Gold Export Figures at Odds

Jun 1 , 2024

A conflicting set of data emerges on gold exports in the nine months of the current fiscal year. According to the Ministry of Mines report 274 million dollars was earned during the period which showed a 83pc increase from the same period last year. However, data from the National Bank of Ethiopia indicates that gold exports generated around 546 million dollars in 2022/23, nearly twice the amount earned during the first nine months. Minister Habtamu Tegegn said they achieved the results by overcoming contraband trade and illegal transactions. He reported that close to 2.4tns were obtained from gold mining companies and an additional 0.6tns from artisanal miners. While the Ministry signalled growth in the gold mining sector during its report to the Standing Committee for Industrial & Mining Development Affairs in a span of a few weeks, some regional states like Sidama and Oromia met only 1.87pc and 24.13pc of their target. Habtamu said security issues had made conducting exploration activities challenging for some of the companies. "Contraband trade and security issues remain a problem," he said. According to the Minister, input shortages had also been difficult for steel production, with companies meeting only 29pc of their targets. He said foreign investors would be invited following feasibility studies on iron ores extraction to meet the troubled sector's demands.