A new company, New Life for Civil Servant General Business, is being formed to re structure the wholesale and retail goods business in the country with an aim of stabilizing the national market and to ensure equitable wealth distribution.
The company is in the process of floating shares with shares being primarily offered to employees registered on payrolls through the Tax Payer Identification numbers.
Payroll employees make up a significant portion of the tax payer base in the country but are not able to take advantage of the bank loan system according to Abel Hailemariam, General Manager of the new company.
The deposits made into the economy by payroll employees are utilized by businesses in the economy which control the commodities market creating monopolistic systems and ultimately resulting in skyrocketing prices he explained.
The rationale behind the new company is to allow payroll employees a chance to share in the national wealth and to correct the market instability caused by monopolistic businesses added Abel.The NLCSG also expects to help its focus group obtain loans through deals with banks and the government with their work serving as collateral so as to better allow them to engage in the economic system he noted.
It is expected the new company will be able to achieve a 30% decrease in commodity prices allowing consumers to save money which can be invested in the NLCSG said Abel.
Source: Capital
