Ministry Reports 1.9tns of Gold Production in Half Year


Ministry Reports 1.9tns of Gold Production in Half Year

Gold production by mining corporations had exceeded expectations by close to 20pc at 1.9tns reports the Ministry of Mines. The Ministry outlined a six-month performance at a press briefing held at its headquarters around the Lamberet area (Mariam Road). It was indicated that artisanal mining was the biggest hurdle faced by the mining sector during the six months. Despite the central bank raising the premium it paid to artisanal miners to 35pc last year, it has contributed only 17pc to the gold mining sector in the previous six months. Following questions regarding the fractured cement market, the Minister indicated that the recent deregulation by the Minister of Regional Trade & Integration, combined with an expansion of production by Muger, Habesha and Dangote cement factories, is serving to meet the local demand. The Minister conceded that meeting the cement companies' 62 million tns annual capacity will take time and coordinated effort. Takele took the audience back to a less regulated period in the early 2010s when Petro Trans had lost a court battle to the government worth 1.4 billion dollars. The Ministry is working to reform the mining proclamation from 12 years ago to create a more cohesive bureaucratic framework. Takele remarked that six billion Birr withdrawn from eight Commercial Bank of Ethiopia branches under the pretext of gold manufacturing is being traced in partnership with the Customs Commission and Federal Police. Gaz Prom, the Russian gas giant with over 300 billion dollars in assets and Sino Pec, the largest gas processor in Asia, are the leading candidates for natural gas exploration in talks with the Ministry of Mines. Minister Takele Uma indicated that several foreign companies are in talks with the government to develop natural gas in Ogaden, in Somali Regional State, following Netherland Sewell & Associates (NSAI) confirmed natural gas deposits are available in the area.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...