Ethiopia has generated $2.1 billion from export of gold during the past nine months of the current Ethiopian fiscal year which began on July 8, 2024.
The Ministry of Mines reported Wednesday that a total of 26 tons of gold were delivered to the National Bank of Ethiopia, contributing significantly to the country’s foreign currency reserves.
The revenue from the gold export constituted the largest share of the total export revenue generated over the stated period, the ministry said in a statement.
The statement also emphasized on the progress made across various mining projects, with new developments in gold, coal, and cement production now operational, which are part of broader efforts to boost the sector’s contribution to the national economy.
Data from the ministry also suggested that Ethiopia’s overall export revenue for the reported period achieved about 145 percent of the initial target.
Amid positive prospects in the agricultural, manufacturing, mining and other major economic sectors, the Ethiopian government in October 2024 announced an 8.4 percent economic growth target for the current fiscal year.
The ministry also reiterated the government’s commitment to prioritizing the mining sector as a key driver of Ethiopia’s economic transformation and announced plans to establish additional factories in a short period to harness the country’s extensive mineral wealth.
MG/abj/APA