Uganda’s Gold Export Earnings hit $5.8 billion

Uganda has firmly positioned itself as one of Africa’s fastest-rising gold exporters, with gold export earnings reaching an unprecedented US$5.8 billion (approximately Shs21.1 trillion) in the year ending November 2025, according to the Bank of Uganda.

This remarkable performance places gold at the centre of Uganda’s mineral economy and signals a decisive shift from raw mineral exports to value addition, refining, and global trade integration.

Beyond gold, Uganda is endowed with an impressive array of strategic minerals — including coltan, tantalite, copper, diamonds, silver, limestone, uranium, and marble, with major mineral belts stretching across Busia, Buhweju, Mubende, Kassanda, Karamoja, and West Nile.

At the heart of this transformation is a new generation of miners, refiners, and traders whose influence spans artisanal mining, industrial extraction, refining, and international bullion markets. Together, they are reshaping Uganda’s position in Africa’s mineral value chain.

Benard Feni:

Among these industry leaders, Benard Feni stands out as a trailblazer in domestic gold refining and international trade.

A businessman from Arua City, Benard Feni is the founder and CEO of Eurogold Refinery Uganda, widely recognised as the first wholly Ugandan-owned gold refinery.

Eurogold was officially commissioned with government backing as part of Uganda’s strategy to curb illegal exports and promote local value addition.

Under Benard Feni’s leadership, the refinery has refined Ugandan gold to 99.9 per cent purity, meeting international bullion standards required for export to global markets.

In a significant expansion move, Eurogold established its main offices in Dubai, the world’s leading gold trading hub, positioning Feni among Uganda’s most globally connected gold exporters and dealers.

Dubai’s prominence in the gold trade handling hundreds of billions of dollars annually gives Eurogold direct access to international buyers, refiners, and bullion markets.

Beyond Eurogold, Benard Feni’s wider business portfolio includes Aureum Minerals & Resource International, Zoe Finance, and the Mungu Feni Foundation, which focuses on community development, youth empowerment, and economic inclusion.

His model combines commercial scale, ethical sourcing, and social impact, setting him apart in a sector historically dominated by intermediaries.

As Uganda’s gold exports surge, Benard Feni is increasingly regarded as one of the country’s most influential gold exporters, bridging artisanal mining communities and international markets while reinforcing Uganda’s reputation as a credible gold trading hub.

Other players include; David Ushindi team lead at Kibali Gold Mining Company, Nari Patel, head of East Coast Minerals Uganda Ltd (ECML), Allan Agumya, Managing Director of Rusla Mining & Minerals Ltd and Chairman of the Miners’ Forum Uganda, Sam Akatuhumuza, he has overseen operations at Gold Mine Ltd for more than five years. Bosco Mugarura, Popularly known as “Poshu Poshu.

He owns and operates an ore-crushing mill, enabling value addition at the community level.

Moses Masagazi and Gertrude Njuba, owners of AUC Mining Uganda Limited, operate extensive gold mines in Kassanda North County, Mubende District, one of Uganda’s most productive gold belts.

Michael Robinson, President and CEO of Simba Gold Refinery Limited, represents growing foreign-linked refinery investment in Uganda.

Global Gold Markets

Uganda’s export boom coincides with a period of historic global gold demand, driven by geopolitical tensions, inflationary pressures, and strong central bank purchases.

Global gold prices reached record highs entering 2026, reinforcing gold’s status as a safe-haven asset.

With the global gold market valued in the hundreds of billions of dollars annually, Uganda’s rising output and improving compliance place it in a strong position to benefit from sustained international demand.