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#ASDailyScoop: Ethiopia raises premium on gold price

Addis Abeba – Gold suppliers to the National Bank of Ethiopia (NBE) are poised to get a premium of 35 %, an increase from 29 %, according to Takele Uma, Minister of Mines and Petroleum. The incentive is in addition to the international market price.

Additionally, “the segmented procedure has been changed to a flat structure starting from 50 gm , previously 5KG,” according to the Minister. He also added that the new move targeted to benefit producers and eliminate illicit gold exports. “This is entirely beneficial to the artisanal producers.”

Until now, the provision of higher premium was reserved for those who supply high quantities.

The move came after a “direction” was put forward by Prime Minister, Abiy Ahmed, Takele said, which was has resulted in the decision by a Joint Committee of the Ministry of Mines and the National Bank of Ethiopia has decided to adjust the incentives. AS

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