Finance Minister: Ethiopia ready for market-based financial system

Addis Ababa, May 12, 2022 (FBC) –Ethiopian government has been working at full capacity to create conducive environment for market–oriented financial system, so said Ministry of Finance (MoF).

In his keynote speech at the 5th East African Financial Summit, MoF Minister Ahmed Shide yesterday indicated that the ongoing reform in the country is being carried out realizing the fact that more needs to be done with financial sector in a bid to become middle income country sooner than later and create more jobs for fellow citizens.

He stressed that creating market oriented financial system is a must to encourage active participation of private companies in the economy of the country.

At the event, Ahmed called on finance institutions in Ethiopia to enhance their capacity through setting enabling strategy aimed at benefiting from the current economic reform of the country and to be best competitor at the regional level as well.

EPA quoted Ahmed Shide as pledging that the ministry along with National Bank of Ethiopia is ready to extend unreserved support for the financial sectors in the region.

Jimma University (JU) Administrative and Student Affairs Vice President Kenenisa Lemmi (PhD) on his part said that financial sector development plays a great role in economic development of a given nation apart from promoting economic growth through capital accumulation and technological progress.

As to him, the secret of JU’s appearance in such national and international events is its unique educational philosophy called Community Based Education which advocates community participation in teaching and learning process.

It was learnt that the 5th East African Financial Summit took place in the presence of over 300 finance sectors, stakeholders, international organizations, technology providers, researchers and other key actors in East Africa finance sectors.

Accordingly, the goal of the summit is to foster collaboration, discuss current challenges, develop market strategies, share knowledge and identify solutions to shape the future of finance in East Africa and Ethiopia.