Ethiopia has achieved a record-breaking milestone, earning over $1 billion from gold exports within just five months, the Ministry of Trade and Regional Integration (MoTRI) announced. This remarkable achievement is attributed to the country’s ongoing macroeconomic reforms, which have been instrumental in curbing illicit trade and boosting export revenues.
Speaking at the third National Anti-Illicit Trade Summit in Addis Ababa, Minister of Trade and Regional Integration Kassahun Gofe underscored the impact of reforms and collaborative efforts in revitalizing Ethiopia’s gold export sector. The summit, organized by the Ethiopian Chamber of Commerce and Sectoral Associations, brought together stakeholders to discuss measures against contraband and illicit trading.
According to the minister, the macroeconomic reform initiated in July 2024 has yielded significant results in reducing illicit trade in the export sector, particularly for gold. He highlighted that during the last Ethiopian Fiscal Year, the country earned $300 million from gold exports. In stark contrast, the revenue from gold exports soared to over $1 billion within just five months following the reforms.
The reforms have introduced strict regulatory measures, implemented in partnership with regional states and various trade structures, to address illicit activities in the sector. These measures include combating illegal trading, cracking down on unauthorized traders, and curbing price manipulation in the gold market.
Source: Fana BC
