Uganda risks losing potential investors in the mineral sector – Experts

Experts in the mineral sector warn that Uganda risks losing out on credible companies to invest in the sector, if government fails to adopt to global standards.

The global standards also known as the Extractive Industries Transparency Initiative (EITI)require states with mineral resources to be transparent and disclose information along the extractive value chain

The Deputy Executive Director Advocates Coalition for Development & Development (ACODE) Onesmus Mugyenyi says the country’s mineral sector is not transparent hence the sector lagging behind

In an interview with Journalists during the National Multi Stake holder’s dialogue on extractive industries and transparency initiative at Imperial Royale Hotel , Mugyenyi said Uganda should fast track enactment of mineral laws that are transparent and have open contracting to fully benefit from the sector as a country

Speaking at the same event, State minister for Minerals Peter Lokeris revealed that government is reviewing the existing legal framework and will  enact laws that are transparent  , create employment and improve the country’s revenue base.