Uganda’s gold export earnings surged to $6.4 billion in 2025, more than five times higher than previous years, making gold the country’s largest export and a major source of foreign exchange, according to CediRates. Despite the dramatic increase, only about $200 million remained in the local economy after accounting for gold imports, highlighting structural challenges in capturing domestic value.
Gold accounted for nearly 48 % of Uganda’s total export earnings last year, as reported by the Bank of Uganda. The rise reflects higher production through formal channels and Uganda’s growing role as a regional gold trading and refining hub.
However, the bulk of export revenue is absorbed by the costs associated with imported gold, keeping the net trade gain modest. Officials have raised concerns about informal flows and the limited economic benefit retained from the sector, as noted by Business Insider Africa.
In response, the Bank of Uganda is preparing a gold purchase and traceability programme aimed at strengthening oversight, boosting domestic revenues, and ensuring more value remains in the economy. The initiative plans to procure gold directly from certified suppliers and track shipments from key mining regions such as Glisa, Busia, Kassanda, and Karamoja.
This development underscores the contrast between record export figures and the relatively small portion of revenue that actually benefits Uganda’s domestic economy, highlighting the need for stronger regulatory and value-capture mechanisms.
