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Uganda joins growing number of African countries turning to gold
By Mike Maharrey
Money Metals News Service, Eagle, Idaho
Friday, July 12, 2024
Uganda has joined the growing number of African countries turning to gold to support their currencies.
The Ugandan central bank has announced a domestic gold-buying program to buy gold directly from local artisanal miners.
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According to a statement on the Bank of Uganda's website, "The gold purchase program will help in accumulating foreign currency reserves and address the associated risks in the international financial markets."
In an interview with the Monitor, Bank of Uganda research director Dr. Adam Mugume said, "We are diversifying international reserves to include monetary gold." ...
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