‘It May Not Be Ours’: Deputy Central Bank Governor Suggests Uganda’s Sudden USD6.4 bn Gold Boom is Fuelled by Re-Exports Despite posting a staggering USD 6.4 billion in gold export earnings in 2025 — nearly half of Uganda’s total merchandise exports — fresh remarks by Deputy Central Bank Governor Prof. Augustus Nuwagaba suggest the boom may mask a deeper structural reality: much of the gold may not be Ugandan in origin.

The Deputy Governor, Bank of Uganda, Prof. Augustus Nuwagaba, has drawn attention to a key structural feature of Uganda’s recent gold export performance: while gold has become the country’s largest source of export receipts, it also appears to be associated with a large import invoice, resulting in a relatively modest net trade balance. Speaking at the Stanbic Bank Uganda Economic Forum at the Sheraton Kampala Hotel on Thursday, February 11th, 2026, Prof. Nuwagaba said Uganda earned approximately USD6.4 billion from gold exports, compared to approximately USD2.4 billion from coffee exports and about USD700 million from cocoa. He then noted that…