Uganda’s gold exports surged by 75.8 percent last year, driven by record global prices that attracted new dealers into the sector, the country’s central bank said on Tuesday.
Gold has now overtaken coffee to become Uganda’s largest export and leading source of foreign exchange.
In 2025, Uganda exported gold worth $5.8 billion, up from $3.3 billion in 2024, according to Adam Mugume, the Bank of Uganda’s executive director for research and economic analysis.
In an email to Reuters, Mugume said the sharp increase was partly due to soaring international gold prices.
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Uganda has in recent years developed into a key processing and trading hub for gold sourced from neighbouring countries, including eastern Democratic Republic of Congo, South Sudan, and other surrounding areas, despite producing relatively little gold domestically.
Global gold prices rose by more than 64 percent in 2025 as heightened geopolitical tensions boosted demand for the metal as a safe-haven asset.
“The attractive gold prices have incentivised new entrants into the business, generating a significant volume of exports,” Mugume said, though he did not provide export volume figures.
Last year, Uganda also inaugurated its first large-scale gold mine, a $250 million Chinese-owned project located in eastern Uganda.
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Image Credit: Business Insider Africa
