Gold exports have surged fivefold since 2019, but after accounting for gold imports the net benefit to Uganda's economy is about $200 million.
Uganda's gold exports have surged from $1.26 billion in 2019 to $6.4 billion in 2025, making gold the country's largest export commodity.
Speaking at the Stanbic Economic Forum 2026, Bank of Uganda Deputy Governor Prof. Augustus Nuwagaba said gold now generates approximately $6.4 billion annually, compared with $2.4 billion from coffee.
Despite the headline figures, Uganda imports significant volumes of raw gold, refines it, and re-exports it. After deducting imports, the net trade balance for gold is only about $200 million.
The central bank is preparing a gold purchase programme with a traceability system to track gold from mining areas including Busia, Kasanda, and Karamoja.
Source: Business Insider Africa.