Ethiopian Business Review

The Foreign Exchange System Should Be Changed

Friday, 10 August 2018 15:00 Published in Interview

Peter M. Sullivan has been the managing Director and head of the Public Sector Group for Africa at Citi Bank since 2007. The Public Sector Group is committed to facilitating global best practices and success transfers among its client base including central banks, multilateral development banks and sovereigns.  

Peter, who is responsible for developing business and structuring and delivering product solutions for sovereigns, state-owned enterprises and multilateral institutions in Sub-Sahara and North Africa, has 27 years’ experience in the banking industry with Citi including the coverage of Global Financial Institutions, Industrials and Sovereigns.  Peter has headed many innovative transactions, such as the first fuel import hedging by a Sub Saharan African Sovereign, the first local currency sovereign Sukuk, the first local debt exchange and a number of receivable-backed financings for Central Governments across Africa. He has also worked with the officials of central banks and executives of several commercial banks in Ethiopia, while he was also a member of the teams that arranged debut bond issuing for Ghana, Gabon, Senegal, Nigeria, Rwanda and Cote d’Ivoire as well as the respective follow-on issues

He was a member of the delegation from the President’s Advisory Council on Doing Business in Africa (PAC-DBIA), which visited Ethiopia for three days from June 24, 2018 with the purpose of exploring opportunities to increase trade and economic cooperation. EBR’s Samson Berhane sat down with Peter on the sidelines of the event held between the delegates and the Ethiopian government, to discuss the engagement of Citi Bank in the Sub-Saharan African market and his viewpoint about the Ethiopian financial industry.

State Capture

Friday, 10 August 2018 15:00 Published in Topic

The Rise of A Shadow Government

State capture refers to systematic high level political corruption that establishes a hidden political regime at odds with the constitutional purpose of the state, by capturing politicians and parties, journalists and the media, the police as well as key state institutions such as the legislature, the executive, the judiciary and regulatory agencies in order to protect and to benefit its own private interests. Although state capture is a concept that has received extensive attention principally in the post-communist states of Eastern Europe and Latin America, it has also found its way into Africa’s political discourse in recent years. In fact, the influence of state captors is growing in developing countries. Ethiopia is no exception, as evidenced by the mismanagement of massive mega projects and numerous corruption scandals as well as political persecution, especially in recent years. EBR’s Samson Hailu investigates the extent of the phenomenon in Ethiopia.

The Need for Insurance for the Hospitality Industry

Friday, 10 August 2018 14:00 Published in Commentary

In Ethiopia, the hospitality industry, which includes the hotel and tourism sub-sectors, has been registering progress. Official reports from the Ministry of Culture and Tourism show that the sector has never been better in terms of tourist flow and revenue. The sector is expected to record growth in the volume of inbound and outbound tourists in the years to come. 

Bottom-Up Industrial Policy for Ethiopia

Friday, 10 August 2018 14:00 Published in Commentary

The current democratic movement that has engulfed Ethiopia must be supported by economic reforms and democratic system. The two are intimately connected: you can’t have one without the others. Democracy is the best form of government for economic progress. But if the economy is not improving, the flag-bearers of democracy among the populace will make U- Turn. The Ethiopian youth do not “eat democracy”; at the end of the day they need jobs, income, food and housing for themselves and their dependants.

The Asset We Cannot Afford to Neglect

Friday, 10 August 2018 14:00 Published in Commentary

“An investment in knowledge pays the best interest,” wrote Benjamin Franklin. A fervent advocate for public education, and a founder of libraries, schools, and the University of Pennsylvania, Franklin viewed education as the foundation of human progress. If he were alive today, he would be horrified by the state of education in developing countries – and he would most likely be backing the International Finance Facility for Education (IFFEd) proposed by the International Commission on Financing Global Education Opportunity, led by former British Prime Minister Gordon Brown.

The mission of the United Nations to end extreme poverty is unlikely to be met, largely due to the growth in food insecurity in developing countries, according to the World Poverty Clock, a data lab created by a Vienna-based NGO last year. Based on targets set by the UN almost twenty years ago, about 83 million people should have been lifted out of poverty by now. 

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