This brings the total export for the three months to March 2019 or the first quarter of 2019 to $493m (1.8 trillion shillings), this is slightly lower than the $ 549 million (2 trillion Shillings) exported in the whole of 2018
Museveni at the opening of Africa Gold Refinery in 2017
Uganda exported Gold worth $363m (1.3trillion shillings) in March
alone, according to Bank of Uganda.
This is the first time the country has exported gold worth that
much ever in a single month.
This brings the total export for the three months to March 2019 or the first
quarter of 2019 to $493m (1.8 trillion shillings), this is slightly lower than
the $ 549 million (2 trillion Shillings) exported in the whole of 2018.
It was the first time Uganda had exported more gold than coffee.
This year it is likely to be much more.
These are exciting figures but they add more questions to the
source of Uganda’s gold.
A source told URN the exports could be the gold from Venezuela
that was imported into the country at the start of this year.
Uganda police had confiscated the 3.6 tons of gold in March 2019
which had been brought into the country by African Gold Refinery.
Police said it had originated from South America-country and the
AGR had re-exported another 3.6 tons from the same place.
It was later released on the advice of the Attorney General who said the gold
had entered the country legally.
URN analysis also shows that Uganda exports to United Arab
Emirates jumped to $259m in March alone up from $73m in February. This jump
could be an indicated that some of that gold was exported there.
UAE is Uganda main market for gold.
Last month, Bank of Uganda said companies and individuals
importing gold for refining in Uganda and re-exportation must classify its
origin in an effort to stop the trade in conflict minerals. The order is
one of the efforts to understand the source of the country's bulging gold
A December 2018 report by the United Nations Security Council
expert's group showed that it was not yet compulsory for importers in Uganda to
show the origin of their gold, fueling trade in conflict minerals from
countries like Democratic Republic of Congo and South Sudan.
“The new order, after the December UN report is that refiners and importers
must classify country of origin," said Dr Adam Mugume, BOU executive director
for Research. He said the Central Bank did not know the origin of the bulging
"The refinery is for the entire world. The dealers can bring
in gold and refine it to 99 per cent to almost what we call gold bars. It comes
all over the world," Mugume said.