Nation Needs to Explore Economic Alternatives to Resist Pressures, Sanctions: Scholar

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Addis Ababa December 21/2021/ENA/ Ethiopia can explore economic alternatives to resist external pressures and sanctions through reassessing the economic governance of the country, an Ethiopian economist residing in South Africa said.

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Speaking to ENA, Tshwane University of Technology (South Africa) Economics Department Head Professor Mulatu Fikadu, said Ethiopia can resist the external economic pressures and sanctions imposed by some Western countries by reassessing the economic governance system of the country.

According to him, the recent economic sanctions imposed by some Western countries will not that much affect the economy of the country rather initiate Ethiopia to promote its economy by  reassessing economic policies, laws and regulations.

“It must be known that Ethiopia is not the first country to experience trade and economic sanctions,” the professor noted, adding that “many countries became powerful after resisting such types of sanctions. Hence, the so-called trade and economic sanctions of the West shouldn’t shock us. Various researches show that these economic pressures have not been fruitful and did not bring impact on economic perspectives of many countries like Russia, Iran, Cuba, among others.”

Professor Mulatu further noted that Westerners have also been trying to use trade and economic sanctions as means of psychological warfare on the people of Ethiopia.

The economy of the world is governed by give and take approach and there is no free gift in it, he stated, adding that the economy of Western countries which imposed sanctions on Ethiopia will also be affected.

“When we talk about sanctions imposed on Ethiopia, the countries which imposed sanction are also victims of the outcome of the sanctions. For example, Ethiopia’s engagement in AGOA is not a free gift rather AGOA benefits both Ethiopia and USA. And suspending Ethiopia from AGOA will have impact on the economy of USA,” the professor pointed out.

However, Ethiopia needs to take economic measures to reverse the external economic pressures and sanctions imposed by some Western powers.

Ethiopia also needs to knock doors of other friendly countries when US and European countries closed their doors to her, he said.

“When our first step fails, we need to go for all plans from A to Z. We need to explore and observe various alternatives.”

Professor Mulatu underscored that the economic governance system of the country needs to be reassessed with the view to resisting external economic pressures and rehabilitating the economy weakened by the war.

“The economic sanctions and pressures are challenges. Hence, we need to have resilient recovery plan. The national policies, laws, regulations, and institutions need to also be reassessed from different perspectives in the country.”

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