• Gold exports rose 75.8% to $5.8 billion over the past 12 months

• Coffee exports hit a record $2.4 billion in the first 10 months of 2025

• Higher gold prices reinforced Uganda’s role as a regional refining hub

Uganda’s gold exports rose 75.8% to $5.8 billion over the past 12 months, driven mainly by higher global prices in 2025. The performance confirms gold’s position as the country’s leading export, ahead of coffee.

Over the first 10 months of 2025, Uganda exported 8.4 million 60-kilogram bags of coffee worth $2.4 billion, its highest revenue on record. The result allowed the country to challenge Ethiopia’s position as Africa’s leading coffee exporter, according to data from the Ministry of Agriculture.

Gold prices, however, climbed by more than 60% in 2025, strengthening Uganda’s role as a hub for the processing and re-export of gold mined in neighboring countries.

“The attractive gold prices have incentivised new entrants into the business, generating a significant volume of exports,” Adam Mugume, executive director for research and economic analysis at the Bank of Uganda, said in comments reported by Reuters.

Traceability under scrutiny

Details on gold export volumes over the past two years, as well as the breakdown by refinery, have not been disclosed. Several gold processing facilities have been set up in Uganda in recent years, but one of them, African Gold Refinery, was placed under U.S. sanctions in March 2022. That year, gold exports fell 81% year on year to $200.64 million, compared with $859.47 million in coffee exports.

The sector has since returned to growth and now includes the country’s first industrial gold mine, a $250 million project inaugurated last year by a Chinese group. With its integrated refinery, the project can deliver 1.2 tons of refined gold per year.

In response to allegations of illicit trade involving gold mined in neighboring countries, particularly the Democratic Republic of Congo, Ugandan authorities have introduced new measures. Gold trading is now restricted to entities holding a trading license, a mining permit, or a refining license. For imported gold, Kampala also says it requires export permits issued by authorities in the country of origin. The effectiveness of these measures remains to be seen in the coming months.

Emiliano Tossou