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| LETTERS TO THE EDITOR |
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Our Priorities Are Surely
Misplaced |
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Dear Editor
I always love to read Lulit Amdemariam's column more
than anything else; the issues she picks, her
perspective on them, her courage to challenge the
public, and her style of writing are really
incredible.
Her recent column headlined, "Misplaced Priorities,"
[Volume 10, Number 470, May 3, 2009] was an issue
that was in my mind for some time now; I am happy
she brought it to light. I had a lot of discussions
with many people but did not know how to put it in
such a nice way as she did.
It is sad to learn about the death of all; but, it
is also sad that they do not get fair respect.
Many people considered Fetawrari Amede Lemma as a
Christian due to his trademark Ethiopian traditional
outfit. I suspect this was because many associate
the Ethiopian traditional cloth with the tradition
observed by followers of the Orthodox
(Christianity). As a result, we hardly see followers
of other faiths, particularly Muslims, wearing them
during public holidays.
This was not the case with Fetawrari Amede. As he
was perhaps the exception, he used to be perceived
as a Christian by many. He was an Ethiopian, proud
of being an Ethiopian and at the forefront to defend
the interests of Ethiopia. This was equally true
with Sendu Gebru.
Regardless of the firm beliefs they share on
Ethiopia and Ethiopianism, I am of the view that
their huge contributions to the nation did not get
the attention they deserved.
What about Kinfe Abreha (Prof)?
He did a lot to change Ethiopia's image globally. He
miraculously published a number of internationally
recognized books and articles. The sudden death of
this brave man was given only news coverage.
And I would ask the same questions Lulit raised,
again: "Is it the music of our country that grabs
our attention, or is it the politics and social
changes? How are people deemed worthy of state
funerals and why is it that people that have
represented their country, fought for it, bled for
it, and were jailed for it do not get the honour of
having the Green-Yellow-Red draped on their casket?
Where is this country going if we continue at this
pace? And most importantly, are we comfortable going
there?"
She really is right. My best regards and respect to
her and others who face reality with courage.
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Hailemichael Tesfaye |
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Clarifying
Facts on Habesha Cement |
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Dear
Editors,
This is
in response to your news story headlined, "Agency Suspends
EIC's Desire to Invest 30m Br in Habesha Cement" [Volume 10,
Number 472, May 17, 2009]. We found that the news story
conveyed certain points that were factually incorrect, while
other points depicted the reporter's judgmental views. |
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Read More |
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Investigative Journalism Way to Go |
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Dear Editors,
I read the news story by Hilina Alemu headlined, "Habitat
Homes in Title Deeds Controversy" [Volume 10, Number 471,
May 10, 2009]. I was initially impressed to see your
newspaper engaged in investigative journalism, where the
public could be informed on the on-goings in the community,
so that in one way or another, it can learn from it.
Unfortunately, the story did not lend itself to that.
Indeed, there are controversies over title deeds at Habitat
New Flowers Real Estate company. But that is only one of the
many irregularities that house buyers from Habitat are faced
with. Above all, they are on the verge of losing their life
savings, which they handed over to Habitat to build their
houses.
As reported in your paper, people have paid 60pc to 90pc of
the cost of the house; it is not yet known where the money
went, because more homes that were supposed to be built are
half complete or barely begun in some of the cases. Your
news story, for instance, mentions the housing site appears
deserted, and indeed that has been the case for the last
three years.
Nevertheless, your reporter fails to ask why there is no
work going on; why there is no construction equipment on
site?
Your reporter should have dug in to bring out the whole
truth.
Unfortunately, the story focused only on the surface, and
zeroed in only on title deeds, ignoring the fundamental
issue, such as why the homes have not been completed on
time?
There is more to inform the public, and Fortune has the
opportunity to do that in the future by interviewing house
buyers, site construction workers, bankers dealing with
Habitat, and officials at the city administration. I have no
doubts Fortune can do better than what I saw in this news
story.
From what I hear, the problem at Habitat is also common
with other builders; the general public stands to benefit
from your complete and professionally done investigative
work. I say go for it! |
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Sileshi
Yilma |
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Facing
Reality |
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Dear Editors,
In your "Letters to the Editor" column, headlined "Face the
Reality with Courage" [Volume 10, Number 472, May 17, 2009]
one of your readers, Hailemichael Tesfaye, wrote that that
the late Kinfe Abreha (PhD) was a great person. But the
truth is this is a country where the total adult literacy
rate is registered as 36pc, according to the UNICEF.
How could you expect a country with this level of literacy
rate to know and understand what the Professor has done,
writing almost all the books he authored in English?
It is not only the music of our country that grabs our
attention. It is a question of understanding our own people.
Endashaw Anteneh |
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Lighter
Side to Life Matters |
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Dear Editor
Your
columnist, Lulit Amdemariam, had an encounter a few weeks
ago that prompted her commentary headlined, "Drink for
Thought" [Volume 10, Number 471, May 10, 2009] but made her
unsure of how she wanted to express it.
Lulit
is fully aware that her tone in the column "Life Matters"
almost always comes off as angry and bitter. As much as her
encounter could have evoked anger and bitterness, Lulit
decided that she would look at the lighter side of things
and find the humour and something positive. I thought that
was really something. Keep it up, and thank you. |
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Endashaw Anteneh |
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Life Matters Valid Piece, Not Trash Talk |
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Dear Editor
Your
issue of May 10, 2009, has entertained two responses from
your readers in its "Letter to the Editor"; both were
comments directed at Lulit Amdemariam's piece headlined,
"Misplaced Priorities" [Volume 10, Number 470, May 3, 2009].
I find these comments harsh, although they seem to stand as
defenders of the late Tilahun Gessese.
No one
will dare to dispute Tilahun's achievements in the history
of Ethiopian music. So does a dodged look at Lulit's article
reveal the same. A learned reader is one who reads beyond
the words of the columnist and one who pierces the veil of
each article.
Lulit
has tried to educate us about the common mistakes we happen
to make in every walk of our life by not rendering the
proper place for things that matter most in life. The media
should set the tone and priority of the public's agenda on
the basis of emergency, as well as necessity, instead of
simply going with the wind.
I see
that Lulit was successful in her efforts to pass on such a
message using the recent event that was of great public
interest. We are entitled to our views, but any criticism
should support itself with rational argument. A claim
putting her work as mere trash talk would undermine
professional ethics, if not be silly.
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Biniam Ahmed |
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Textile Labour Union Needs Reality Check |
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Dear Editor
I was
amazed to read a story headlined, "Local Textile Labour Case
May Go International" [Volume 10, Number 470, May 3, 2009].
This story says a local employer and union's case may go
international because the case was not getting resolved here
in Ethiopia.
I
cannot believe the union chose this particular time to take
it that far. Its leaders are thinking about getting in touch
with the employer's clients through the International
Conference of Free Trade Unions (ICFTU) in order to urge
them not to buy the product from the local factory.
What
are they thinking? Where have they come from? Do they live
in the same world we live in? Do they follow the news on
what is going on around the world, that countries are doing
all they could to make it through this turbulent times? Have
they heard stories of employees losing their jobs, in
millions, and companies getting bankrupt? Do they know that
employers and employees are working together to avoid
bankruptcy of their companies so employees have job security
(even on a concession basis) during these trying times?
Besides, when they say they will contact the exporter's
clients and ask them not to buy the product, have they not
heard about the foreign exchange crunch this country is
facing?
Maybe
they were not aware that the products exported by individual
companies do bring back the hard currency we all (as a
country) depend on. I suggest they should get a reality
check; they should also be thankful that their members do
have jobs during these tough times while millions are
desperately looking for one.
Their
timing is so bad that instead of taking their case to
international level, they should rather focus on increasing
productivity. Our work attitude should change too. Working
together with management, we should find a way we could be
more a productive workforce.
Our
industrial production output is too low, even when compared
to other Third World countries.
We should keep in mind that our industries, all imported
machineries purchased with foreign exchange, are established
after consuming huge investment capital. If the exported
products were not competitive enough, those industries could
get bankrupt and close their doors with loss of jobs as
avoidable consequences. It is in all our interest to see the
success of these companies.
We
should also be careful not to send the wrong signal to
prospective investors, both domestic and foreign. |
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Ayenew Awole |
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Strengthening Credit Information Exchange
among Banks |
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Dear Editor
Banks
in most circumstances require sufficient collateral to
ensure repayment in case of failure on part of the borrowers
to repay a loan. This is despite the views of some who
regard collateral as a minor matter; they take the view that
having a good borrower with a good business is a far more
important basis for lending than collateral.
For
banks in a country like Ethiopia, the importance of
collateral is beyond doubt as it ensures the repayment of
the loan in case of default by the client. If an information
asymmetry problem exists, where banks do not have
information about their borrowers as much as the borrowers
know about the banks, it is natural that banks will continue
to take the collateral issue though the magnitude may differ
from one bank to another.
One of
the main problems with collateral is establishing clear
title. Banks might go to seize collateral only to find that
the borrower had already pledged it to other banks, or in
our case, as your newspaper reported last week headlined
"Amendment Proposes Leeway in Mortgages Collateral" [Volume
10, Number 471, May 10, 2009], without fulfilling the
article on the 1960 Civil Code that the mortgage collateral
should be signed before courts or notary.
The
government's move to amend the article related to mortgage
collateral is a great relief to the banks, which otherwise
may fall in serious jeopardy and which will ultimately have
consequences on the financial sector. However, there are
other issues beyond mortgage collateral: The issue of
strengthening credit information exchange among banks in
Ethiopia, as this ultimately narrows the huge information
gap banks have on their borrowers or that narrows the
information asymmetry problem in the country.
Information is basic to banks for making decisions they
would not come to regret. In fact, it is one of the
competitive tools where a bank that manages to collect
adequate and timely information about its clients can make
better credit decisions - hence reducing the risk of default
- than others that fail to do the same or that focuses very
much on collateral. Proper evaluation of credit requests,
hence, requires pre and post information about the borrower
in addition to other requirements, including the pledging of
collateral, assessment of the applicant's business and
financial reports.
Hence,
credit information exchange among banks prior to the
provision of the loan is a task that the banks should give
utmost attention.
Though
collateral and mortgage of collateral continue to be taken
seriously by banks in Ethiopia and the recent move by the
government to amend the article in the 1960 Civil Code is
appreciated, the focus should go beyond the issue of
collateral to strengthening the information base banks have
on their clients.
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Abraham Tesfaye
Commercial Bank of Ethiopia (CBE) |
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