Uganda’s gold exports surged by about 76% last year to roughly $5.8 billion, up from around $3.3 billion the previous year, marking a major shift in the country’s export profile. The sharp rise was driven largely by higher global gold prices and increased trading volumes, according to data cited by Reuters from Uganda’s trade authorities and the Bank of Uganda.
The rally in international gold prices, which gained more than 60% over the period amid strong investor demand, helped lift export earnings and positioned gold as Uganda’s top foreign exchange earner, surpassing coffee for the first time in decades. Central bank figures referenced by Business Insider Africa show that gold now accounts for the largest share of the country’s export revenues, underscoring its growing importance to macroeconomic stability.
Uganda has also been consolidating its role as a regional gold trading and processing hub, with a significant portion of bullion sourced from neighbouring countries such as the Democratic Republic of Congo and South Sudan before being refined and exported. Reuters reports that the start up of new mining and refining capacity, including the commissioning of a large scale gold mine in eastern Uganda, has supported the sector’s rapid expansion.
Economists say the gold export boom highlights how favourable commodity prices and regional trade flows are reshaping Uganda’s economy, while also raising questions about diversification and the need for stronger oversight in the fast-growing precious metals trade, as noted by analysts.
