The Ministry of Mines announced that Ethiopia generated USD 2.057 billion in revenue from gold exports during the first 10 months of the 2024/25 fiscal year, marking a major milestone in the country’s mining sector.

State Minister of Mines, Ato Million Mateos, revealed that over 29,396 kilograms of gold were supplied to the National Bank of Ethiopia during the reporting period. The largest contribution came from the Tigray Region, which delivered 12,210 kilograms, followed by Oromia with 6,910 kilograms, Gambella with 4,590 kilograms, and Benishangul Gumuz with 3,689 kilograms.

The State Minister attributed the strong performance to the government’s macroeconomic reform policies. He noted that narrowing the gap between official and parallel foreign exchange market rates has played a critical role in encouraging legal gold sales and boosting the volume delivered to the National Bank.

Additionally, new incentives introduced by the National Bank for traditional and small-scale gold producers have had a positive impact. Other contributing factors include increased adoption of modern production equipment, support for companies entering advanced gold production, and awareness-raising training for miners.

The Ministry is also working to enhance productivity by organizing small-scale gold producers into associations and coordinating the transfer of surplus output to larger gold processing factories.

Source: Addis Zemen