Ethiopia earns over 23 million dollars from gold

Mar 19, 2006 (ADDIS ABABA) — Ethiopia said Sunday it has secured over 23 million U.S. dollars from export of gold within the past seven months that ended in January this year.

Abera Geyessa, head of the Export Promotion Department of the Ministry of Trade and Industry, told journalists that the Horn of Africa country has exported 1,943 kg of gold to Africa, Europe andthe Middle East during the past seven months.

MIDROC Ethiopia, a private firm owned by Sheik Mohammed HusseinAl Amoudi, an Ethiopia-born Saudi tycoon, accounted for the largest share of the country’s gold exports, said Abera.

Al Amoudi has become the 77th richest person in the world and the top billionaire in Africa with a net worth of 6.9 billion dollars, according to Forbes magazine.

He added Ethiopia are benefiting more as the demand for gold isgrowing across the globe.

Latest geological data has showed that Ethiopia boasts a large amount of gold reserves.

(Xinhua/ST)