Ethiopia plans to increase mining sector revenue sixfold this year
INTERNATIONAL –The Ethiopian government on Saturday announced its plan to increase the country's revenue from the mining sector by six folds during the just-started Ethiopian fiscal year.
The East African country also disclosed the formation of a national coordinating committee in a bid to achieve the ambitious plan.
The national committee, which brought together various Ethiopian ministries will "reinvigorate activities that can improve the sector and increase the benefits the country can secure from the sector," state-run Ethiopian News Agency (ENA) reported on Saturday.
According to figures from the Ethiopian government, the declining national revenue from the mining sector has registered only 44 million U.S. dollars during the recently concluded Ethiopian fiscal year.
Gaps in legal frameworks, lack of integration among stakeholders and contraband are among the major challenges that are often said to have a negative impact on the country's mining sector performance.
Chairman of the newly established committee, Yidnekachew Tesera, said the committee will focus on addressing the already identified problems, which include policy shortcomings and rising trend of contraband.
According to Tesera, the committee will further work to streamline ongoing efforts among stakeholders, including customs offices, security and other bodies towards enhancing the performance of mining sector producers and exporters.