GoldEthiopian gold exports surged after the central bank offered higher prices for the metal in a bid to curb smuggling and as part of wider efforts to spur investment in mining.

Ethiopia’s gold industry is currently dominated by small-scale artisanal miners, but Newmont Corp. and Australia’s Allied Gold Corp. are among the companies exploring for the precious metal in the Horn of Africa nation.

The government hopes that cleaning up informal mining by channeling gold sales through the central bank is a first step to making the country more attractive to investors.

Harry Anagnostaras, executive chairman of London-listed Kefi Gold and Copper Plc, which is developing the Tulu Kapi mine in western Ethiopia, said  “People are starting to come in and it’s because the government is starting to transform itself very deliberately and openly from a sort of reluctant bride to a welcoming host and compliance checker.”

Official gold shipments in July and August totaled 700 kilograms (24,700 ounces), a more than fourfold increase from the year-earlier period. Exports could climb further after the central bank boosted the prices it offers by more than the increase in spot gold since the beginning of June.

Ethiopia’s approach is generating interest from miners, according to Anagnostaras, who is also chairman of a 25-member industry group in the country, FBC reported quoting Bloomberg.

The government aims to more than double the contribution of mining to 10% of gross domestic product over the next decade.

Source: BNN Bloomberg


Private Sector telecom reformEthio Telecom held a consultative forum with IT and start-up companies to gather inputs for the implementation of the market reform of the telecommunication sector.

More than 200 IT and start-up companies took part in the discussion.

During the discussion, Ethio Telecom CEO Frehiwot Tamiru said the government will include the ideas of the private sector in the implementation of its market reform to improve the engagement of the private sector in the telecommunications sector.

The government has been undertaking various activities to reform the telecom sector during  the past two years,  she said, adding that the involvement of  the private sector essential to successfully implement the reform.

The CEO admitted that Ethio Telecom should focus on further improving infrastructure for telecommunications to attract the private companies to hugely invest in the sector.

Representatives of the companies earlier pointed out that telecommunication infrastructure  development needs to be improved and modernized especially in rural parts of the country.

The companies also said that internet qualities, modernization of technologies for the telecommunication should be other areas of the telecommunication reform.

Frehiwot promised to seriously consider the inputs from the consultative forum, according to ENA.


EU logoEuropean countries have become the major importers of Ethiopian commodities during the Ethiopian budget year concluded July 7, 2020, according to a new analysis by Cepheus Investment Advisory, a private equity firm. 

The analysis conducted by the firm shows that European Union markets, rather than the US or China, are driving Ethiopia’s export growth.

The Netherlands became the biggest buyer of Ethiopian exports in FY 2019-20, absorbing 308 million USD or 10 percent of total exports.

Together with Switzerland and Germany, these three European nations increased their purchases of Ethiopian goods by over 300 million USD last year, equivalent to the entire export increase (from 2.66 Billion USD to 2.99 billion USD) in the same period,” said the paper, entitled, ‘Ethiopia’s Recent Trade Performance: A Data Pack and some observations’.

“By contrast, demand from the US and China fell sharply in 2019-20, by more than 25 percent in each case, though both had been the no. 1 buyer of Ethiopian exports in recent years,” it said.

Meanwhile, the paper stated that China remains to be the leading origin for Ethiopia’s imports as has been the case for the last 18 years.

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Ethiopia Telecom licenseThe Ethiopian Communication Authority (ECA) has disclosed that it will award licenses for two telecom operators until March, 2021.

Speaking at a meeting held today, Engineer Balcha Reba, ECA’s director-general, said bidding documents review for the two licences are nearing completion.

The bidding process will start next month and remain open for up to 40-50 days. Special attentions were given for communication service improvement and national security, he said.

Awarding licences for new operators would have a significant benefit to provide efficient services for Ethiopians and ICT companies, it was indicated.

As part of the telecom sector reform activities, the Ethiopian government decided to sell 40% of its stake in Ethio-telecom to foreign companies.

A 5% stake will be sold to the Ethiopian citizens ABN reported quoting FBC.


Ethiopia Airline cargoEthiopian Airlines (Ethiopian), Africa’s most successful carrier, will start cargo service to Mauritius effective from 2 October.

Ethiopian has a developed pan-African passenger and cargo network. It also serves 127 other international destinations across five continents with a fleet which includes modern and environmentally-friendly aircraft.

Mauritius’ imports grew by eight per cent to $5.6 billion in 2018. The Indian Ocean island nation imports mineral fuels, oils and distillation products.

Other major Mauritian imports include machinery such as vehicles, nuclear reactors, boilers, electrical and electronic equipment, as well as fish including crustaceans, molluscs and aquatic invertebrates.

Mauritius currently imports more than it exports. Its main exports are apparel, meat, fish, seafood and either cane or beet sugar.

Tourism is the small island nation’s biggest revenue generator.