Museveni launches gold refinery, to abolish royalty tax

President Yoweri Museveni on Monday commissioned Uganda’s first gold refinery with a promise to abolish royalty taxes to boost the sector.

The newly-built $20 million African Gold Refinery in Entebbe, is the first of its kind in the region and has the capacity of processing up to 300 kg of gold weekly. It has been in operation since 2014 and has reportedly created employment opportunities for 75 Ugandans.

“We shall be very harsh on anyone who delays manufacturers, processors and investors,” the president said as he urged government officials to support investors.

According to recent financial reports, gold is now Uganda’s second leading export commodity, worth over $250 million,  after coffee.

Though little of the mineral is mined in Uganda, the country serves as a transit point for gold exports from gold producing giants, neighbouring Democratic Republic of Congo (DRC) and Tanzania.

****

editor@independent.co.ug