Ethiopia: News - Benshangul Gumuz Region Informs All Gold Mining Companies to Sell Their Products Only to National Bank

Addis Abeba — Benshangul Gumuz Regional State has issued a directive to all gold mining companies, Small Enterprises and associations to sell their gold products only to National Bank of Ethiopia (NBE).

Ashadli Hassen, the president of the region, has emphasized that any company or enterprise operating within the regional state must sell all of their gold products to the NBE.

According to the regional government communications office, the president has visited last week one of the gold mining sites operated by small enterprises in the Assosa zone, Dabus woreda.

The new directive is said to help control illegal gold trafficking and contribute in stabilizing the country's economy.

The entities who have been trafficking gold illicitly not only have the intention of preventing the entrance of gold to NBE, they rather want to create economic instability in the country, the president said.

He vowed that the action being taken against producers who hide gold and those who traffic the product illegally will continue.

The gold produced by various companies and small-scale enterprises in the Benishangul Gumuz region is not been fully deposited into the NBE according to him.

The state government will provide the necessary support to companies and special small organizations that supply all the gold they produce to the NBE.

This comes months after a premium for gold suppliers to the NBE was raised to 35% from 29%, which was intended to benefit producers, the artisanal producers and eliminate illicit gold exports, following a "direction" was put forward by Prime Minister, Abiy Ahmed. AS

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