Uganda’s central bank has signed contracts worth $160 million with local gold suppliers in a strategic move to retain more value within the country’s fast-growing gold sector. The agreements, finalized in April 2026, involve domestic refiners including EuroGold Refinery Ltd and Feldstein Trading Limited, with the initiative led by the Bank of Uganda, as reported by Business Insider Africa.
Under the arrangement, the central bank will begin purchasing domestically refined gold, starting with an initial 100 kilograms valued at about $160 million. The move is part of Uganda’s Domestic Gold Purchase Programme, designed to prioritise local refining over exporting raw materials, while strengthening supply chains and improving transparency across the sector.
Officials say the policy aims to boost value addition and ensure that a larger share of gold earnings remains within the national economy. Gold has become Uganda’s top export, accounting for roughly 37 percent of total export revenues and generating about $3.4 billion in 2024, with figures showing continued growth into 2025.
The initiative reflects a broader shift across African economies toward resource value retention and industrialisation, as governments seek to maximise foreign exchange earnings and reduce reliance on raw commodity exports. By anchoring gold transactions within its domestic economy, Uganda is positioning itself to capture more long-term economic benefits from its mineral wealth while strengthening fiscal resilience.
