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Gold reclaimed the number one spot as Uganda’s largest export commodity in the 12 months to February, according to data from the Ministry of Finance.

Bank of Uganda data had previously indicated that 44 percent of Uganda’s export income was coming from gold, but this had been interrupted by almost a year of no export, due to suspended activity over tax-related issues.

However, the suspension has since been lifted with dealers returning to the export market in mid-2022, after government reviewed levies on gold.

In February 2022, the government reviewed levies on gold, introducing a $100 charge on every kilogramme of refined gold instead of the 5 percent and 10 percent of the value of exported refined and unrefined gold that had been imposed at the start of the 2022/23 financial year.

Cumulative data in the Ministry of Finance Performance of the Economy Report indicates that in the 12 months to February, gold earned Uganda a monthly average of $228.4m, the biggest from any single export commodity.

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