Uganda is seriously being asked to take a full scan into the amount of gold mined and exported to be able to control the fears of growing insecurity threats that comes with unclean gold trade.
According to reports from the central bank, the tax body and auditor general reveal that Uganda is exporting more gold compared to what is mined in the country which raises questions on how this comes about.
But the executive director Global rights alert, Winnie Ngabirano who cites DRC as a good example of a nation with big numbers of gold deposit but have caused insecurity notes that if Uganda does not act very fast to track the amount of gold mined and exported might drive the country into a dangerous nation for the citizens and visitors.
Ngabirano now calls on the government to come up with a law to govern and regulate the mining sector to help re-organise the whole sector and spell out clear roles and accountability for the sector players.
But, the executive director of southern Africa resource watch, Claude Kabemba is asking African countries with minerals to integrate as this will guarantee them economic growth and development since they will be shifting to value addition.
Meanwhile, the state minister for energy and mineral development, Sara Opnedi reveals government plans to set up one stop mineral selling centers across the country to facilitate the smooth trade and tracking the quantity of minerals sold by dealers.
Still, Dr. Fred Muhumuza from Makerere is advising Uganda to fast address global oil dynamics if it is to have her oil out of the ground on to the global market.
Muhumuza further notes that Uganda is likely to see her oil out beyond 2029 which is far away from the anticipated time set by the government and oil companies.
The economics don warns that if Uganda continues to refer to its oil as “My oil” by the leaders, then signs of having it out of the ground on the market will take edges.
Gold fetches Uganda over USD.7M every year which is very small money according to experts in mining and trade.