Uganda Launches Domestic Gold Purchases to Bolster Foreign Reserves: Central Bank

The Bank of Uganda (BoU) is expected to buy gold under a three-year pilot, joining Kenya and DRC in diversifying reserves.

According to the BoU, the program aims to:

diversify foreign exchange reserves by incorporating domestically mined gold;
strengthen reserve adequacy and reduce reliance on traditional instruments;
formalize the gold sector by promoting local value addition and stronger economic linkages;
enhance traceability systems.

Uganda, now a major gold hub, saw $5.8 billion in exports last year—up 76% from 2024—though small-scale miners still dominate local output.