{"id":10939,"date":"2022-12-12T01:49:50","date_gmt":"2022-12-12T01:49:50","guid":{"rendered":"https:\/\/congokin.blog\/?p=10939"},"modified":"2022-12-12T01:49:50","modified_gmt":"2022-12-12T01:49:50","slug":"rwandas-gold-exports","status":"publish","type":"post","link":"https:\/\/congokin.blog\/?p=10939","title":{"rendered":"Rwanda\u2019s Gold Exports"},"content":{"rendered":"\n
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Rwanda\u2019s Gold Exports Recently Increased by 754.6%. But Where Does this Gold Come From?<\/p>\n<\/blockquote>\n\n\n\n

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A mining site at Gicumbi, northern Rwanda<\/figcaption><\/figure>\n\n\n\n

The 2019\u20132020 Annual Report of the National Bank of Rwanda<\/a> (NBR) contains some surprises. According to the report, Rwanda\u2019s export receipts were US$ 1.2 billion versus the imports amounting to US$2.8 billion. In other words, Rwanda\u2019s imports more than doubled its exports. Rwanda\u2019s balance of payment deficit was US$1.5 billion.<\/p>\n\n\n\n

Compared to the previous year, Rwanda\u2019s exports plummeted steeply in 2019 \u2013 2020. The traditional exports fell by 17.3 percent while the non-traditional exports plummeted by 56.4 percent.<\/p>\n\n\n\n

Here is the biggest surprise in NBR\u2019s report. Unlike other export items, gold performed exceedingly well. According to NBR, Rwanda\u2019s gold exports increased by an extraordinary 754.6 percent. In the words of the central bank, Rwanda\u2019s \u201ctotal export volume decreased by 15.2 percent, while total export receipts increased by 15.1 percent to USD 1,294.85 million, following increased receipt from gold exports (+754.6 percent).\u201d<\/p>\n\n\n\n

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Screenshot from the 2019\u20132020 Annual Report of the National Bank of Rwanda<\/figcaption><\/figure>\n\n\n\n

This gold export performance raises suspicion because it is questionable whether Rwanda has a viable gold mining sector. This matter remains an ongoing concern at the United Nations Security Council. It is Rwanda\u2019s own interest to clear the air, given its vision of becoming a financial hub, which requires transparency.<\/p>\n\n\n\n

The question of where Rwanda gets the gold to export persists<\/strong><\/p>\n\n\n\n

Several questions arise. Where does Rwanda get gold for exporting? Exactly what amount of gold is exported, in what form, and to where? While the National Bank of Rwanda provides statistics for each mineral export, the Bank does not provide any data for gold. For example, export earnings for individual mineral products were as follows in 2019 compared to 2018:<\/p>\n\n\n\n