Uganda Joins African Gold Rush to Stabilize Currency and Boost Reserves Uganda has announced plans to purchase domestic gold to bolster its foreign exchange reserves and mitigate investment risks, joining a growing trend among African nations. This strategy, which also aims to support local miners and reduce raw gold imports, mirrors similar initiatives in Nigeria, Zimbabwe, and Ghana. These countries are turning to gold as a means to stabilize their currencies, combat inflation, and address economic challenges stemming from the COVID-19 pandemic and global economic pressures. Uganda’s approach is part of a broader effort to strengthen its economy, which has shown resilience due to proactive monetary policies and strategic currency management. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Gold plummets to near $2,400 as profit-booking kicks in, US Dollar advances READ MORE Zimbabwe's ZiG: ZiG Used to Pay for 40% of Transactions READ MORE Gold Holds Above $2,500: Safe-Haven Appeal Strengthens READ MORE Dollar Rises as Geopolitical Tensions Mount; Oil Prices Climb Amid Middle East Concerns READ MORE What is a Troy Ounce? READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment