Manila:Ethiopia is building a robust financial sector to support its development ambitions and drive sustainable economic growth, according to National Bank of Ethiopia Governor Eyob Tekalign. Speaking at the second Ethiopia Finance Forum, the Governor emphasized the critical role of resource mobilization, particularly financial resources, in the successful implementation of the country's development strategy.
According to Ethiopian News Agency, the Governor outlined the need for the banking sector to play a more significant role through increased capitalization, mergers and acquisitions, and the involvement of foreign banks. He stressed that the Central Bank aims to create a financial sector capable of overcoming the nation's development challenges.
A stronger financial sector, Eyob explained, will enhance the economy's capacity to support investment and productive activities. He also underscored the importance of maintaining a solid macroeconomic foundation while pursuing the country's growth and development goals.
The Governor expressed optimism about Ethiopia's economic future, citing the transformation achieved over the past eight years. He highlighted sustainable growth and macroeconomic stability as crucial for realizing the country's long-term development goals. Efforts to improve living standards through higher incomes, productivity, and better access to essential goods and services are underway.
Key areas such as housing and food production are being addressed to improve livelihoods, and productivity increases are expected to make essential commodities more accessible, thereby enhancing household welfare. Public servant salaries have seen significant increases as part of the broader strategy to boost citizens' incomes.
Governor Eyob emphasized that the ultimate goal is to ensure people feel empowered and enjoy improved livelihoods. He reiterated the National Bank of Ethiopia's commitment to strengthening the financial sector and supporting investment, productivity, and sustainable growth.
The Ethiopia Finance Forum has gathered policymakers, financial institutions, development partners, private-sector leaders, and members of the Ethiopian diaspora to discuss the country's financial sector reform agenda.
