But beneath that dramatic rise lies a striking reality, after accounting for gold imports, Uganda’s net gain from the trade is only about $200 million.
The contrast shows a deeper structural issue in the country’s export model and explains why the central bank is stepping in.
Speaking at the Stanbic Economic Forum 2026, Prof Augustus Nuwagaba, Deputy Governor of the Bank of Uganda, said gold now dominates Uganda’s export earnings.
Gold generates approximately $6.4 billion annually, compared with $2.4 billion from coffee and about $700 million from cocoa. Remittances from Ugandans working abroad, including in Oman and Jordan, contribute around $1.7 billion, while tourism brings in a similar amount.
Despite being Uganda’s largest export earner, gold is also its largest import invoice.
Uganda imports significant volumes of raw gold, refines it, and re-exports it. While this boosts gross export figures, it means much of the value does not originate domestically.
When imports are deducted, the trade balance for gold is only about $200 million.
“For those familiar with finance, this highlights a paradox: while gold is the largest export earner, it is also the largest import invoice. Looking at the trade balance for gold alone, the net figure is only about $200 million, which raises questions about the origins of some of this gold,”he said.
In simple terms, the headline export number reflects the total value of gold leaving the country. But the net figure reflects what actually remains in the economy after paying for imported gold.
The gap between $6.4 billion and $200 million raises important questions about origin, traceability and domestic value addition.
If a country exports far more gold than it produces domestically, it suggests that much of the metal may be sourced from neighbouring states or through regional trading channels before being refined and shipped abroad.
This does not necessarily imply wrongdoing. Uganda has developed refining capacity and positioned itself as a regional gold hub.
However, large discrepancies between domestic production and export volumes increase scrutiny around transparency, supply chains and compliance with international standards.
Source: Africabusinessinsider