Minister of State for Planning Amos Lugoloobi has launched Uganda’s 4th Extractive Industries Transparency Initiative ( EITI) Report for the period FY 2022/23 which covers the activities in the oil,gas and mining sectors from 1st July 2022 to 30th June, 2023.
The report provides details of reconciled payments by extractive entities & corresponding revenues received by government agencies. It also provides key findings on the sector’s economic contribution,production trends & policy recommendations.
Officiating at the launch in Kampala Finance Minister Amos Lugoloobi said the report does not only fulfil an international obligation but strengthens Uganda’s domestic systems for accountability and transparency.
“Transparency is not only a guardrail against corruption but a catalyst for investment and a foundation for inclusive growth,” said the Minister
The Uganda Extractive Industries Transparency Initiative assesses uganda’s compliance with the 2023 standard and presents information relating to the full extractive value chain including exploration ,licensing production ,legal and institutional frameworks.
Acode Executive Director Dr. Arthur Bainomugisha underscored Uganda commmitment to strengthening transparency ,accountability and good governance in the extractive sector.
According to the report findings total revenue from the extractive sector in the financial year 2023 amounted to shs 530billion of this the mining sector contributed shs 299billion while oil and gas sector contributed 230billion.Key Key Recommendations
Dr Bainomugisha recommended for the Strengthening of the mining and petroleum cadastre systems,
Improve disclosure of project costs and green house gas emissions and enhance comprehensiveness of data on beneficial ownership going forward.
Uganda’s mining industry is rich in minerals like gold, iron ore, copper, and cobalt, with significant potential that remains largely untapped due to limited infrastructure and investment. The sector is characterized by a dominant artisanal and small scale mining sector, particularly for gold, which contributes over 90% of production, though efforts are being made to formalize and modernize it. The government is supporting this shift by improving regulatory frameworks, such as the Mining and Mineral Act of 2022 to encourage sustainable practices and attract investment.
According to ministry of energy and mineral development For the first half of FY 2024/25, the value of Uganda’s mineral production was
USh 60.33 billion, and the Non-Tax Revenue (NTR) collected from the mining sector was USh 15.84 billion.