Energy, Oil & GasThe Big Story

Tight Rules, Big Money: Energy Ministry Restricts Gold Trade to Licensed Operators as Central Bank Enters a UGX 20 Trillion Market 

A photo of collage of Bank of Uganda Governor, Michael Atingi-Ego, Agnes Alaba- Commissioner, Mines Department, and Eng. Irene Pauline Batebe- Permanent Secretary, Ministry of Energy and Mineral Development.

The Ministry of Energy and Mineral Development has tightened control over Uganda’s gold trade, unfolding against a backdrop of record-breaking export earnings, a planned entry of the central bank into domestic gold buying, and persistent concerns over transparency and conflict-linked supply chains. The Energy Ministry today issued a detailed public notice restricting gold trade to licensed players.  Under the new directive, trading in gold may only take place between holders of valid mineral dealers’ licences for precious metals, gold mining licences, or refining licences, as provided for under the Mining and Minerals Act, 2022. The notice, issued through the Ministry’s…

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About the Author

Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on groundbreaking stories across the East African region with a focus on ICT, Energy, Oil and Gas, Mining, Companies, Capital and Financial markets, and the General Economy.

His body of work has contributed to policy change in private and public companies.

Paul has so far won five continental awards at the Sanlam Group Awards for Excellence in Financial Journalism in Johannesburg, South Africa, and several Uganda national journalism awards for his articles on business and technology at the ACME Awards.

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