Uganda recorded a dramatic increase in gold exports in 2025, with earnings jumping by 76% to approximately $5.8 billion, making gold the country’s leading export ahead of coffee, which brought in around $2.4 billion. The sharp rise was largely driven by historically high global gold prices, which attracted new participants into the trade.
According to figures from the Bank of Uganda, gold export revenues climbed from about $3.3 billion in 2024. Adam Mugume, the central bank’s executive director for research and economic analysis, explained that the surge in international prices played a central role, saying the strong market conditions encouraged fresh entrants and significantly expanded export volumes.
Global gold prices increased by more than 64% during 2025, fueled by geopolitical uncertainty and increased investor demand for safe-haven assets. This rally boosted export earnings for both gold-producing and gold-trading nations, including Uganda.
Uganda is also positioning itself as a regional center for gold refining and processing, handling supplies from neighboring countries. This ambition has been strengthened by the launch of the country’s first large-scale gold mine, a $250 million project owned by a Chinese company.
Beyond minerals, progress has also been made in Uganda’s energy sector. The country’s $4 billion national oil refinery project has moved closer to implementation following new agreements with a UAE-backed investor, reinforcing plans to turn Uganda into a fuel distribution hub for East Africa.
[…] Uganda’s gold appeal rests on several fundamentals: large untapped reserves, direct sourcing from licensed miners, and proximity to key air cargo routes. Geological estimates place the country’s gold-bearing ore at roughly 31 million tonnes, while favorable exchange rates and lower premiums continue to attract foreign buyers. […]