Uganda earned 590 billion Shillings from gold exports in June 2020, in what looks like a resurgence from a slight slump caused by the coronavirus lockdown.
The earnings in June represent a 21 percent jump on the export earnings in May at 462.4 billion Shillings, according to official government data. The increments are both on the value and volume. On the volume side, gold exports have more than doubled since April when the country instituted a complete lockdown.
According to data provided by Bank of Uganda, the country shipped 3,012 kilograms of gold, a surge from the 2,470 kilograms in May, and 1,180 kilograms exported in April. The volumes were even lower in February and March 2020. A lot of this gold went to the United Arab Emirates (UAE).
Uganda now has two gold refinery factories – African Gold Refinery in Entebbe and Gold Refinery Uganda in Kampala. The opening of these refineries has particularly been the cause of the surge in gold that goes through Uganda according to the central bank.