GOLD

Uganda has been urged to widen its capacity to absorb refined gold in the country by looking to build its gold reserves at the Central Bank, among other things.

Sharon Tem, the acting chief executive officer of African Gold Refinery (AGR), said gold reserves at the Central Bank come with benefits such as increase in their value, and that Uganda would be in a better position if it further supported the gold refining industry with specified legislation.

“Yes, President Museveni has always supported African Gold Refinery, but we need to take it forward and have the necessary legislation in place and then we can absorb this gold,” she said.

Tem was speaking at a recent mineral wealth conference organized by the Uganda Chamber of Mines and Petroleum. AGR has been one of the main sponsors of the conference since 2015