Minister of Trade and Regional Integration (MoTRI). Abdulhakim Mulu, has given credit for the suppression of inflation from 29 percent in the previous year to 13.6% to the concerted efforts of government institutions meant to stabilize the cost of living.
Major activities in this regard include agricultural mechanization expansion, increasing productivity by putting in place cluster farming, targeted development programs, better work culture, and efficiency in the supply chain.
Mulu reiterated the commitment of the government to reining in inflation, which hitherto had weighed heavily against the citizenry. He noted a significant decline in the inflation rate and the effectiveness of recent policies. Furthermore, Mulu elaborated that alongside economic reforms, the government also applied administrative and legal measures against illegal trading and contraband networks as a means of stability in the market.
Ethiopia is doing quite well economically. The economy was projected to grow by more than 8.4 percent during the fiscal year 2024/2025. This is after achieving an 8.1 percent growth in the previous fiscal year-well above the average for sub-Saharan Africa.
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The agriculture sector continues to be a major engine behind this economic growth. The continued growth of agriculture has provided not only support to the overall national growth but also a contributing factor in the decrease in inflation rates. Mulu also pointed out that Ethiopia earned $5.3 billion from exports in the period under review, representing a significant increase from the previous year and exceeding expectations.
Such positive economic developments respond well to the government’s strategic line of economic management, accentuating productivity, the rule of law, and structural reforms. Heightened attention to agriculture and successful policy measures put Ethiopia in a much stronger position for sustained economic growth and improved standard of living for its people.
