Uganda’s Gold Exports Reach 40,648 kgs, Accounting for 45% of Earnings

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Ugandan Gold Exports - Coffee and Gold Drive Uganda's August Exports to 2.5 Trillion Shillings
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Gold remains a crucial element in Uganda’s export structure, contributing more than 45% to the country’s export earnings. The latest Auditor General’s report reveals that Uganda exports an average of 35,418.5 kilograms of gold annually. In the period ending June 2022/23, gold exports saw significant growth, reaching 40,648.2 kilograms, up from 30,189.71 kilograms in the same period the previous financial year.

Gold Export Growth
2021/22: 30,189.71 kg
2022/23: 40,648.2 kg

Data from the Bank of Uganda indicates a stable rise in gold exports, accumulating to 3,602 and 35,344 kilograms over the two years leading to December 2020. Despite the increase in volumes, the Uganda Revenue Authority (URA) faced challenges in collecting nearly Shs52b in gold levies. This was attributed to a restraining order preventing the enforcement of the Mining and Minerals (Export Levy on Refined Gold) Regulations, 2023.

Gold Export Levy Issue
URA Unable to Collect Shs52b
Restraining Order in Effect

 



Three gold refineries, including Bullion Refinery, Aurnish Trading, and Metal Testing and Smelting, filed a case against the government to halt URA from collecting levies under the Mining and Minerals (Export Levy on Refined Gold) Act. They argued that existing regulations prohibit payment of import duties and taxes on goods brought into the country for processing. A recent court decision declined to issue an injunction in support of their application.

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Gold Refineries’ Legal Challenge
Bullion Refinery
Aurnish Trading
Metal Testing and Smelting

 

The outstanding levy, anticipated to be $200 for each exported kilogram of gold as per the Mining and Minerals Regulations, 2023, remains unresolved due to legal constraints. Much of Uganda’s gold is imported for processing and subsequently exported, primarily to the Middle East.





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