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    East Africa gold trade

    Prof. Augustus Nuwagaba, Deputy Governor of the Bank of Uganda, may have just let the cat out of the bag on Uganda’s glittering gold export boom — providing vital clues to the elephant in the room of the country’s overnight success story, long touted by government as proof of recent economic momentum: whose gold is it, really?

    ‘It May Not Be Ours’: Deputy Central Bank Governor Suggests Uganda’s Sudden USD6.4 bn Gold Boom is Fuelled by Re-Exports

    Muhereza KyamuteteraEconomy & PolicyThe Big StoryFebruary 13, 2026February 24, 2026

    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…

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