Uganda’s gold sector has recorded an unprecedented export boom with earnings climbing to Shs21.1 trillion in the 12 months to November 2025 underscoring the growing importance of the mineral industry to the country’s economy.
Data from the Bank of Uganda shows that gold exports were valued at approximately US$5.8 billion, marking the highest annual export earnings ever registered for the commodity. The performance cements gold’s position as Uganda’s leading export ahead of traditional foreign exchange earners such as coffee.
Analysts attribute the surge not only to favourable global gold prices but also to structural changes within Uganda’s mining and refining sector. The entry of new licensed player improved compliance with international standards and increased refining capacity have strengthened the country’s foothold in the regional gold trade.
A key driver of the growth has been the expansion of local refining operations which has enabled more gold to be processed and exported from within Uganda rather than shipped out in raw form. This shift has enhanced value addition and improved traceability helping Uganda gain credibility in international markets that demand stricter sourcing standards.
Gold has increasingly become a stabilising force for Uganda’s external sector, contributing significantly to export earnings and supporting foreign exchange inflows. Economists note that the strong performance has helped cushion the economy against volatility in other commodity markets and global economic uncertainties.
While the sector’s growth has been welcomed, experts caution that sustaining momentum will require continued regulatory oversight, transparency in sourcing, and further investment in mining infrastructure. There are also calls for government to ensure that artisanal miners are integrated into the formal value chain so that growth in exports translates into broader livelihoods and local economic benefits.