Ethiopia to boost mining sector with US $339M
The government of Ethiopia has earmarked US $339million to launch ten strategic initiatives designed to strengthen the country’s mining sector and boost its foreign currency earnings. This announcement was made by the Ministry of Mines during a nine-month performance briefing presented to the House of Peoples’ Representatives.
According to Mines Minister Habtamu Tegegn, the government’s key priorities include enhancing extraction capabilities, modernizing laboratory infrastructure, investing in up-to-date equipment, and supporting the production of import substitution goods.
Economy boost
In his address, the Minister emphasized Ethiopia’s commitment to diversifying sources of foreign exchange, with a particular focus on increasing gold exports. Over the past eight months, the nation has generated approximately US $1.88 billion from mineral exports, marking a significant contribution to the economy. The establishment of three new gold processing plants and ongoing efforts to improve coal production further highlight the government’s intent to strengthen the sector.
Additionally, the Ministry noted that domestic production of key commodities such as cement is helping to reduce reliance on imports, though some factories are not yet operating at full capacity. Small-scale mining operations are also being integrated with local communities, leading to the creation of 47,000 new jobs during the reporting period. These developments are part of a broader plan to modernize the sector, promote digital solutions, and enhance Ethiopia’s global competitiveness in the mineral market.
