Uganda is setting its sights on an ambitious economic leap, aiming to grow its economy from roughly fifty-nine billion dollars to a massive five hundred billion by 2040.
A major piece of this puzzle lies beneath the ground, and the country plans to showcase its underground wealth this October at the African Mining Week in Cape Town.
The upcoming summit arrives at a turning point for the nation’s energy and resources sector. Right now, officials are pushing through the Mining and Minerals Amendment Bill of 2026.
This new legal framework is all about making the country more attractive to outsiders. It aims to protect investor rights, cut down on red tape for licenses, ensure local communities benefit from the wealth, and ultimately increase mining’s share of the national budget.
Beyond the courtroom and legislative floors, Uganda is preparing to launch a fresh round of oil and mineral exploration licensing for the 2026 and 2027 season.
The main goal here is to tap into untouched areas rich in critical minerals. The government is hunting for partners to help extract copper, cobalt, graphite, iron ore, and rare earth elements, all of which are vital for global technology and green energy.
Securing these partnerships is central to Uganda’s shorter-term target of hitting eight percent annual economic growth through 2030.
Gold is another massive focus area undergoing a major shift. Currently, small-scale, artisanal miners dig up ninety percent of the country’s gold.
To bring these independent workers into the formal economy, Uganda has introduced a three-year domestic gold purchase plan.
Coupled with the opening of the massive Wagagai Gold Project and its processing refinery, the country is shifting away from just shipping raw rocks abroad. Instead, it wants to refine the precious metal right at home to keep the profits within its borders.
When African Mining Week kicks off in mid-October, the dedicated Uganda spotlight will serve as a direct pitch to global financiers and engineering firms.
Government regulators and private developers will sit at the same table with international mining executives to map out how to turn these buried resources into actual wealth on the ground.