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.