Uganda’s Gold Exports Soar, Surpassing Coffee to Become Top Foreign Exchange Earner
Uganda’s Gold Exports Jump 76% to $5.8 Billion, Overtaking Coffee as Leading Export
Uganda’s gold exports surged by 75.8% in 2025, reaching approximately $5.8 billion, marking a rapid transformation in the country’s export profile as gold overtook coffee as the leading source of foreign exchange.
Data from the Bank of Uganda show shipments rose from about $3.3 billion in 2024, driven largely by record international gold prices that attracted new traders into the sector.
Adam Mugume, the central bank’s executive director for research and economic analysis, noted that the global price rally was a decisive factor. “The attractive gold prices have incentivized new entrants into the business, generating a significant volume of exports,” he said.
Gold prices climbed more than 64% in 2025 amid heightened geopolitical tensions, boosting demand for the safe-haven metal and lifting export values across producing and trading countries.
Uganda has increasingly positioned itself as a regional gold processing and trading hub rather than a major producer. The country refines and re-exports gold sourced from neighboring states, including eastern Democratic Republic of Congo and South Sudan. This role has grown as compliance, logistics, and regulatory frameworks have improved.
The momentum received a further boost with the inauguration of Uganda’s first large-scale gold mine, a Chinese-owned project valued at roughly $250 million.
While domestic production remains modest, policymakers view the investment as a sign of confidence in the sector and a potential catalyst for the development of downstream industries.
Uganda’s experience highlights how favorable prices, regional trade, and targeted investment can quickly reshape export earnings, even in countries without large-scale domestic mineral production.
The surge in gold exports underscores the metal’s growing importance to Uganda’s economy and its emerging role as a regional trading hub.
