gold – Ethio Negari

07 Apr

Ethiopia arrests 90 foreign illegal miners

ethionegari@gmail.com0 CommentsBusiness, Fact check, News, PoliticsAddisAbaba, EthioNegari, Ethiopia, gold, Goldminers, illegalgold, illegalmarket, Illicittrade

According to federal government press release, citizens of different countries are engaged due to illegal mining in Ethiopia. The Government Communication Service has stated that, 45 foreign nationals have been arrested in Gambella region for illegal mining including gold. In a press statement given by the state minister of Communication Services, Selamawit Kassa, that 3 Ethiopians collaborators were also arrested in the region. Similarly, in Benshangul Gumuz region, 47 foreigners were arrested for illegal mining, including gold, while 9 private associations and 7 Ethiopians were also arrested. In a recent operation, a total of 92 foreigners and other Ethiopians have…

28 Mar

Illicit Gold and khat trade messes Ethiopia’s economy -PM Abiy Ahmed

ethionegari@gmail.com0 CommentsBusiness, News, PoliticsAbiyAhmed, AddisAbaba, EthioNegari, Ethiopia, gold, illicitmoney, Illicittrade, Tantalum, Tigray

Prime Minister Abiy Ahmed responded to the questions from the House of Representatives. Prime Minister said that illegal business activities are affecting the country's foreign exchange to a great extent. He also mentioned that the production of gold and khat is going out through smuggling this year. The Prime Minister said that a year ago, 20 quintals of gold were sent from Asosa to the central market, but this year only 3 quintals were sent, which is an indication of the expansion of gold smuggling business. He added that even though tantalum is produced at a high level of profit,…

25 Nov

Ghana plans to use gold to pay for oil imports

ethionegari@gmail.com0 CommentsNewsAddisAbaba, EthioNegari, Ethiopia, gold

Ghana plans to buy oil products with gold rather than US dollar reserves in a measure aimed at stemming the weakening of its currency, the cedi, and to address the increasing living costs. The new policy "will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency", Vice-President Mahamudu Bawumia said on Thursday. According to the government the country's foreign reserves stood at around $6.6bn (£5.4bn) at the end of September 2022 down from $9.7bn at the end of last year. This equates to to less than three months of imports cover, news agency Reuters…

03 Sep

Ethiopia caught Chinese involved in gold smuggling

ethionegari@gmail.com0 CommentsNewsAddisAbaba, EthioNegari, Ethiopia, gold

The Ministry of Mines of Ethiopia said foreign nationals mainly Chinese were found involved in smuggling of gold out of Ethiopia in collaboration with artisan miners. This is indicated by the Minister of Mines, Takele Uma, who briefed media on Friday. He indicated that the Ministry has conducted two weeks of operations to seize the foreign nationals involved in gold smuggling out of Ethiopia. The mining areas the foreign nationals were collaborating to smuggle the gold are found in Oromia, Benishangul Gumz, and South West regions of Ethiopia, according to the Minister. It is indicated that currently those captured while…

24 Jun

Ethiopia’s National Bank Raises Gold Premium to Boost Exports

ethionegari@gmail.com0 CommentsNewsAddisAbaba, EthioNegari, Ethiopia, gold, MoM

The Joint Committee of the Ministry of Mines (MoM) and the National Bank of Ethiopia (NBE) have decided to adjust the gold premium paid on artisanal gold from 29% to 35% and changed the segmented procedure to a flat structure, Takele Uma, the Minister of Mines and Petroleum, twitted on June 22. Two pieces of gold bars with the same amount of gold in them could cost different amounts. This is explained by the difference between the selling prices of the bars and the value of the metal they contain, or in short, the premium paid on their purchasing prices.…

22 Jun

Central bank raises premium paid on gold

ethionegari@gmail.com0 CommentsNewsAddisAbaba, Centralbank, EthioNegari, Ethiopia, gold

The National Bank of Ethiopia raises premium paid on purchasing price of gold. It is a move targeted at boosting exports of gold through legal channel. On the top of the international market price, suppliers will get a premium of 35 percent, an increase from 29 percent, according to Fikadu Digafe, vice governor and chief economist of the central bank. The incentive will be paid based on flat rate. This will reverse the existing practice whereby gold suppliers are paid based on the volume of gold they supply to the Bank. “The incentive will be flat, similar for quantity of…