Ethiopia has collected over $207 million in the Ethiopian fiscal year that ended on July 7, 2020, the Ministry of Mines and Petroleum announced. Gold alone has earned Ethiopia $196.5 million, while the rest, $10.5, has been earned from gemstone and other mines.
Betru Haile, Mines Trade Certification Director at the ministry, said the revenue collected has shown an increase of over $159 million compared to last year, albeit failing to meet the $260 million target set for this year.
The revenue collected from the export of gold alone has shown a very significant increase, leaping to $196.5 million compared to $30 million last year. The increase in revenue from gold. Mr. Betru relates, has to do with a price adjustment the government made in an effort to tackle the impact of COVID-19 on the economy. Another factor, he said, is that Ethiopa was "forced to shut-down 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."
Ethiopia's Ministry of Mines and Petroleum has prepared a 10-year plan in a bid to continuously increase export profit from gold and mines in the coming years.
Source: ENA
