Players on the market opted to temporarily hang their boots because this did not sit well with them.

A tax-related dispute between the government and dealers prevented the Bank of Uganda’s director of research, Dr. Adam Mugume, from registering gold shipments, which had an impact on export receipts.

The government of Uganda was forced to give in to the merchants’ demands as a result of the loss, which unintentionally allowed gold exports to resume. A fee of $100 (Shs381,178) or 5% of the value of each kilogram of exported gold is proposed as the rate for all gold exporters.

The restriction on exporting unprocessed gold was also covered by the agreement. 96.1% of Uganda’s gold exports go to the Middle East.