Commodities Economy Export Gold Mining

Ethiopia earns US$145M from gold export

Over the past eleven months of the current budget year of Ethiopia that ends July 7, 2020, the country has earned over US$145.1M from gold export.

In its report, the Ministry of Mines and Petroleum indicated that the revenue is generated from export of over 2,611 kilograms of gold. It is stated that out of the total, close to 632.4 kilograms of gold is produced by companies, while the remaining is mined by artisan gold miners.

Out of the total gold produced by artisan miners in Ethiopia in the last 11 months, 662.51 kilograms is produced in Tigray region, while 447 kilograms is produced in Benishangul-Gumz region. The Southern region of Ethiopia, has also produced 287.54 kilograms of gold, followed by Oromia region.

The report NewBusinessEthiopia.com received from the Ministry also stated that Gambella region has also produced 185.8 kilograms of gold, while other suppliers have also sold 108.55 kilograms of gold to the National Bank of Ethiopia. Customs Commission of Ethiopia has also seized over 14 kilograms of gold from contraband traders during the last eleven months, according to the report.

Also read: Export earnings of Ethiopia increases 10 percent

Over the past few years production of gold has been declining generating less than US$100M last year, from over US$600M in 2012. The decline of production is often attributed to the instability the country witnessed in different parts, which forced the ruling coalition to launch major economic and political reform bringing Prime Minister Abiy Ahmed to the current position in April 2010.

The suspension of operation of the major gold producer in the country, MIDROC Gold, was one of the reasons for the decline of revenue from gold export in the past few years.

Source: New Business Ethiopia

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