Uganda may no longer export unrefined gold if President Yoweri Museveni approves the Mining and Minerals Bill 2021, The Monitor newspaper reported.

The bill, if signed into a law, will ban the export of unrefined gold and introduce a standardised levy or charge for all gold exports, said Ministry of Finance Acting Director Economic Affairs Moses Kaggwa.

He said the government will consult stakeholders to decide on a standard levy for gold exports.

The government is considering introducing a surcharge of $100 (381,178 Shillings) or a 5% levy of the value of every kilogramme of exported gold, the news report said.

In July 2021, the government imposed a surcharge of 762,356 Shillings for every kilogramme of exported gold. However, it later revised the levy after conceding to the demands of gold dealers.

Gold topped Uganda’s export list in June last year, contributing at least 44% of the export volume.

(Editing by Cleofe Maceda; cleofe.maceda@lseg.com)