Addis Ababa, October 10, 2026 (FMC) — Prime Minister Abiy Ahmed has said Ethiopia’s new precious metals refining capacity could significantly increase the country’s gold export earnings by enabling more value to be extracted from gold and other precious metals before they enter international markets.
Speaking at the National Precious Metals Refinery at Bole Lemi Special Economic Zone, the Prime Minister said Ethiopia exported gold worth approximately 5.6 billion to 6 billion US dollars last year, adding that the figure could have reached at least 10 billion dollars had the country possessed the current refining capacity earlier.
He explained that exporting gold without adequate domestic refining means losing potential value, as the process can recover silver and other precious metals that might otherwise be discarded as waste.
Domestic refining would allow Ethiopia to capture more of the value contained in its mineral resources.
The Prime Minister said the refinery has the capacity to support exports worth up to 80 billion dollars annually, depending on the volume of gold and other precious metals it can attract and process.
He noted that the facility could serve mining companies and neighbouring countries, helping draw more of the region’s gold into Ethiopia for refining and related commercial transactions.
He also pointed to Ethiopia’s air transport capacity as an advantage in attracting gold from across the continent, while noting that the refinery was developed through a partnership between Ethiopian Investment Holdings and Sam Precious Metals.
According to his remarks, Ethiopian Investment Holdings holds a 51 percent stake, while the international partner holds the remaining 49 percent.
The Prime Minister placed the refinery within the Medemer Government’s broader strategy of moving away from exporting raw materials and importing higher-value finished products. He said the approach applies not only to gold but also to commodities such as coffee, textiles and agricultural products, arguing that domestic processing and manufacturing can generate greater export earnings and employment.
Using coffee as an example, he contrasted the price of Ethiopian coffee sold as a raw product with the higher prices it can command after roasting, packaging and preparation for consumers abroad.
He also cited the production of pasta and macaroni from wheat as an example of how processing agricultural commodities can create additional value before export.
PM Abiy said the refinery’s establishment reflects the results of reforms in the mining sector and a broader effort to invest national wealth in strategic industries.
He added that the government aims to progressively reduce the pattern of exporting raw materials and importing finished goods over the coming five to ten years.
The Prime Minister also highlighted the role of Ethiopian professionals in managing and operating the facility, describing the investment as an opportunity to strengthen domestic expertise and industrial capabilities.
He said expanding domestic processing would help Ethiopia retain more economic value, strengthen export performance and create employment, supporting the country’s wider ambitions for economic transformation.