Uganda's gold trade is once again increasing and has become the country's main export product.

The Ugandan Ministry of Finance recently revealed that Uganda's gold trade has once again become the country's main export commodity.

The statement is based on data collected from the past 12 months until February, when gold trade accounted for 37% of total export earnings.

According to Business Insider, gold is a major commodity in Uganda, accounting for more than 44% of Uganda's export earnings, but tax issues hamper trade and weaken its impact on Uganda's economy.

Gold trade continued to be disrupted by this financial problem for more than a year.

In May 2023, the Uganda Parliamentary Committee on Finance, Planning and Economic Development reported that Uganda had lost approximately US$160.77 million in uncollected taxes on gold commodity exports since July 2021 due to disputes with exporters and refiners over duties.

In response to the allegations, Ruth Nankabirwa, Uganda's Minister of Energy and Mineral Development, attributed the losses to disputes between the Uganda Revenue Authority and more than 20 gold exporters and gold refiners.

However, a Ugandan national newspaper reported that gold trade had rebounded to its peak in Uganda, generating government revenues of $228.4 million per month, in the 12 months to February.

The report also shows that during the period under review, gold trade accounted for 37% of total export earnings, with a total value of $2.7 billion, about a third of the total export earnings of $7.4 billion, making it the East African country's largest export at the time. time.