"Buyer Beware!" says the old adage; consumers ultimately bear the risk inherent in each purchase. Like navigating a minefield, individuals are everyday faced with a plethora of consumption decisions; some minor and insignificant like choosing a brand of chewing gum, and others that deserve a great deal of consideration like purchasing a home or selecting a bank.

In competitive and well-regulated markets, these choices are aided by a flow of information facilitated by both state and private services. But what happens when consumers do not have reliable and timely information? Or worse, what happens when companies intentionally deceive consumers?

A recent controversy surrounding the Development Bank of Ethiopia (DBE) and its crowning as a  "Successful Business" illustrates the issue.

Meanwhile, the short answer is that the market fails to promote efficiency, and consumers suffer.

Indeed, imperfect information is one of the greatest threats to capitalist markets, even in the most mature economies. Still, a couple of elements can help prevent major economic catastrophe.

The first is effective government regulation to ensure consumers get accurate and timely information on the goods and services in the market. The second is the emergence of commercial and not-for-profit entities that help consumers to make better informed decisions.

In the United States (US) and Europe there are many such institutions that have been serving citizens for decades. The consumer protection agencies in both the US and United Kingdom (UK) offer comprehensive services for information provision and awards that can be respected. Various other government bodies such as national customer protection agencies focus on safety alone, demonstrating the volume of trustworthy information available.

Citizens contribute to the government institutions as well. The Better Business Bureau in the US offers an open line for consumers to report positively or negatively on experiences they have had at businesses. The process is set into motion as the Bureau then conducts a professional evaluation.

As an economy develops, specialisation relegates individuals to devote their time and energy to their area of expertise, and therefore efficiently contribute to the economy. Professionals increasingly need outside help to evaluate the products and services they choose; they are neither experts nor is their time best used for this purpose.

In many advanced economies a number of independent rating and evaluation organisations perform important functions to test various goods and services and then make their findings available to the public. Though imperfect in that there are sometimes outside interests that creep in, they provide condensed and standardised ratings on a range of services that aid individuals to make informed and efficient decisions.

These private entities often combine professional ratings and individual opinions to enhance awareness of product qualities and evaluate certain attributes. Websites such as 'Ebay' and 'Amazon' join print publications such as Consumer Reports in streamlining information in a presentable and easy to navigate manner.

In Ethiopia, like many developing countries, the predominant source of information is word of mouth. Informal social networks transmit the stock of knowledge about where to shop and what to buy. This imperfect system has value, but can be less professional and more time consuming when compared to the institutionalised mechanisms developed elsewhere. For the small everyday items such as basic foodstuffs it may be preferable to rely on trusted sources, but for more complicated products and services it can be especially helpful to consult more customised ratings.

When making a decision on where to place financial assets and choosing a banking partner, the domestic choices are expanding quickly. Many financial institutions are sprouting up to take advantage of the growing economy and above average profits recorded in recent years. However, the individual does not have much information to go on as the interest rates offered and loan packages prevailing are disturbingly similar.

DBE has taken it upon itself to differentiate itself from its competitors of late. Unfortunately, the method they have chosen is an advertising campaign unscrupulously masked as an independent evaluation. Recent commercials on the state television, ETV, have shown a proud bank touting an accreditation from the Spain-based Business Initiative Development (BID).

If this came from a reliable source, it would be a breakthrough for citizens with investment projects and much deserving of the Directions it gets. However, the award comes from a source with no credibility, nor any independence from the institutions it evaluates. The certificate is about as unbiased as asking a Manchester United fan who will win the Premier League Cup.

BID gives such titles to institutions based on nothing more than its ability to pay a fee of 3,500 euros (45,000 Br) and pay their way to a ceremony in New York with the hotel selected by the award-giver. This is problematic because most individuals simply see this certificate as a sign of competence and excellence in service rather than the means by which DBE received it and it may affect their decisions in a deceptive way.

DBE has a lot to be proud of lately. It has turned it balance sheets around from a disappointing stretch in the red and introduced innovate loan packages. The collateral loan scheme and progress on their business process re-engineering (BPR), a national plan to streamline services at state institutions, are breakthroughs. Recognition for these steps is due.

It is unfortunate that the Bank has chosen to promote itself in the way it has though. No doubt, it is difficult to sell itself based on complicated explanations of advanced financial processes; unfortunately, catchy titles too often do more for marketing than prudent examinations of organisational structures. But the public should be careful about who they are listening to.

DBE's latest campaign is just a drop in the water when it comes to businesses trying to get ahead in the marketplace. Judging their decision from a business standpoint, it may make sense to promote itself in this way. But from an economy-wide vantage point, the lack of reliable information reaching citizens is alarming.

The Ethiopian government can and should do more to protect consumers against misleading propaganda, and to promote a corporate culture of transparency that promotes competition.

The Quality and Standards Authority of Ethiopia (QSAE), Customs Authority and National Bank of Ethiopia (NBE) in charge of the product quality, import standards and banking regulations respectively, could do more in terms of getting information to the public. But the creation of a regulatory agency specifically geared towards protecting and reaching the consumer would be a comprehensive solution.

In the banking industry specifically, the clock is ticking as the country attempts to join the World Trade Organisation (WTO). The requirement to open financial markets means that tried and true foreign banks will most likely storm onto the scene and wipe out the domestic competition. In this respect, some agencies that help to beef-up the local banks and prepare them for this event would be beneficial.

Furthermore, the formation of a truly independent rating organisation would enhance the level of efficiency in the economy by creating standards that businesses must reach for. The advantages from professionals critically examining the processes of businesses are many.

This is especially true in a globalising world where new products are entering the country from a variety of sources. The quality control in many other countries cannot guarantee the quality and authenticity of products.

Anecdotal experiences from numerous individuals can attest to faulty products purchased unknowingly. Electronics claiming to have a variety of technical capabilities are not easily tested at the time of purchase, and sly merchants learn how to pass off defects without being detected. This leads a lot of goods to wind up inside homes only to disappoint the buyer.

Blanket generalisations often take the place of prudent analysis. Twenty years ago, suspicion was in order for anything with the mark of 'Made in Japan.' The culprits have now shifted inland towards the growing powerhouse, China.

What is needed are reliable and independent organisations that can weed out the clever marketers and boost the business prospects for those companies that are truly creating innovative and quality goods. This is good for business. Firms can focus their resources on enhancing the features of their products through research and development, rather than on fluffy marketing.

There is another often quoted saying, "Fool me once, shame on you. Fool me twice, shame on me." Even without stricter regulations or an independent consumer protection watchdog, the Ethiopian public will eventually become wise to the antics of companies such as DBE. And then they will be laughing all the way to another bank.