FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo

Fist bumps were in order late last week between Eyob Takalign (PhD) (left), state minister for Finance, and Takele Uma, minister of Mines & Petroleum and head of the institution that oversees the mining sector, which has been a boom for federal treasuries over the past year. The occasion was the renovation of the Ministry’s headquarters in the neighbourhood commonly known as Wessen, as part of a revamping of federal agencies.


Takele gave a tour of the headquarters to members of the media and federal officials, including Motuma Mekassa (centre), former minister of Mines & Petroleum. The occasion was rounded off with recognition for the federal agency employees and blood donation by Takele for the National Defense Forces, a familiar sight these days, mainly by government officials.


The Ministry also released a sector report, showing a surprisingly impressive performance over the past two years. While mining remains heavily traditional and inefficient, with artisanal workers accounting for nearly all mined gold, the government has succeeded in formalising part of it. Within two years, exports from mining grew by around 2,000pc to account for a sixth of the 3.6 billion dollars in export revenues. In the first month of this fiscal year, the sector secured 38.5 million dollars, a third higher than the 29 million dollars from mining for the entirety of 2019.


The Ministry would like to see this success replicated and more. The strategies it has identified are facilitating a market for mining products on the Ethiopian Commodities Exchange (ECX) and developing industrial mining. The major roadblocks are the civil war in the north, particularly in Tigray Regional State, one of three top gold producers, and alarming levels of political instability across the country. Poor infrastructure and stubborn levels of informality are not helping either.


PUBLISHED ON Sep 02,2021 [ VOL 22 , NO 1114]

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.



Related Posts

[ssba-buttons]

Put your comments here

N.B: A submit button will appear once you fill out all the required fields.

Editors' Pick

Exclusive Interviews

State Enterprises from Oracles to Apprentices

Dec 22 , 2024 . By TIZITA SHEWAFERAW

Charged with transforming colossal state-owned enterprises into modern and competitiv...

Agenda

Rising Costs, Inflation Threaten Insurance Industry

Aug 18 , 2024 . By AKSAH ITALO

Although predictable Yonas Zerihun's job in the ride-hailing service is not immune to...

Agenda

BREWING DISCONTENT

Jul 28 , 2024 . By TIZITA SHEWAFERAW

Unhabitual, perhaps too many, Samuel Gebreyohannes, 38, used to occasionally enjoy a couple of beers at breakfast. However, he recently swit...

Fortune News

Electric Vehicle Push Leaves Investors in the Lurch

Jul 13 , 2024 . By AKSAH ITALO

Investors who rely on tractors, trucks, and field vehicles for commuting, transporting commodities, and f...

Commentaries

The Cost of Capital Is a Public-Health Emergency for Africa

The annual meeting of the World Health Organisation's member states, May's 78th World...

The BRICS+ Should Not Miss the Africa Opportunity

The 10 current BRICS+ members, more than most countries, can empathise with the econo...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

Legal, Policy Volatility Turns Promises into Headwinds

Jul 12 , 2025

Political leaders and their policy advisors often promise great leaps forward, yet th...

Civil Society Feels the Squeeze as Reform Era Unravels

Jul 5 , 2025

Six years ago, Ethiopia was the darling of international liberal commentators. A year...

Soaring Taxes Fail to Plug Holes as Audit Reveals Enduring Waste

Jun 28 , 2025

Meseret Damtie, the assertive auditor general, has never been shy about naming names...

Expanding Federal Budget Tests Limits of Fiscal Discipline

Jun 21 , 2025

A well-worn adage says, “Budget is not destiny, but it is direction.” Examining t...

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

Half a Century of Impact

On a cold Saturday afternoon last week, we gathered to honour a couple who have profoundly shaped both my life and my husband's, not just sp...

Rise Without Ruin

At times, the pursuit of opportunity quietly takes on a ruthless tone. Success begins to feel like a zero-sum game, where someone must lose...

Life Matters

Lessons in Bureaucracy

Navigating bureaucracy often feels like moving through a labyrinth, where logic falters and clarity dissolves. The rules change with bafflin...

The Nuances of Baby Carrying

Each morning, just beyond the compound gates, a familiar image greets the day: a mother walking briskly with her baby snug in a front carrie...