Ethiopia: Amhara Region Delivers 357 Kilograms of Gold to National Bank
The Amhara National Regional State has delivered 357 kilograms of gold to the National Bank of Ethiopia (NBE) for the first time during the 2018 Ethiopian fiscal year, according to state media.
The Ethiopian News Agency (ENA) said the shipment, handed over through formal channels established by the regional government, marks a step in efforts to channel domestic mineral output directly into the country’s central bank reserves. Until now, much of the gold produced in Amhara is widely understood to have been marketed through informal networks.
Background on Ethiopia’s gold sector
Ethiopia has long been regarded as having significant untapped mineral potential, particularly in gold. Artisanal and small-scale mining accounts for the bulk of national output, with activity concentrated in regions including Amhara, Oromia and Benishangul-Gumuz. The federal government has in recent years sought to formalise gold marketing and curb smuggling, introducing regulations requiring miners to sell to authorised buyers, including the NBE.
The National Bank of Ethiopia, headquartered in Addis Ababa, has expanded its domestic gold-buying programme as part of broader efforts to rebuild foreign-currency reserves and ease pressure on the birr. Purchasing gold from local producers allows the central bank to convert a domestic commodity into reserves more directly than through traditional export channels.
Significance of the delivery
The Amhara region’s handover of 357 kilograms is being framed as a notable step in strengthening that framework. Regional governments play a coordinating role between miners and federal institutions, and the formal delivery reflects efforts to standardise how gold is collected, weighed, certified and transferred to the central bank.
According to the ENA report, the consignment was processed under procedures set by the regional authorities before being transferred to the NBE. Such deliveries are intended to ensure traceability and transparency in a sector that has historically been difficult to regulate.
The development comes as Ethiopia continues to pursue economic reforms aimed at stabilising its currency, attracting investment and broadening its export base beyond coffee and other traditional agricultural commodities.
Source: AllAfrica — read the original report.
