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Uganda mining sector

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?
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

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
February 13, 2026
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