The Ethiopian government will offer shares to foreign investors in its major public enterprises, including Ethiopian Airlines, the ruling Ethiopian People’s Revolutionary Democratic Front said in a statement.
The state will retain the largest stakes in Ethio Telecom, Ethiopian Airlines, Ethiopian Electric Power and Ethiopian Shipping and Logistics Services Enterprise and the rest will be transferred to domestic and foreign investors, it said on its website. The EPRDF Executive Committee also said that investors would be able to buy shares in railway, sugar and industrial park projects.
The move is a significant change to Ethiopia’s economic strategy by the government of new Prime Minister Abiy Ahmed. The EPRDF had always argued that national development was best served by keeping strategic industries and critical infrastructure under public ownership.
Every time you hear of “privatization” the question ought to be who the investors are. The experience thus far has been mainly Tigray Front members and loyalists. Not kidding. Mulugeta Tesfakiros (a Tigrayan) is teamed up with Bob Geldof the hypocrite to invest in winery. Mulugeta was given preferential treatment when he returned from the US. Money rolled in and to defend his actions and those of his party he chimed in by saying “What’s democracy? The opposition needs support by the middle class. When we have a middle class, we will have a stronger democracy. Until then, we have a nanny for the democracy. Democracy is a matter of education and civilisation – 85% of our population is farmers; we don’t know how to read and write. When you have a middle class, you push for your rights.” And Geldof, the savior of Tigray children remained mum over wanton killings that the world vehemently condemned. “I was back from Korem,” Geldof recalled. “I was tired, exhausted, and in a mess. I was craving for good meal and a drink…” Now that he has a thriving business where locals were evicted off their land to make way for him and his ruling party member partner, Geldof says, “I’m tired of talking too much about aid to Africa. We rather need job opportunities, transfer of technology and also transfer of skills.” Get the point?
contd. “I was back from Korem,” Geldof recalled. “I was tired, exhausted, and in a mess. I was craving for good meal and a drink…” and so Geldof goes to the most expensive restaurant in Addis, Castelli to eat and have wine. And with the wine he had an epiphany to his famous line, “trade, not aid!”