Central Bank Revises Gold Premiums Amid Supply Chain Chaos


Central Bank Revises Gold Premiums Amid Supply Chain Chaos

The National Bank of Ethiopia (NBE) has adjusted its gold procurement strategy in response to major supply chain disruptions over the past three years. Last week, the central bank introduced a tiered pricing system, offering premiums of 60pc on supplies ranging from 50gm to three kilograms, and up to 72pc for quantities exceeding 30Kg. This marks the third consecutive year of revisions to the central bank's gold premium rates, following last year's increase to a flat rate of 35pc. Illicit mining activities, particularly those conducted by unlicensed foreign operators, have impacted the country's gold production, which fell short of meeting 35pc of its targets last year. In response to the high incidence of contraband in the sector, the Ministry of Mines revoked special small-scale mining licenses. Minister Habtamu Tegegn informed the Parliament's Standing Committee for Industrial & Mining Development Affairs about the severity of the contraband issue, with some regions such as Sidama and Oromia achieving only 1.87pc and 24.13pc of their production targets, respectively. Artisanal miners, using traditional tools for gold extraction, increasingly resort to selling their gold through contraband channels, where prices can exceed twice the official rates. This year, nearly three tons of gold were produced, with 80pc sourced from industrial mining projects, predominantly led by MIDROC Gold


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Yirgalem Hospital Inaugurates New Oxygen Production Plant

A new oxygen production plant has been inaugurated at Yirgalem Hospital Medical College in Sidama Regional State. The launch was attended by the regional state's chief administrator Desta Ledamo and Health Minister Mekdes Daba (PhD). Desta noted that a new kidney dialysis centre will soon be opened as well. Mekdes stated that the Ministry is working to increase the number of oxygen production facilities from the current 10 to 34 nationwide. The Yirgalem plant cost 86 million Br to build and h...


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Corridor Develops with Parking, Recklessness Concerns, Research Finds

Research involving 400 respondents across four first-round corridor development routes revealed major challenges to the initiative. The study, conducted by Shaka Analytics and ETC Institute in collaboration with the Addis Abeba City Transport Bureau, examined the impact of the program on transportation patterns, transit accessibility, and parking availability. The routes—Arat Kilo to Bole Deldey, Embassy of England to Arat Kilo, Mexico roundabout to Wello Sefer, and Piassa to Arat Kilo—we...


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Digitalisation Spreads to the Court System

Ethio telecom and the Amhara Regional State Supreme Court have agreed to implement a Smart Court project in Bahir Dar to modernize court operations using digital technology. This agreement includes building a modern network infrastructure, implementing cloud services, creating a modular data centre, establishing a network operations control centre, and connecting the region's courts with a secure digital network. The project is designed to facilitate secure digital information exchange betwee...