A Golden Opportunity: Uganda’s Strategic Push to Build Gold Reserves
James Orima
September 8, 2025
Uganda is taking bold steps to bolster its economy with the launch of the Domestic Gold Purchase Program, a strategic initiative to build national gold reserves. Starting with a three-year pilot phase, the program will procure gold from pre-qualified sellers and licensed refineries, aiming to diversify reserves, reduce reliance on foreign assets, and strengthen financial sovereignty.
With gold exports reaching an estimated US$2 billion in 2025, Uganda has long served as a transit point for gold, losing much of its value to foreign markets. This program seeks to retain more of the gold supply chain’s economic benefits domestically, positioning Uganda as a significant player in the regional gold trade.
However, the initiative faces challenges. Uganda’s proximity to the Democratic Republic of Congo (DRC) raises concerns about conflict gold being misrepresented as Ugandan. The DRC’s gold trade has drawn global scrutiny due to ethical issues and sanctions. To address this, the Bank of Uganda has implemented stringent due diligence to ensure all purchased gold originates from verified Ugandan mines. Additionally, the risk of fraudulent gold sales is being tackled through rigorous testing in collaboration with licensed refineries, ensuring only authentic gold enters the reserves.
As global economic dynamics shift, Uganda’s US$2 billion gold export market is set to grow, offering a chance to redefine the country’s role from a raw material supplier to a regional gold trade leader. The success of this pilot will hinge on Uganda’s ability to manage risks and maintain ethical standards, potentially setting a precedent for other resource-rich African nations.
ENDS
September 8, 2025
Uganda is taking bold steps to bolster its economy with the launch of the Domestic Gold Purchase Program, a strategic initiative to build national gold reserves. Starting with a three-year pilot phase, the program will procure gold from pre-qualified sellers and licensed refineries, aiming to diversify reserves, reduce reliance on foreign assets, and strengthen financial sovereignty.
With gold exports reaching an estimated US$2 billion in 2025, Uganda has long served as a transit point for gold, losing much of its value to foreign markets. This program seeks to retain more of the gold supply chain’s economic benefits domestically, positioning Uganda as a significant player in the regional gold trade.
However, the initiative faces challenges. Uganda’s proximity to the Democratic Republic of Congo (DRC) raises concerns about conflict gold being misrepresented as Ugandan. The DRC’s gold trade has drawn global scrutiny due to ethical issues and sanctions. To address this, the Bank of Uganda has implemented stringent due diligence to ensure all purchased gold originates from verified Ugandan mines. Additionally, the risk of fraudulent gold sales is being tackled through rigorous testing in collaboration with licensed refineries, ensuring only authentic gold enters the reserves.
As global economic dynamics shift, Uganda’s US$2 billion gold export market is set to grow, offering a chance to redefine the country’s role from a raw material supplier to a regional gold trade leader. The success of this pilot will hinge on Uganda’s ability to manage risks and maintain ethical standards, potentially setting a precedent for other resource-rich African nations.
ENDS