FAMReports News Desk | July 2025
Uganda has recorded a staggering USD 1.91 billion in gold export earnings in the first five months of 2025, reinforcing the mineral’s status as the country’s leading foreign exchange earner.
According to data from the Ministry of Finance Planning and Economic Development (MoFPED), the value of gold exports has grown steadily month by month, showing robust global demand and increased volumes moving through formal trading channels. In January 2025, Uganda earned USD 318.71 million from gold exports. Although this figure dipped slightly in February, earnings rebounded strongly in March, climbing to USD 385.08 million. The momentum continued with April and May posting USD 382.06 million and USD 485.83 million respectively — the highest monthly figure recorded so far this year.
The United Arab Emirates (UAE) remains Uganda’s largest market for gold, accounting for a significant share of the country’s exports. In May 2025 alone, Uganda exported USD 411 million worth of goods to the UAE — the majority of which was gold.
Officials attribute the growth in gold export performance to improved regulatory oversight and enforcement measures implemented by the Uganda Revenue Authority (URA). These measures have enhanced transparency and reduced informal trading, which had previously cast a shadow over Uganda’s gold trade due to concerns around traceability and illicit re-exports.
“While Uganda’s gold export figures have in the past drawn international scrutiny over smuggling and certification gaps, recent efforts to strengthen compliance and formalization are paying off,” said Truman Musinguzi, a Kampala-based economic analyst. “This trend signals confidence in Uganda’s gold as a legitimate global commodity.”
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Gold now accounts for over 40 percent of all formal non-coffee export revenue, far outpacing traditional exports like tea, fish, and tobacco. In May 2025 alone, Uganda’s total merchandise exports stood at USD 1.2 billion — up from USD 876.40 million in the same month last year, marking a 36.8 percent year-on-year increase. Government data shows that gold contributed the lion’s share to this growth.
The recent boom is also supported by Uganda’s strategic role in the regional gold trade. Apart from domestically mined gold — primarily sourced from Mubende, Karamoja, and Buhweju — Uganda has established itself as a refining and transit hub for gold originating from mineral-rich yet unstable countries such as the Democratic Republic of Congo (DRC) and South Sudan. The establishment of refineries like the African Gold Refinery in Entebbe has positioned Uganda as a key player in regional re-exports, despite long-standing concerns from international watchdogs.
The Ministry of Energy and Mineral Development has reiterated plans to boost the sector’s contribution to national development through value addition, particularly by encouraging domestic refining and improving traceability. Officials also announced intentions to expand geological surveys and enhance documentation protocols in the coming months.
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“This is a crucial moment,” said a spokesperson from the ministry. “Our focus is now shifting from raw export to sustainable mining and beneficiation. We are working towards increasing transparency, supporting artisanal miners to formalize operations, and maximizing national revenue.”
The first five months of 2025 have already seen the sector approach the USD 2 billion mark — a performance that places it on track to exceed annual targets set in the previous fiscal year. If global demand and compliance measures remain stable, gold could retain its crown as Uganda’s most valuable export commodity for the foreseeable future.
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