After a year of protests, Uganda resumes exporting gold.

Uganda discovers gold deposit

 

The country has reportedly restarted trading in gold following a 12-month suspension, according to the Bank of Uganda.

In its October report, the bank went into depth about how gold trading had restarted in August. The report went into greater detail about the nature and dollar worth of exports, pointing out that after more than a year of decrease, the trade produced a 32 percent increase in export receipts.

Trade in gold was halted in July 2021 as a result of excessive taxation.

Averaging $172.2 million, gold is one of Uganda’s top valuable exports. Gold made up at least 44% of Uganda’s entire export earnings before the mineral’s export was halted.

The strike by gold merchants, which they justified as being motivated by an unfair tax system, was not greatly deterred by this fact, though.

The Ugandan government proposed a fee in April of last year, with an implementation date of July 2021, of $200 (Shs762,356) for each kilogram of exported gold.

Related Posts

Aviation Products Liability Insurance: Protecting Manufacturers

Aviation products liability insurance is a specialised type of insurance designed to protect manufacturers of aviation products from liability claims arising from defects or malfunctions in their products. This insurance…

Read more

Continue reading
GHACEM’s Price Reduction: A Boost to the Construction Industry

In a significant development for the construction industry and consumers, GHACEM has reduced the price of its cement from GHS 120 to GHS 82 per bag. This substantial price drop…

Read more

Continue reading

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

Aviation Products Liability Insurance: Protecting Manufacturers

  • By djfly
  • May 19, 2025
  • 9 views
Aviation Products Liability Insurance: Protecting Manufacturers

Airport Insurance: Protecting the Hub of Aviation

  • By djfly
  • May 19, 2025
  • 12 views
Airport Insurance: Protecting the Hub of Aviation

Airline Insurance: Protecting the Skies

  • By djfly
  • May 19, 2025
  • 11 views
Airline Insurance: Protecting the Skies

GHACEM’s Price Reduction: A Boost to the Construction Industry

  • By djfly
  • May 19, 2025
  • 39 views
GHACEM’s Price Reduction: A Boost to the Construction Industry

‘I Am Not Gay, and I Will Never Be

  • By djfly
  • May 18, 2025
  • 38 views
‘I Am Not Gay, and I Will Never Be

Nana Agradaa Sued for Defamation Over Comments About Gifty Adorye

  • By djfly
  • May 17, 2025
  • 234 views
Nana Agradaa Sued for Defamation Over Comments About Gifty Adorye