Uganda’s gold trade recorded a landmark year in 2025, with the precious metal overtaking coffee to become the country’s leading export and largest source of foreign exchange earnings. Data from the Bank of Uganda shows gold shipments surged by 75.8 percent to $5.8 billion, up sharply from $3.3 billion in the previous year.
The dramatic increase was driven largely by record global gold prices, which rose by more than 64 percent last year amid heightened geopolitical tensions. The price rally attracted new traders and boosted export values, even as domestic production remained relatively modest.
Rather than relying solely on local mining output, Uganda’s gold boom has been underpinned by its growing role as a regional trading and processing hub. Significant volumes of gold entering the country originate from neighbouring states, particularly the eastern Democratic Republic of Congo and South Sudan, before being refined and exported through Uganda.
The momentum in the sector also coincided with the commissioning of Uganda’s first large-scale gold mine in the eastern part of the country. The Chinese-backed project has strengthened Uganda’s credentials as an emerging player in the global gold market and signalled growing foreign investor confidence in the sector.
As gold consolidates its position at the top of Uganda’s export basket, policymakers face renewed scrutiny over regulation, traceability, and value addition, even as the metal delivers a major boost to the country’s external earnings.
