KAMPALA, Uganda
Uganda
earned Shs 590 billion ($161 million) from gold exports in June 2020, in what
looks like a resurgence from a slight slump caused by the coronavirus
lockdowns.
The earnings in June represent a
21 per cent jump on the export earnings in May at Shs 462.4 billion, according
to official government data. The increments are both on the value and
volume. On the volume side, gold exports have more than doubled since April
when the country instituted a complete lockdown.
According to data provided by
Bank of Uganda, the country shipped 3,012 kilograms of gold, a surge from the
2,470 kilograms in May, and 1,180 kilograms exported in April. The volumes were
even lower in February and March 2020. A lot of this gold went to the United
Arab Emirates (UAE).
Uganda now has two gold refinery
factories; African Gold Refinery in Entebbe and Gold Refinery Uganda in
Kampala. The opening of these refineries has particularly been the cause of the
surge in gold that goes through Uganda, according to the central bank.
President Yoweri Museveni, while
giving the 2020 State of the Nation Address in June, sounded lyrical of the
country’s gold potential.
“We built a gold refinery at
Entebbe. That gold refinery was and is still being fought by the neocolonial
agents. We shall, however, defeat them,” he said.
He added that the refinery is
earning $1.3 billion (Shs 4.8 trillion) per annum for the country.
“When I was trying to control the
mining of gold in Uganda, I was opposed even by members of parliament. They do
not want Uganda to have a gold refinery. Refineries do not belong to countries
like Uganda. They should be in Dubai, South Africa, etc., but not in Uganda,
according to these enemies,” he said.
Museveni said he would tell Lucy
Nakyobe, the State House comptroller to use small innovation funds and ensure
that the country starts to teach some of the "grand-children' the skills
of jewellery.
“The rich Ugandan ladies will be
able to buy the gold jewellery made here instead of squandering money buying
the same from distant sources,” he said.
There are, however, serious
questions over the source of Uganda’s gold. A report last month in the Wall
Street Journal, an American newspaper, said Ugandan dealers were using the
cover of coronavirus restrictions to stealthily ship in gold from the
Democratic Republic of Congo (DRC) and South Sudan.
On several occasions, the United Nations panel of experts has also been on record accusing Uganda of dealing in conflict gold from DRC and Juba.
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