Experts have said that the country must develop capacity to absorb the gold mined in the county so that people can benefit from it fully.
These remarks were made during the 9th Mineral Wealth Conference 2020 which was aired live on NBS television on Wednesday.
Experts noted that the natural wealth of the country belongs to its people therefore all the stakeholders in the sector should ensure that the citizens benefit.
Sharon Tem, the acting executive director African Gold Refinery, said the country needs to demystify the gold business across the mineral sector.
“What our country can do to build a gold reserve is to build capacity. The state needs to finance all the surveys. We don’t need foreigners to come and do the surveys. We have to own the process,”she said.
Other experts said it is high time Uganda starts bullion banking but Tem said bullion banking is the worst plague to industrialisation.
She said the country can’t mix bullion banking and gold reserves.
Elly Karuhanga ,the board chairman of Uganda Chamber of Mines and Petroleum, said it is painful to see the country exporting raw gold adding that we must add value.
He also noted that the Bill on Oil and Mining has overstayed suggesting that emphasis should be put on mining.
“We are “sitting” on money. We shouldn’t be seeing our ministers going to borrow money abroad but instead we should be lending others,”he said.
The Vice President, Edward Ssekandi who delivered President Museveni’s message, said the government is ready to work with the Uganda Chamber of Mines and Petroleum to develop the mining sector in Uganda.
“I would like to thank the several companies for doing extensive exploration works. I encourage you to continue and let us add value in Uganda,”said Ssekandi.
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