Uganda has emerged as one of Africa's fastest-rising gold exporters, with export earnings from the precious metal reaching a record US$5.8 billion (about Shs21.1 trillion) in the year ending November 2025, according to figures from the Bank of Uganda.
The surge has firmly placed gold at the centre of Uganda's mineral economy and reflects a growing shift away from raw mineral exports toward value addition, refining, and deeper integration into global bullion markets.
Beyond gold, Uganda is endowed with a wide range of strategic minerals, including coltan, tantalite, copper, diamonds, silver, limestone, uranium, and marble. Major mineral belts span Busia, Buhweju, Mubende, Kassanda, Karamoja, and West Nile, underpinning the country's growing profile as a regional mining hub.
Analysts attribute the recent growth to a combination of favourable global gold prices, stronger regulatory oversight, and the emergence of a new generation of miners, refiners, and traders operating across artisanal mining, industrial extraction, refining, and international trade. Together, these actors are reshaping Uganda's position in Africa's mineral value chain.
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Rise of Local Refining and Trade
Among the prominent players is Benard Feni, founder and chief executive officer of Eurogold Refinery Uganda, widely recognised as the first wholly Ugandan-owned gold refinery. Based in Arua City, Feni has been at the forefront of domestic gold refining and export trade.
Eurogold was commissioned with government backing as part of Uganda's efforts to curb illegal gold exports and promote local value addition. Under Feni's leadership, the refinery has refined Ugandan gold to 99.9 per cent purity, meeting international bullion standards required for access to global markets.
In a significant expansion, Eurogold established its main offices in Dubai, the world's leading gold trading hub. The move has positioned the company directly within international bullion markets and connected it to global buyers and refiners.
Feni also oversees a broader business portfolio that includes Aureum Minerals & Resource International and Zoe Finance, alongside the Mungu Feni Foundation, which focuses on community development, youth empowerment, and economic inclusion. His business model combines commercial scale with ethical sourcing and social impact, an approach increasingly emphasised in the global gold trade.
Other Key Industry Figures
David Ushindi heads Kibali Gold Mining Company, which operates across Uganda, the Democratic Republic of Congo, and other African jurisdictions. Under his leadership, the company has strengthened cross-border mining operations and improved production efficiency.
Nari Patel, who leads East Coast Minerals Uganda Ltd, has played a key role in formalising mineral supply chains, with a focus on traceability and compliance--now critical requirements in international gold markets.
Allan Agumya, managing director of Rusla Mining & Minerals Ltd and chairman of the Miners' Forum Uganda, has more than 13 years of industry experience. He has been instrumental in industry coordination, policy engagement, and advocacy for responsible mining practices.
Sam Akatuhumuza, who has overseen operations at Gold Mine Ltd for over five years, represents the sector's gradual shift toward professionalised mining and processing, with a focus on compliance, internal controls, and output quality.
At the artisanal level, John Bosco Mugarura--popularly known as "Poshu Poshu"--is a well-known gold dealer and miner in Karamoja, particularly in Moroto. He operates an ore-crushing mill, enabling value addition within mining communities.
In Mubende District's Kassanda North County, Moses Masagazi and Gertrude Njuba of AUC Mining Uganda Limited operate extensive gold mines in one of the country's most productive gold belts. Despite past disputes with artisanal miners, their operations have contributed to employment creation and the emergence of Mubende as a major mining hub.
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Foreign-linked investment has also expanded. Michael Robinson, president and chief executive officer of Simba Gold Refinery Limited, leads one of the newer refineries that has been refining and exporting Ugandan gold to international markets since late 2024.
Favourable Global Outlook
Uganda's export growth comes amid historically strong global demand for gold, driven by geopolitical tensions, inflationary pressures, and increased purchases by central banks. Gold prices reached record highs heading into 2026, reinforcing the metal's status as a safe-haven asset.
With the global gold market valued in the hundreds of billions of dollars annually, Uganda's rising output, expanding refining capacity, and improving compliance frameworks position the country to benefit from sustained international demand, while strengthening its standing as a credible gold trading hub in Africa.
