Uganda's gold export revenues surged 75.8% last year, reaching approximately $5.8 billion, highlighting a rapid transformation in the country's export structure as gold replaced coffee as the main source of foreign exchange earnings.

In 2025, Uganda's gold export value jumped 76% to $5.8 billion, overtaking coffee to become the country's largest export commodity.

Record-high global gold prices and the entry of new market participants have driven the surge. Uganda is also emerging as a regional processing hub for gold, strengthening its role in the regional gold export supply chain.

This momentum has been further strengthened by the commissioning of the country's first large-scale gold mine, a $250 million project owned by a Chinese company.

Data from the Bank of Uganda show that merchandise exports climbed from about $3.3 billion to higher levels by 2024, largely driven by record international prices that attracted new traders into the gold export sector.

Adam Mugume, Executive Director of Research and Economic Analysis at the central bank, said global market conditions played a decisive role, noting that “attractive gold prices incentivized new entrants into the sector, generating substantial export volumes.”

Amid rising geopolitical tensions, gold prices are expected to increase by more than 64% in 2025, boosting demand for the safe-haven metal and further lifting gold export values for producing and trading countries.

Uganda has gradually positioned itself as a regional refining and trading hub, rather than a major primary producer.

The country refines and re-exports gold from neighboring states, including eastern Democratic Republic of the Congo and South Sudan, with this role expanding as compliance systems and logistics infrastructure improve, reinforcing Uganda's position in regional gold export networks.

Last year, Uganda's first large-scale gold mine came online, further reinforcing this trajectory. Although domestic production remains limited, policymakers view the investment as a strong signal of confidence in the sector and a potential catalyst for downstream industries.

For resource-rich African economies, Uganda's experience shows that even without large-scale domestic production, favorable prices, regional trade integration, and targeted investment can rapidly transform gold export revenues and national export structures.