Col. Edith Nakalema, Head of the State House Investors Protection Unit (SHIPU), have urged stakeholders in the mining sector to focus on protecting investors in order to unlock Uganda’s mineral wealth.
Nakalema cited numerous complaints of fraud and other challenges faced by investors, highlighting the need for collective action.
“Today’s meeting is pivotal for Uganda’s mining sector. We must address challenges, seize opportunities, and promote responsible mineral sourcing practices,” Nakalema said.
SHIPU has registered several complaints related to fraud in gold trade and is working with anti-corruption agencies to address these concerns. Nakalema proposed government incentives for responsible mineral sourcing practices, investor protection, and elevating Artisanal and Small-Scale Mining.
Moses Kaggwa, Director Economic Affairs, revealed plans to grow Uganda’s economy ten-fold to $500 billion in 10-15 years, with minerals playing a key role.
“We have identified areas that will propel this growth, including Agro-industrialisation, Tourism, Minerals and Gas, and Science/Knowledge Economy,” Kaggwa said.
The government has established the Uganda Mining Company to act as the country’s investment arm in the mining sector.
“A law has been passed to ensure orderly exploitation of our resources,” Kaggwa assured.
Dr. Joseph Muvawala, Executive Director of the National Planning Authority, emphasized the need for Uganda to do things differently to achieve ten-fold economic growth.
“We must add value to our products, have technology and a leading plan,” Muvawala said.
Commissioner Mining Agnes Alaba noted Uganda’s rich mineral potential and the need for increased exploration. “We are prioritizing policies, regulations, and laws to regulate the mining sector,” Alaba said.
Prof. Gerald Karyeija, a Government Policy Analyst, advocated for a mining school to train technical skills and expertise. “Ugandans want their lives changed and jobs increased,” Karyeija said. “Mineral wealth should be public wealth, not personal wealth.”
CP James Ruhweza, Deputy Director of Operations Services, Uganda Police, pledged continued cooperation to protect the sector. ACP Tusingirwe Julius Caesar, Commander Police Mineral Protection Unit, noted concerns over fraud cases, particularly in gold trade.
Fred Sapong, CEO of Ghana’s Oheneba Poku Foundation, advised Uganda to adopt strict regulations, similar to Ghana’s, to prevent fraud and ensure transparency. “In Ghana, gold traders are registered, transactions are through banks, and everyone in the value chain is covered,” Sapong said.
Patricia Gulyetonda, Bank of Uganda Reserves and Investment Management Head, assured stakeholders of the Central Bank’s dedication to regulating the sector.
Humfrey Asiimwe, CEO Uganda Chamber of Mines and Petroleum, thanked Nakalema for organizing the meeting. “This is a step in the right direction,” Asiimwe said.
