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DISORIENTING THE YOUTH

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The youth squeezed between the dying old and the growing new is always rife with fresh potentialities. The youth can potentially and rather boldly question the assumed merits of the reigning order. At the same time the youth also harbors tendencies that can easily lead to disturbances/destructions, both to itself as well as to the attainments of its foremothers. In the context of our era, the current polarizing globalization doesn’t promise much in the way of sustaining global lives, both of humanity and others. In this conundrum, the youth is innately expected to eject itself (hopefully along with the larger humanity) from the prevailing life-destroying trajectories, which have come to define of our late modern world system!
Traditionally, the old has been quite successful in managing the youth, both productively and destructively. Repeated blatant blunderings of humanity wouldn’t have been possible without the active participation of the gullible youth. Plenty of unnecessary wars/conflicts took place (throughout the ages) with the help of the youth; after all, it is the youth that invariably ends up as the proverbial cannon fodder! When the more perceptive component of the youth rationally questions the absurdities of its days, it usually ends up being ostracized if not more. Nonetheless, the youth’s revolutionary forte has also been winning the days on many occasions. Despite all the modern tools to enhance general enlightenment and genuine understanding between peoples, the current global arrangement has not proved to be any different. The youth is no child; it is the in-between of old and new, here we are not talking about mere genealogy. It can observe, analyze, infer, deduct and even reflect (on all and sundry), backward and forward. Even when something is not fully comprehensible, the youth has the benefit of energy and ambition to get going. Therefore, repeated hoodwinking by the dying old has its limit and when the youth finally decides to take matters in its own hands, outcomes might well be quite different or unexpected!
The current global economic system that anchors almost all other superstructures is capitalism. The youth has started to question the system’s sustainability, particularly given the finiteness of resources and the top predator’s incapacity to thoroughly understand and hence manage its existence along with other life forms, to say nothing about its shallow wisdom in handling the life support systems on which almost everything about us/life depend on! But such inquisitive trajectories are intentionally closed or obstructed by the status quo, as it has absolutely nothing convincing to say about the durability of its fossil fuel propelled civilization. As if this is not enough, we now face a highly interdependent existence whose complexity inevitably leads to collapse! What is the youth supposed to do?
To start with, the youth should realize the operating principle of the globally entrenched interests is still ‘divide and rule’. This is now compounded with the masterful trickery of isolating the questioning types as pariah, while endorsing all the unexamined stupidities of modernity as life enhancing endeavors. When the prevailing collective insanity is seriously interrogated, the only answer the global ruling class can come up with is the following cynical and criminal narrative. It is the fault of the individual not to adjust to the whim of the unthinking collective as irrationally organized by capitalist modernity! What are the critical thoughts of social existence to do in a stifling multifaceted world where one cannot even perform such basics as fetching water, grow food, etc. without the myriad obdurate complexity built around each and every global activity?
Admittedly, the youth is hot blooded and by and large wants to engage in actions rather than reflections. Those supposed to do the heavy lifting, (traditional institutions of enlightenment, etc.) at least when it comes to serious reflections, are now sufficiently compromised (by capital) to be of much help in the effort to sustain life. Any one person with some sense of reality/space-time can see the futility of trying to endow each and every citizen of the world with a private car, a mansion, etc. or putting it more plainly; to avail a life style of an American middle class. To bring about such a lifestyle to all humanity we need to have at least seven more planets like earth-an impossibility! As it stands, the current 20% of rich humanity consumes 80% of the world’s resources! Those members of the global youth that are interrogating the unsustainability of this model and aspire to replace it with a more humane non-commodified and resilient existence are not encouraged to pursue their objectives. Such initiatives are not welcomed by the globally prevailing greed system that is on track to destroying the planet’s life support system sooner than later. Sadly, pandering to all the nonsense of this polarizing globalization has also become the prerogative of the peripheral nation states of Africa! Ultimately, we believe, all humanity has to face the music!
Some of the waywardness of the youth emanates from frustration about such basic but unanswered existential questions. Engaging in drugs, alcohol or spending precious time watching useless spectator sports/entertainments, etc. is, to some extent, coping mechanisms employed by the youth to alleviate the general gloom imposed by the destructive system. These products/services are globally available and are intentionally geared to sinisterly suffocate the creative energy of the youth. Reactions/symptoms are now visible, particularly in the rich or relatively rich countries of the system. For instance family formation has become increasingly unattractive to many young persons in places like Japan, Germany, Italy, etc. Amidst all these troubling trends, the existing destructive economic system is not willing to allow deep interrogation/reflections to take root. Instead, it insists on a global zombification regime, which is effectively marketed by the so-called institutions of learning, entertainments (movies, sports, digital games, etc.) and others! All these schemes only add to the increasing disconnect between the rulers and the ruled. The world of Hollywood and Bollywood will not be able to deliver real goods and services to tame the increasingly restless and pathetically alienated global youth!
We believe Africa’s youths are only reacting to the phony promise peddled by their respective states on behalf of the bosses of the global system. Manifestations of resentments in each and every country differ, but the core of the uprisings remains the same. The world is on the precipice and the non-workable solutions that are continuously prescribed by the cynical global dominant interests don’t hold much water and yet, the youth is dangled paradise ad nauseam!

Global coffee prices see new highs benefiting Ethiopia

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The steep rise of coffee prices draws massive benefits to Ethiopia as the global prices are on pace to set a new record in the trading days of November.
The International Coffee Organization’s (ICO) report for October 2021, which is the first month of 2021/22 coffee year, revealed the monthly average composite of the organization standings at 181.57 US cents/lb (pound, which is about 0.45 kg).
The price increment shot 71.5 percent compared with the same period of last year, while registering a spike of 6.8 percent as compared to 170.02US cents/lb in September 2021.
ICO stated that the average price of October 2021 is the highest since the mark of 182.29 US cents/lb recorded in February 2012.
However the indicator price of ICO composition for November 23 shows the price shooting up to 206.99 US cents/lb with 3.6 percent increment compared with the preceding trading day.
These price levels during the coffee year 2020/21 marks a significant recovery from the low levels experienced over the three preceding coffee years.
The ICO statement indicated that the total shipments of all forms of coffee over coffee year 2020/21 (October 2020 – September 2021) amounted to 129.03 million bags (one bag is 60 kg), an increase of 1.3 percent compared with 127.36 million bags during coffee year 2019/20.
This coffee year is also expected to register more records for different reasons. ICO said that the uncertainty created by weather-related shocks and potential disruptions in trade flows from stricter pandemic-related measures has become a serious threat to the regularity of green coffee supply.
Ethiopia has also stated that it has already registering massive increment on the earnings in the past for months of the budget year, while the product that traded in the stated period came from the past crop season. This year’s harvest is coming out mainly from November.
In the first four months that is traditionally the lowest season for coffee export, Ethiopia earned USD 417 million that is 34 percent higher than the projection set by Ethiopian Coffee and Tea Authority. The authority estimated that the country shall earn USD 319 million which was USD 107 million lower compared with the actual achievement.
Similarly the volume of coffee exported in the four months until the end of October has climbed by 18 percent compared with the expectation. In the period, the authority projected to export 92,107 metric tons of coffee, while the actual export registered 108,608 metric tons that exceeded by 16, 000 metric tons approximately.
Recently, Adugna Debele, head of the authority told Capital that the market situation indicates that the country shall easily earn over a billion dollar at the end of the year. In the last budget year, the country secured USD 907 million from coffee export, which is a record for the country. Coffee is the major source of hard currency from the country’s commodity export.

National Warehouse Receipt System officially launched

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Ministry of Trade and Regional Integration launches a national Warehouse Receipt System /WRS/, a legal regulatory framework for licensing and overseeing warehouses that can store the product of farmers and other value chain actors. The ministry has launched the system after 18 years since the Warehouse Receipt System Proclamation was legislated in 2003.
“Modernizing the marketing system in the agricultural sector, improving product quality and reducing waste as well as improving access to finance are work needed to be done to increase productivity. In this regard, as the experience of many countries shows that Warehouse Receipt System is a modern system to reduce the problems in the trading system and for the farmers as well to create a better financial supply for agricultural producers,” said Endalew Mekonnen State Minister of Trade and Regional Integration on the launching event held on Friday November 26, 2021 at Hyatt regency hotel.
The regulatory body will be established under the Ministry and be tasked with supervising the development of the warehouse receipt system and issue a certificate of competence to warehouse operators, inspectors and agricultural product certifiers.
The regulator will also have an advisory board, which will be comprised of representatives from the ministries of Trade & Industry and Agriculture, the National Bank of Ethiopia (NBE), the Ethiopian Standards Agency, the Federal Cooperatives Agency, the Ethiopian Bankers Association, the Association of Microfinance Institutions and the Ethiopian Chamber of Commerce & Sectoral Association.
Through the scheme by storing their produce, farmers and other depositors can preserve their produce from the high levels of post-harvest loss that Ethiopian agriculture currently suffers from. Additionally, the scheme will improve the quality and safety of the stored produce, and – by accessing bank credit secured against the stored commodity collateral – avert distress selling soon after harvest when prices tend to be lowest. Moreover, the WRS will help the entire value chain overcome high current working capital constraints to more efficiently access and aggregate raw materials, a key requirement to help Ethiopia achieve its vision for value addition through agricultural industrialization.
The Ministry of Trade and Regional Integration has established a WRS Regulatory body within the Ministry for purposes of warehouse licensing and oversight which will be governed by the WRS Proclamation No 372/2003. The Ministry has partnership with different stakeholders and development partners from the cooperative, agro-industrial, logistics and financial sectors to pilot the WRS in the coming agricultural season. Since 2017, the International Financial Corporation /IFC/ has been supporting the Ministry to implement the system through a partnership known as the Collateralized Commodity Finance (CCF) Project.
As part of this work- the stakeholders have put in place enabling regulations, established a national agricultural warehouse standard with the Ethiopian Standards Agency, liberalized the warehousing sector in partnership with the Ethiopian Investment Commission to enable Foreign Direct Investment, and performed capacity building with farmers and their cooperatives, other value chain actors such as agro-processors, and financial institutions.
Five cooperatives have been selected from Amhara and Oromia regions for the pilot project and two agricultural producers will participate in the test. The application is mainly for selected agricultural products such as wheat, maize, teff and beer barley.
Depending on the market situation, in addition to the above mentioned actors additional interested agricultural producers and actors could be allowed to participate by covering their own expense.
Optimized by the Ethiopian Commodity Exchange alongside the national pilot implementation, the Receipt Credit system is also operating in selected cooperatives and agricultural producers from the Southern, Amhara and Oromia regions trading corn, soybeans and chickpeas through the ECX.
WRS has been established in a wide range of African and international countries – for example, South Africa, Malawi, Tanzania, India, China and the United States of America – as an integral part of the institutional framework to enable the efficient financing and marketing of agricultural produce.

Dashen revamps its structure through new appointees

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In order to meet the revised strategic plan and fill the vacant senior positions, Dashen Bank has given multiple appointments for its staffs. Moreover, new chief positions have been presented in the new structure.
The bank that recently announced its marvelous performance in the 2020/21 financial year now disclosed that it filled four out of five vacant senior management positions.
Dashen disclosed that following the introduction of the bank’s revised strategic plan and revamped organizational restructuring as well as departure of two senior officials to newly formed banks, it has appointed senior officials on various positions.
“With a long history of nurturing talent with its trademark ‘growing own tree’ principle, Dashen filled four senior vacant positions by experienced young bankers from within the bank,” it said on the statement sent to Capital.
It has also added a senior digital banking officer from the state owned financial giant Commercial Bank of Ethiopia.
As per its expectation to get a green light for the senior positions from the regulatory body, National Bank of Ethiopia, the bank tabled its request which has got approval.
As per the new appointment, Ayele Teshome will now lead as the Chief Banking Business Officer. This position was run by Henok Kebede, who recently went to Amhara Bank as CEO to lead the new bank that was established with a record number of huge shareholders. Ayele brings a wealth of experience spanning three decades in the banking industry and served Dashen as Director for Banking Operation and Central Processing.
According to the statement of Dashen, Eyerusalem Wagaw former Deputy Chief Officer for Human Resources has been assigned as Chief People Officer, which is a new position that popped up after revising the strategic plan. Eyerusalem started her banking career with Dashen Bank about 18 years ago which draws an in-depth inside understanding of the bank.
The former Deputy Chief of Interest Free Banking (IFB), which is one of the successful operations of Dashen, Mesfin Bezu has also been promoted to Chief of IFB position on the latest senior management assignment. Mesfin brings 21 years banking experience with Dashen to the table drawn from leading the IFB from inception which has been able to fetch huge success on this new segment banking business for Ethiopia.
The other new chief position, Strategy and Innovation Officer, saw the bank appointing Mulugeta Alebachew, who served Dashen for the past 18 years in various capacities and before the latest appointment had served as Director for Strategy and Innovation Department.
The bank, which is a pioneer in introducing new technology and different digital banking services in the country, has enabled to get Yohannes Million for the new position established under the new strategic plan. Yohannes, who has over 20 years of experience at Commercial Bank of Ethiopia up to vice president position for digital banking, is now assigned as Chief Digital Banking Officer at Dashen.
A week ago on his annual report address, Neway Beyene, Chairperson of Board of Directors, said that the bank reviewed its fifth strategic plan in light of the momentous changes unfolding in the operating environment, “the participatory review process has led to re-articulation of the strategy plan along nine levers for value creations.”
The re-articulated strategy seeks to keep the bank on course for greater competitiveness, sustained growth, and profitability.
Besides Henok, Yared Mesfin, former Chief Corporate Banking Officer of Dashen Bank has left to the newly formed Tsehay Bank as CEO.
Dashen is one of the top profitable private banks that secured 2.4 billion birr gross profit in the past financial year. On the general assembly held last week the bank has approved to boost it’s paid up capital to 12 billion birr in two years time from the current 5.4 billion birr.