Gold now Uganda’s No.1 foreign exchange earner.
Gold earned Uganda a cumulative $1.4b (Shs5.4 trillion) for the year ended August. Data from the Central Bank indicates that gold earned Uganda more foreign exchange than any other export with a monthly average of $112.67m (Shs422b).
During the period between August 2019 and August 2020, gold earned $1.4b (Shs5.4 trillion), which was an increase of Shs900b from the $1.2b that the country earned from the same period.
Uganda mainly relies on gold re-exports to boost the country’s exports.
Gold has in the last three years become Uganda’s leading foreign exchange earner boosted by growth in processing facilities in the last three years.