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Ethiopia gold export generates US $600M

Ethiopia gold export generates US $600M

Annual gold export income of Ethiopia has increased to over US $600 million during the current budget year of the country set to be concluded this month.

Attributes for the increase

According to Prime Minister Abiy Ahmed, compared to last year earnings, the hard currency the country has earned is all time high. The income generated from gold is next to coffee. Around 75% of the gold exports this year have come from artisanal miners encouraged to sell to state-controlled buying centres. Gold prices have also risen, likely boosting the number of subsistence miners, according to analysts

“In traditional way (artisan miners) in some regions, which used to produce 40 to 50 kilograms, have increased their production to 1,000 kilograms this year. They haven’t used any new technology. They used only human resource and good management,”

“We have never exported that much but the potential for further growth is there,” he said indicating the job opportunities the gold mining industry gold mining can create and the potential for increased revenue for the country. It is recalled that last year concluded July 7, 2020, Ethiopia has earned a total of US $145.1 million from gold export.

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