Uganda gold exports jump more than 10-fold in 2023, says central bank
19/03/2024 09:58
KAMPALA, March 19 (Reuters) - Uganda's gold exports
surged more than 10-fold in 2023 despite U.S. sanctions on a
major processor in the East African country, data from the
central bank showed on Tuesday.
Uganda, which has emerged as a major hub of gold trade in
the region, exported gold worth $2.3 billion in 2023, compared
with $201 million over the previous twelve months, Bank of
Uganda data showed.
The huge increase was likely driven by exports from some new
processors including a Chinese plant, Wagagai Mining Ltd, in
eastern Uganda, said Stephen Turyahikayo, who researches the
mining sector in the Great Lakes region.
"It was likely a result of the new capacity from that
Chinese plant and possibly smaller others," he told Reuters.
Exporters have also been taking advantage of a suspension of
tariffs on gold exports last year, said an official from the
ministry of energy and mineral development who asked not to be
named because he was not authorised to speak publicly.
In 2022, the United States imposed sanctions on Belgian
businessman Alain Goetz and a network of companies connected to
him, including African Gold Refinery, one of Uganda's biggest
gold refiners.
The U.S. accused Goetz of being involved in the illicit
movement of gold from Democratic Republic of Congo. Goetz denied
the accusation.
(Reporting by Elias Biryabarema; Editing by George Obulutsa and
Christina Fincher)
((george.obulutsa@thomsonreuters.com; Reuters Messaging:
george.obulutsa.thomsonreuters.com@reuters.net))