Uganda has the potential to be one of Africa's richest nations. Gold deposits worth $ 12 trillion have been discovered. Combined with oil Uganda is in a position to see impressive economic growth in the coming years. What should be done with the new found wealth is that it goes to public education, healthcare, and infrastructure development. Doing so ensures a stable country and a rise in the standard of living. The persistent economic myth is that Africa is poor. African countries are not poor, rather their wealth has been stolen or their countries exploited by European nations. Corrupt and authoritarian regimes use wealth to empower themselves, rather than the citizens. Inflation is having a negative effect on the global economy and Uganda is not shielded from it. The Ugandan Central Bank had to increase its key interest rate. The public has to see economic improvement to share in the new found wealth. The boom in mining is positive economic news for East Africa. The Ugandan shilling could go up in value if it becomes backed by gold. Extracting the full potential of natural resources can ensure a prosperous country. The key is to have rational policies and competent economic management.
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