Ethiopia Opens First Gold Refinery to Process Gold Locally

Ethiopia has opened its first gold refinery in Addis Ababa which has capacity of more than 600 tonnes of precious metals a year.

The  National Precious Metals Refinery has a shareholding threshold of 51% (Ethiopian Investment Holdings) and Sam Precious Metals holds 49 percent.

Speaking at the inauguration,Prime Minister Abiy Ahmed.

“The primary objective is to gradually reduce and replace the practice of exporting raw materials,"said Ahmed.

In 2025/26 fiscal year ,gold earned Ethiopia $5.5bn in export revenue , about half of its $11bn total.

According to the International Monetary Fund (IMF), Ethiopian gold exports rose from just over 4 metric tons in the 2023–2024 fiscal year to nearly 39 metric tons in 2024–2025.

Ethiopia has also introduced incentives to support refinery investment. Regulations adopted in February 2026 provide tax and customs benefits for equipment imported by export-oriented refineries.

The National Bank of Ethiopia remains the country’s sole authorised gold exporter, and the refinery now gives it the option of exporting bullion cast in Addis Ababa