Gold boom promising Uganda’s economy
According to the Auditor General’s report for the 2023/2024 financial year, gold worth sh11 trillion was exported in the 2023/24 fiscal year without the requisite export permits from the Minister of Energy and Mineral Development.
Benard Feni, a businessman from Arua City, says that with government efforts, they been able to fight and put strategies in place to curb illegal gold exports and promote local value addition.
Uganda has firmly positioned itself as one of Africa’s fastest-rising gold exporters, with gold export earnings reaching an unprecedented $5.8 billion (approximately sh21.1 trillion) in the year ending November 2025, according to Bank of Uganda.
Uganda’s gold exports have soared to record levels, and industry players called upon government for proper regulations, thereby curbing fraud and smuggling that threaten sustainable gains.
According to the Auditor General’s report for the 2023/2024 financial year, gold worth sh11 trillion was exported in the 2023/24 fiscal year without the requisite export permits from the Minister of Energy and Mineral Development.
Auditor General Edward Akol said in the report that although gold exporters earn significant amounts of money, the revenue generated for the Government remains minimal.
However, Uganda’s export achievement places gold at the centre of Uganda’s mineral economy and signals a decisive shift from raw mineral exports to value addition, refining, and global trade integration.
Gold exports generated $5.21b (about sh18.23 trillion) between November 2024 and October 2025, underscoring the metal’s growing dominance in Uganda’s export earnings.
The strong annual performance was capped by a record outturn in October 2025, when gold export receipts surged to $964.6m (sh3.38 trillion). This sharp increase pushed monthly export earnings to their highest level in over a year and anchored a near-doubling of total merchandise exports.
The report indicates that export earnings from gold increased sharply from $410.99m (sh1.44 trillion) in September 2025 to $964.6m (sh3.38 trillion) in October 2025, representing a 134.7% monthly increase.
The finance ministry notes that gold and coffee together accounted for 76.8% of Uganda’s total export earnings, highlighting the increasing concentration of exports around a few high-value commodities.
What stakeholders said
Benard Feni, a businessman from Arua City, says that with government efforts, they been able to fight and put strategies in place to curb illegal gold exports and promote local value addition.
David Ushindi of Kibali Gold Mining says they have strengthened cross-border mining operations and enhanced production efficiencies.
Nari Patel said they played a pivotal role in formalising Uganda’s mineral supply chains, while Allan Agumya advocates for responsible mining, and Sam Akatuhumuza encouraged professionalised mining and processing.