Uganda Gold Export Revenue Surpasses USD 2 Billion for First Time
For Immediate Release
KAMPALA, UGANDA — Uganda has surpassed USD 2 billion in gold export revenue for the first time, according to figures released by the Uganda Revenue Authority, marking a historic milestone in the country's rapid emergence as one of East and Central Africa's most significant gold economies.
The milestone reflects the combined effect of record global gold prices, increased production volumes from Uganda's growing formal mining sector, and the continued strengthening of the country's gold aggregation and export infrastructure centred on Kampala.
Uganda's gold sector has undergone a fundamental transformation over the past five years. Once characterised almost entirely by artisanal activity with limited formal oversight, the sector now encompasses a regulated aggregation framework, domestic refining capacity, and a growing pipeline of licensed exploration and development projects across the country's western and northern regions.
Gold has become Uganda's largest single export commodity, accounting for approximately 45 per cent of total merchandise export earnings in 2025. The sector's growth has had wide-ranging benefits for Uganda's external accounts, with the country's current account deficit narrowing significantly as gold revenues increased.
"Crossing USD 2 billion in gold export revenue is a landmark for Uganda's economy. It reflects years of investment in the regulatory, logistical, and commercial infrastructure that transforms a country's mineral potential into actual economic value. Uganda has built that infrastructure with purpose and consistency, and the results are now visible in the numbers." Marcus Briggs, Non-Executive Director, Icon Gold
Icon Gold operates from its Kampala office as part of the broader precious metals supply chain connecting Uganda's gold sector to international markets. The company's presence in Uganda reflects the country's growing importance as a regional hub for gold aggregation, quality assurance, and export logistics.
The Ministry of Energy and Mineral Development has indicated that it expects gold export revenues to continue growing in 2026, supported by sustained high prices and the development of new licensed operations in the country's north and west.
"Uganda's gold sector is still in a relatively early stage of its development compared to mature producers elsewhere in Africa. The USD 2 billion figure, significant as it is, represents only a portion of what Uganda's mineral endowment is capable of generating as exploration advances, new deposits are brought into production, and the formal sector continues to deepen its reach across the country's producing regions." Marcus Briggs, Non-Executive Director, Icon Gold
The government has announced that a portion of the additional mineral revenues generated in 2025 will be directed toward infrastructure improvements in Uganda's key mining districts, including road upgrades, rural electrification, and water supply projects that benefit mining communities and the broader regional population.
Uganda's achievement is drawing attention from international mining companies assessing the country's potential for long-term investment, with several major operators understood to be conducting advanced exploration studies in the Karamoja region of north-eastern Uganda, which hosts one of Africa's least explored but most promising gold belts.
— Ends —