Nation Gets over 196 Mn. USD from Gold

Addis Ababa July 15/2020(ENA) Ethiopia has earned 196.5 million USD from gold, which is over 90 percent of the profit obtained from the mining sector during the just concluded Ethiopian fiscal year.

Ministry of Mines and Petroleum revealed that the country has gained 207 million USD from the mining sector.

Of this, 196.5 million USD was obtained from gold and the rest 10.5 million from gemstone and other mines.

Mines Trade Certification Director, Betru Haile told ENA that the performance in

The mining sector has shown over threefold growth when compared to the previous

Budget year, which was only 49.8 million USD in mining and only 30 million USD in gold.

The director said the measures taken to improve revenue from gold in the past

Three months created huge difference in gold export in particular.

“The government has taken bold steps to rescue the sector from breakdown due to

COVID-19,” he stated, adding that the measures included increase in the purchase of the price of gold by the National Bank of Ethiopia.”

Betru disclosed that the bank bought gold from producers and exporters at similar price in the black market, and this highly motivated the producers and exporters to sell their gold to the National Bank of Ethiopia.

The illegal sellers of gold were also forced to enter into the legal gold market process due to border closure with neighboring countries.

He said, “We were forced to shut-down the borders immediately after the occurrence of Coronavirus in Ethiopia. So the illegal market was forced to become legal. This is one of the reasons for the huge jump in gold earning.”

Ministry of Mines and Petroleum planned to earn 265.82 million USD during the stated budget year, but registered about 59 USD shortfalls in the year, it was learned.

The ministry has prepared a 10-year plan to continuously increase export profit from gold and mines in the coming years.