In recent years, the government of Ethiopia (GOE) has been reforming the mining sector in order to maximize the benefits the country can derive from the resource, a prime example being the new gold premium rate applied to artisan gold.
According to Takele Uma, Minister of Mines and Petroleum Ministry, many mining companies in Ethiopia are working in good faith and in accordance with the law to benefit themselves and the country. However, the Ministry annulled the licenses of 972 miners who failed to follow the terms of their exploration and extraction permits and conducted illegal trading.
Despite these gloomy cases, the gold export sector remains to be one of the main sources of foreign exchange for Ethiopia, having earned the country an income of nearly 513 million dollars in the past 11 months alone.
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