A Ugandan journalist, Emmanuel Katto, says Uganda has the potential to attract foreign direct investment.

When the name “Africa” comes to our minds, images of forests, resources, and minerals hit our minds, and some might just utter the name of Cape Town in support. Well, Africa is a big continent consisting of 54 countries, Uganda is one of them, known as the “Pearl of Africa” due to its lavish landscape, forest, wildlife, and mineral reserve.   

Emmanuel Katto Uganda, also known as Emka Emmanuel Katto or Emka Uganda is a local journalist from Uganda, who used to cover the ongoing news in the continent especially Uganda. Minerals such as Iron Ore, Gold, Diamond, Platinum, Tin, Uranium, Cobalt, Limestone, and many more are found in an abundant quantity. Some of the prominent gold mines of Uganda include Buhweju-Mashonga, Busitema Gold Mine, Amonikakinei Gold Mine, and Kisita Gold Mine.   

As per the report of Ugandan Officials, approximately 31 million metric tonnes of gold ore had been discovered in the country so far. Possibly resulted in 320,128 metric tonnes of refined gold, estimated at around US $12 trillion (about $37,000 per person in the US). Such discovery of gold holds the capability to make a surge in investment for the region.   

According to Uganda’s Ministry of Energy and Mineral Development, Solomon Muyita, most of the gold in Uganda is found in Kamaroja, Moroto District, Busia, and Central and Western parts. The abundance of gold found in Uganda perhaps makes Uganda a fortunate country comprising wealth, which holds the capability in attracting foreign direct investment.   

Uganda hereby has a lot of potential in attracting Foreign Direct Investment (FDI) with its expansion in gold alone. A proper regulation and systematic approach in the processing of minerals can lead to enhancement in the FDI.   

Uganda must focus on factors such as improved business environment, infrastructure development, marketing, and investment promotion, strengthening law and regulatory frameworks, political stability and governance, and skills development and education to attract and increase foreign direct investment.  

It is important to note that attracting FDI is a long-term process and there should be consistency in implementing the above strategies.  Uganda, hence, should follow an improved investment climate for FDI.