Uganda’s gold exports surged to approximately $6.5 billion between July 2025 and March 2026, cementing the precious metal’s position as one of the country’s largest foreign exchange earners and highlighting the growing role of Uganda as a regional gold refining hub.
The figures were disclosed by Bank of Uganda Director for Research, Adam Mugume, during the release of the latest Monetary Policy Statement, where he attributed the boom partly to the country’s long-standing open capital account policy that has encouraged investment and facilitated cross-border trade in gold.
The sharp rise in gold exports comes at a time when Uganda continues to diversify its export base beyond traditional commodities such as coffee, tea and fish. While the country produces some gold domestically, a significant portion of the exported gold is imported from neighbouring countries, refined locally and then re-exported to international markets.
“We have seen exports of gold rising sharply. From July to March, we exported gold worth about $6.5 billion,” Mugume said. “A bulk of this is also equally imported.”
According to Mugume, Uganda’s decision to maintain an open capital account since the early 1990s has played a critical role in attracting investors into the gold refining business. The policy allows investors to freely repatriate profits and capital, reducing regulatory uncertainty and improving Uganda’s attractiveness as a destination for international trade and investment.
“Whatever you do, you earn your dollars. Nobody is going to restrict you when you want to take it out,” he explained. “That openness is causing growth in the sector. That is why you are seeing nine refineries now refining gold, and gold is coming from all over.”
Economists say the expansion of Uganda’s refining capacity has transformed the country into a strategic gateway for the regional gold trade. Gold sourced from countries across East and Central Africa is increasingly being processed through Ugandan refineries before being exported to major global markets.
The development has strengthened Uganda’s balance of payments by boosting export earnings and increasing foreign exchange inflows at a time when many developing economies are grappling with external financing pressures.
However, the dominance of re-exported gold in Uganda’s export statistics also raises questions about the extent to which the sector translates into domestic value addition, employment creation and tax revenues.
For the Bank of Uganda, however, the surge in gold exports represents a tangible dividend of decades-old economic liberalisation policies, with the precious metal now emerging as a key pillar supporting the country’s external sector stability and foreign exchange reserves.