LAGOS – Uganda exported gold worth about $6.5 billion between July and March, cementing its position as the country’s top foreign exchange earner, the Bank of Uganda said.
The sharp rise highlights the success of the country’s open capital account policy. It has attracted investors, spurred gold refining, and boosted inflows.
Gold has surpassed coffee as Uganda’s leading export. Full-year 2025 exports reached $5.8 billion, up 75.8% from $3.3 billion in 2024, driven by record global prices.
Deputy Governor Michael Atingi-Ego noted the growth during the May 2026 Monetary Policy Statement. “We have seen exports of gold rising sharply. Actually from July to March we see that we exported gold worth about six point five billion dollars,” he said.
Uganda operates around nine refineries producing 99.9% pure gold. Much of the exported volume comes from imported raw material, mainly from regional neighbors, which is refined and re-exported.
This model has generated forex inflows but limited net gains. Analysts estimate only about $200 million in value addition stays in the economy after imports.
The Bank of Uganda is launching a domestic gold purchase program to increase local sourcing, improve traceability, and build reserves. It aims to buy up to 10 tonnes annually from Ugandan miners.
The country inaugurated its first large-scale gold mine in 2025, a $250 million Chinese-owned project expected to boost domestic production.
Economists say the open policy has created jobs in refining and trading. However, questions remain on tax collection, local benefits, and reducing reliance on imported gold.
