ADDIS ABABA- Ethiopia has set a plan to increase the foreign earnings from mines export by three fold in the next three years whilst keeping gold's lion share in the export trade, the Ministry of Mines and Petroleum disclosed.
Mines and Petroleum Minister Takele Umma said extensive activities have been carried out to enhance the annual mines extract capacity from 9,000 kg to 30,000 by 2025.
Takele further pointed out that the growing prevalence of modern and technologically- advanced mining and exploration of gold and other precious minerals would play a significant role for the realization of the plan. "The policy reform that we introduced recently centered on exporting value-added products with a view to boosting the foreign currency earnings."
As to him, now a mechanism is set to enable gold traders to bring their products to the National Bank of Ethiopia thereby easing the previous bureaucratic setbacks and facilitating the gold export. "The other big step taken by the current policy reform is' enabling the gold traders directly access key actors of the local market."
Due to viable measures being taken by the reform government, the ministry comfortably achieved the one billion USD mark it plans to achieve from mines' export in the 2021/22 fiscal year, the Minister added. Also, a substantial number of jobs created in the mining sector and safety of investors is soundly guaranteed in areas of operation.
The Minister highlighted that whilst 788 kg of gold was extracted by mining firms in the previous Ethiopian fiscal year, the amount of gold hauled out in traditional means estimated to be 8,000 kg and generated half-a-million USD.
Apart from gold miners, 10 million USD was obtained from other firms in the stated period, it was learned.
BY MISGANAW ASNAKE
THE ETHIOPIAN HERALD 12 SEPTEMBER 2021