local visitors and 1,000 Br for visitors with VIP privileges.

Saudi Arabia Extends $140m Loan

Ethiopia secured a 140-million-dollar concessional loan from Saudi Arabia for road construction, water supply and sanitation development projects.

The agreement was signed between Ahmed Shide, minister of Finance, and Khalid S. Alkhudairy (PhD), vice chairman and managing director of Saudi Fund, at a ceremony held in the Office of the Prime Minister on December 19, 2019.

Part of the funding is allocated to finance the 118.4Km Debre Markos-Motta Road Project. The project costs 75 million dollars, and it is expected to be completed by September 2024.

The remaining 65 million dollars is set to finance the One WASH National Programme.

It aims at improving the health and well-being of communities in rural and urban areas by increasing access to water supply and sanitation and promoting the adoption of good hygiene practices. The funding will cover four years until the end of 2023.

New E-commerce Platform Goes Online

Hulumale, a new e-commerce and promotion platform, is offering a new service to link sellers and buyers online.

The platform was developed by Mingiziem Misganaw, a lecturer at the Department of Information Technology at the University of Gonder, and Alemu Setargew, a technical assistant in the same department.

Sellers and buyers can use the platform via its website, mobile application and via the Telegram application.

Hulumale, which took three years to develop, is available on both the Google and Apple app stores. The platform operates in two languages, Amharic and English.

In addition to the online shopping tool, the company provides online advertisements and vacancy announcements, as well as student registration and prisoner information management.

To advertise items online, the platform provides gold and silver category services depending on the placement of the advertisement item on the website for a duration of 14 days. Besides, it also facilitates delivery services to the customers.

After selecting an item, customers can make an order by making payment through a bank transfer via Bank of Abyssinia.

ACWA, Ethiopia Ink Power Purchase Deal

ACWA Power, a Saudi Arabian power company, signed a 20-year power purchase agreement (PPA) with Ethiopian Electric Power on December 19, 2019.

The agreement was made for two 125MW solar photovoltaic (PV) projects in Afar and Somali regional states.

ACWA will sell the power at 0.0252 dollars a kilowatt-hour from Gad Solar Project in the Afar Regional State and 0.0259 dollars a kilowatt-hour from Dicheto Solar Project in Somali Regional State.

With a combined capacity of 250MW, the PV projects are estimated to power 750,000 homes in Ethiopia and offset 320,000tn of carbon dioxide a year.

ACWA Power was selected as the winner of the project out of 12 pre-qualified bidders.