By: Ethio negari

Ethiopian Investment Holdings Acquires $3M Stake in Norwegian Gold Mining Company

Ethiopia’s Sovereign Wealth Fund has made its first-ever international investment by acquiring a stake in Akobo Minerals, a Norwegian gold mining company operating in Ethiopia.

Ethiopian Investment Holdings (EIH), a subsidiary of the Sovereign Wealth Fund, announced that it has purchased a 7.4 percent share in Akobo Minerals for $3 million.

The company said the move represents a major milestone in Ethiopia’s economic development strategy.

“Our investment in Akobo Mining is a historic and strategic step for Ethiopia’s economic development,” said Brook Taye, CEO of Ethiopian Investment Holdings.

According to the statement, this investment marks Ethiopia’s return to the international stock market after nearly a century and paves the way for further cross-border investments.

The funds will be used to support the construction of a new gold mine, which is expected to significantly boost production—from the current 5–10 kilograms per month to between 50–80 kilograms per month.

Gold mining plays a crucial role in Ethiopia’s economy. In the 2024/25 fiscal year, the country earned $8 billion from exports, with more than half of that revenue coming from the mining and coffee sectors.

Income from minerals, including gold, has been rising steadily, supported by new mining investment agreements.

The Tigray Region continues to be a leading contributor to Ethiopia’s gold output.

The Regional Mining Bureau reported that 189 quintals of gold were deposited with the National Bank in the 2024/25 fiscal year, generating over 250 billion birr in revenue.

Deputy Head of the Tigray Regional Mining Bureau, Tesfalem Hadgu, said the deposits underscore the region’s importance to Ethiopia’s mining sector, which remains a key driver of foreign exchange earnings.