Bank of Uganda: Uganda gold exports see 21% increase month-on-month

Uganda has recently been making headlines with a mixture of positive and concerning stories, ranging from a significant surge in gold exports to the threat of public transportation suspension due to rising COVID-19 cases. The Bank of Uganda's half-year report revealed a 21% increase in gold exports in the first half of the year, reaching $106.1 million in June alone, particularly to the United Arab Emirates. This growth trend indicates a potential annual value of $1.2 billion, signaling a promising outlook for Uganda's economy amid the challenges posed by the COVID-19 pandemic. The presence of two gold refineries in Kampala has played a crucial role in driving this export surge, attracting both small-scale miners and investors alike. Government investments in refining infrastructure have bolstered the sector, making it more lucrative and stimulating investor interest. On the flip side, the Ugandan government is facing a dilemma with the surge in COVID-19 cases, especially within the public transportation sector. Despite guidelines recommending reduced capacity, mask-wearing, and sanitization protocols, compliance has been lax, leading to a spike in cases. With 1,560 confirmed cases and 15 deaths, Health and Works ministries are contemplating reinstating a public transport lockdown to curb the spread. However, this move could face backlash from the public following recent protests against previous lockdown measures and amidst ongoing election campaigns, posing a challenge for the government's decision-making. In a glimmer of hope, the Uganda Virus Research Institute has announced plans to commence COVID-19 vaccine trials in December. Although this development hasn't garnered significant attention, it holds immense potential for curbing the virus's spread in Uganda, given the escalating number of cases. The prospect of a vaccine, albeit with a lengthy testing and approval process, provides hope for a country grappling with limited resources in combating the pandemic. While the trials may initially target a small population segment, the eventual availability of a vaccine could be a game-changer in Uganda's fight against COVID-19, offering a ray of optimism amidst the challenging circumstances.