https://en.sputniknews.africa/20250101/ethiopias-gold-exports-surge-to-1-billion-in-five-months-following-reforms-says-trade-minister-1069986945.html
Ethiopia's Gold Exports Surge to $1 Billion in Five Months Following Reforms, Says Trade Minister
Ethiopia's Gold Exports Surge to $1 Billion in Five Months Following Reforms, Says Trade Minister
Sputnik Africa
With a population of more than 120 million and one of the largest economies on the African continent, Ethiopia represents a substantial market that has long... 01.01.2025, Sputnik Africa
2025-01-01T13:29+0100
2025-01-01T13:29+0100
2025-01-01T13:29+0100
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Ethiopia's Ministry of Trade and Regional Integration announced that the country has generated over $1 billion in revenue from gold exports in the past five months. This significant increase is attributed to recent macroeconomic reforms implemented since July 2024.Speaking at the third National Anti-Illicit Trade Summit in Addis Ababa on Tuesday, Trade Minister Kassahun Gofe highlighted the government's efforts to combat illicit trade, emphasizing the collaborative work with regional states and trade organizations.These efforts have yielded notable results, including a decrease in the food inflation rate from 29.2% to 19.2%, according to the minister.The reforms have also significantly impacted gold exports, with revenue exceeding $1 billion in just five months – a sharp contrast to the approximately $300 million generated during the previous fiscal year.The minister also noted the seizure of 15.5 billion birr ($121.5 million) worth of contraband goods in the 2016 (2023-24) fiscal year. He stressed that the success in gold exports, as well as other sectors like livestock, is directly linked to the macroeconomic reforms.The government has taken action against over 108,000 traders engaged in illicit activities, ranging from warnings to legal sanctions, he noted. The government plans to continue these efforts to further curb illicit trade and bolster economic growth.
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economy, ethiopia, addis ababa, gold, minerals, reforms, east africa, economic growth, trade, export
Ethiopia's Gold Exports Surge to $1 Billion in Five Months Following Reforms, Says Trade Minister
Muhammad Nooh Osman
Writer/Editor
With a population of more than 120 million and one of the largest economies on the African continent, Ethiopia represents a substantial market that has long been attractive to foreign investors. Since taking office in 2018, Prime Minister Abiy Ahmed has set a goal of reforming the country's tightly controlled economy to stimulate further growth.
Ethiopia's Ministry of Trade and Regional Integration announced that the country has generated over $1 billion in revenue from gold exports in the past five months. This significant increase is attributed to recent
macroeconomic reforms implemented since July 2024.
Speaking at the third National Anti-Illicit Trade Summit in Addis Ababa on Tuesday, Trade Minister Kassahun Gofe highlighted the government's efforts to combat illicit trade, emphasizing the collaborative work with regional states and trade organizations.
These efforts have yielded
notable results, including a decrease in the food inflation rate from 29.2% to 19.2%, according to the minister.
The reforms have also significantly impacted gold exports, with
revenue exceeding $1 billion in just five months – a sharp contrast to the approximately $300 million generated during the previous fiscal year.
The minister also noted the seizure of 15.5 billion birr ($121.5 million) worth of contraband goods in the 2016 (2023-24) fiscal year. He stressed that the success in gold exports, as well as other sectors like livestock, is directly linked to the macroeconomic reforms.
The government has taken action against over 108,000 traders engaged in illicit activities, ranging from warnings to legal sanctions, he noted. The
government plans to continue these efforts to further curb illicit trade and bolster economic growth.
