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The news came by during President Museveni’s State-of-the-Nation Address yesterday. However, he provided close to no details in the findings. He however noted that the gemstones would fetch the country over $12 trillion.
Apparently, Technocrats in the Ministry of Energy and Mineral Development informed Cabinet that the country is in position to get slightly under $700m in royalty payments, with the investors poised to cash in on the windfall.
Six local gold refineries were cited, one of them being Africa Gold Refinery in Entebbe that the United States sanctioned in March over the illicit sources of its gold. The President then said that the time for Uganda to ship unprocessed exports is over.
The parts of Uganda rich in gold include Alupe in Busia and Karamoja, both in eastern Uganda. Kameleng, Kisita, and Ngugo in Kassanda District in the central region. Bushenyi’s Tiira area in western Uganda.
The volume of the reserves is estimated at 31 million tonnes of gold ore, or net 320,158 tonnes. Their value stands at a whopping $12.8 trillion, according to a document prepared by the line ministry.
Mr Muyita said a Chinese-run firm, Wagagai, which picked its name from the highest peak of Mt Elgon, expects to mine and start refining at least 5,000 kilograms a day in Busia by the close of this year.
There were no readily available figures on how many new jobs the huge gold find will create. However, it is still not clear what the immediate and long-term impact of the mineral windfall will be on the economy.
Check Also;
- Government Accused Of Frustrating Bill On Mining
- Uganda Won’t Achieve Middle Income Status Until 2040; World Bank
- Museveni Preaches Water while Taking Wine; Ssemujju Nganda
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![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
