Bank of Uganda notes an increase in gold earrings since March

Bank of Uganda

Reports from Bank of Uganda have noted an increase in earnings from gold since the decline noticed in March.

According to the central bank’s data, there has been an 11% increase in relation to total export volumes which rose to 3,187 kilograms from 2,857 kilograms that were registered back in March hence an equivalent of 10.3% recovery.

In April, the data indicates that the earning from gold stood at $175.61m (Shs623b) which was a great recovery from figures that were reported for the same commodity in March standing at $155.9m(Shs552b).

Amidst all this, United Arab Emirates still stands as the biggest consumer of Uganda’s gold seeing as it takes up $177.01m of Uganda’s gold exports out of the total $179.64m which was exports in that time frame.

While speaking about the budget, the newly appointed Minister of State Planning Amos Lugoloobi said government had imposed export levy of 5% and 10% on processed and unprocessed gold and other minerals respectively as a mechanism of mobilizing revenue.

The total amount government seeks to attain from gold is still unclear since the topic of gold is very sensitive, also, government through the Department of Geology at the Ministry of Energy had already levied a 10% charge on the value of exported precious stones.

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Date from the central bank still indicates gold is the country’s leading export commodity contributing at least 44% to total export volumes. This particular export has taken an upward curves for the last five years which re-exports from DR Congo taking the lion’s share of commodity export volumes.

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