Ethiopia earned $44 million profit from the mining sector in the
financial year, which ended on July 7, 2019.
The revenue figure declined by more than 15 percent compared with the earnings from the sector
in the previous financial or budget year, the ministry of mines and petroleum said in a statement on Friday.
It explained that the gaps in the legal frameworks, lack of integration among
the stakeholders and contraband trade have contributed to the decline in revenue
from the mining sector.
Recently, the country’s Ministry of Mines and Petroleum established
the Mining Sector Stakeholders Integrative Work Coordinating Committee
with the view to increasing the country’s revenue from the mining sector.
The committee consists of members drawn from the Ministry of Mines and
Petroleum, Geological Survey of Ethiopia and the Ethiopian Mineral,
Petroleum and Bio-fuel Corporation.
In a joint press briefing, the chair of the committee Yidnekachew Teresa
said it would reinvigorate activities that could improve the sector and
increase the benefits the country can secure from the sector.
It will also work with stakeholders such as the customs, security and
other bodies to support producers and exporters to fight contraband,
which is hindering the sector, he added.
According to Yidnekachew, the committee will launch the mining sector
public mobilization programme to create public awareness in mining and
to help producers and exporters to have the necessary technological
knowledge to modernize the sector.
The chair said the committee was planning to increase profit from the sector
from $44 million to $265 million in the new financial/budget year, while over
200,0000 jobs are expected to be created this year.
MG/GIK/APA