Ethiopia has secured over $1 billion from export of gold during the first five months of the current Ethiopian fiscal year which began on July 8 2024, an official has said.
Opening the National Anti-Illicit Trade Summit on Wednesday in Addis Ababa, the capital of Ethiopia, Minister of Trade and Regional Integration Kassahun Gofe said the revenue marked the largest ever the country has earned in five months from gold export since six years now.
The minister’s remark came when gold mining is increasingly becoming informal and outside the federal government’s control.
Recently, Prime Minister Abiy Ahmed expressed concern over illegal gold exploration, extraction and smuggling operations often in collaboration with government officials particularly in the Tigray regional state.
Gofe attributed the better performance to effective execution of the government’s macroeconomic reform, massive regulatory measures and sound trade structures.
He said the macroeconomic reform which has been implemented since July 2024 also yields effective achievements in reducing illicit trade especially in the export of precious metals.
The minister also noted that the inflation rate of food has reduced to 19.2 percent from 29.2 percent before the reforms, attributing it to “sound”policy measures taken by the government.
For instance, the country secured around $300 million from gold export during the last Ethiopian Fiscal Year, he said, adding Ethiopia has obtained more than 1 billion USD from gold export during the past five months alone.
Livestock export has also been one of cross- border trade which has been reviving and registering encouraging achievements during the past five months.
Last year, the annual export revenue gained from livestock was $18 million as the nation already secured $20 million during the past five months alone.
The minister further noted that contraband goods valued at 15.5 billion birr were seized during the past Ethiopian fiscal year.
MG/as/APA