Govt launches first Extractive Industries Transparency Initiative report
Jun 11, 2022
EITI is a global multi-stakeholder initiative that promotes open and accountable management of oil, gas & mineral resources
The report launched by State Minister for Minerals Peter Lokeris shows that value of exports from extractive sector amounted to sh2.598b, accounting for 0.02% of country’s total exports.
GOVERNMENT | EITI | LOKERIS
KAMPALA - Government through the Minister of Energy and Mineral Development has launch Uganda's first Extractive Industries Transparency Initiative ( EITI report).
The reprt shows that the sector contributed revenue worth sh436.35 billion, accounting for 1.27% of the total domestic revenues in the Financial Year 2019/2020
The report launched by State Minister for Minerals Peter Lokeris at Sheraton Hotel further shows that the value of exports from the extractive sector amounted to sh2.598b accounting for 0.02% of the country’s total exports during the year under review.
EITI is a global multi-stakeholder initiative that promotes open and accountable management of oil, gas & mineral resources.
However, the report says that the contribution of the mining and quarrying sector to Gross Domestic Product has decreased compared to the prior year’s contribution.
Finance Minister Permanent Secretary Ramathan Ggoobi in his remarks delivered by Ag. Director Economic Affairs, Moses Kaggwa said through joining EITI, the government has taken a giant step to ensure transparency in management of its resources.
"EITI enables citizens to track spending of extractive revenue & its contribution" he said.
The macro-economic data provided by the Uganda Bureau of Statistics (UBOS) indicates that the mining and quarrying sector accounted for sh2,266.31 billion in the Financial Year 19-20 which represents 1.63% of the national GDP on current basic prices, including 1.17% from formal sector activity and 0.46% related to informal sector activities.