Uganda’s gold exports hit a record Shs21 trillion, reshaping trade balance

Uganda’s gold industry has emerged as the country’s most significant export growth driver, with earnings reaching a record $5.8 billion (about Shs21.1 trillion) in the 12 months to November 2025, according to data from the Bank of Uganda.

The surge has firmly positioned gold as Uganda’s top export commodity, overtaking traditional foreign exchange earners such as coffee, and signalling a structural shift in the country’s export economy toward mineral-based revenues, domestic refining and value addition.

Economists say the performance reflects a broader transformation within Uganda’s mining sector, which for decades was dominated by artisanal production, informal trade and smuggling. Today, a growing number of licensed refiners, formal mining firms and internationally connected traders are reshaping how Uganda extracts, processes and markets its gold.

From raw exports to refined bullion

Gold’s rise has been underpinned by tighter regulation, improved traceability systems and increased domestic refining capacity, enabling Uganda to export higher-value refined bullion rather than unprocessed ore.

At the centre of this shift is Eurogold Refinery Uganda, the country’s first wholly Ugandan-owned gold refinery. The facility, founded by Arua-based businessman Benard Feni, was established with government backing as part of a broader strategy to curb illegal exports and retain more value within the domestic economy.

Eurogold refines Ugandan gold to 99.9 percent purity, meeting international bullion standards and allowing direct access to global markets. The company’s decision to anchor its commercial operations in Dubai, one of the world’s largest gold trading hubs, has strengthened Uganda’s links to international buyers, financiers and commodity traders.

Industry analysts say such integration has reduced reliance on intermediaries and improved price realisation for Ugandan exports.

Expanding industry players

Uganda’s mineral endowment extends beyond gold, with commercially viable deposits of coltan, tantalite, copper, silver, limestone, marble and uranium across mineral-rich belts in Busia, Buhweju, Mubende, Kassanda, Karamoja and West Nile. However, gold has emerged as the anchor commodity, accounting for the bulk of mineral export earnings.

Several domestic and regional firms are playing an increasing role in scaling production and formalising supply chains.

Kibali Gold Mining Company, led by David Ushindi, has expanded cross-border operations linking Uganda and the Democratic Republic of Congo, strengthening regional production networks and improving supply consistency.

Meanwhile, East Coast Minerals Uganda Ltd, under Nari Patel, has focused on compliance, traceability and responsible sourcing, responding to growing international scrutiny over conflict minerals and supply-chain integrity.

Policy engagement within the sector has also intensified. Allan Agumya, Managing Director of Rusla Mining & Minerals Ltd and Chairman of the Miners’ Forum Uganda, has been at the forefront of industry coordination, advocating responsible mining practices and regulatory clarity over more than a decade.

Professionalising mining operations

At the operational level, firms such as Gold Mine Ltd, overseen by Sam Akatuhumuza, illustrate the sector’s gradual shift toward professionalised mining and processing, with greater emphasis on internal controls, output quality and environmental compliance.

In mining communities, artisanal miners continue to play a critical role in output volumes. However, investment in local processing infrastructure is beginning to change how small-scale producers participate in the value chain.

In Karamoja’s Moroto district, local entrepreneur John Bosco Mugarura, popularly known as Poshu Poshu, has invested in ore-crushing facilities, enabling small-scale miners to add value at source and link more easily to formal markets.

Similarly, in Mubende and Kassanda, two of Uganda’s most productive gold belts, AUC Mining Uganda Limited, owned by Moses Masagazi and Gertrude Njuba, has contributed to employment creation and rising output, despite recurring tensions between large operators and artisanal miners over access and land use.

Growing refining capacity

Uganda’s refining capacity is also expanding through foreign-linked operators. Simba Gold Refinery Limited, led by Michael Robinson, began refining and exporting Ugandan gold in late 2024, adding competition and scale to the refining segment.

Analysts say increased capacity has improved throughput, reduced export bottlenecks and strengthened Uganda’s credibility as a regional gold-processing hub.

Global market tailwinds

Uganda’s export boom coincides with a period of historically strong global demand for gold, driven by geopolitical uncertainty, inflationary pressures and sustained central bank purchases. With gold prices trading near record highs entering 2026, the commodity has reaffirmed its status as a global safe-haven asset.

Economists caution, however, that sustaining growth will depend on continued regulatory enforcement, environmental management and transparent revenue reporting, particularly as gold assumes a more central role in Uganda’s export earnings and balance of payments.

Still, with refining capacity expanding and global demand remaining firm, Uganda’s gold sector appears poised to remain a cornerstone of the country’s external trade and investment outlook.