Uganda’s Gold Exports Surge, Reshaping Its Economic Landscape

Gold exports from Uganda reached US$5.8 billion in 2025, a 75.8 percent increase from US$3.3 billion the previous year, driven by record global prices and expanded regional trade flows, according to Bank of Uganda data.

The surge marks a fundamental shift in the East African nation’s export composition, with bullion overtaking coffee as the country’s largest foreign exchange earner for the first time. Uganda joins Ghana and Ethiopia in a regional trend where gold revenues are eclipsing traditional agricultural exports, signaling a broader economic transformation across East Africa.

Regional Hub, Not Mining Boom

Uganda’s gold expansion stems primarily from its role as a regional refining and trading center rather than domestic extraction. The country processes and re-exports gold sourced mainly from the eastern Democratic Republic of Congo and South Sudan, benefiting from improved logistics, compliance infrastructure, and refinery capacity.

The sector gained further momentum in 2025 with the opening of Uganda’s first large-scale industrial gold mine, a US$250 million project. While production remains in early stages, policymakers view the operation as evidence of long-term sector confidence and a platform for expanded downstream processing.