Gold industry is next frontier of our economic transformation

What the report says

The Observer says Uganda’s gold sector has reached a turning point, with the debate shifting from whether the country has gold to how it can turn the mineral into broader economic growth. The article places gold within the government’s Tenfold Growth Strategy, which aims to expand the economy from about $50 billion to $500 billion by 2040 through agro-industrialization, tourism, minerals development, and science, technology and innovation.

According to the piece, government reporting in 2025 identified gold as Uganda’s top export, making up 76.6% of total export earnings. The writer argues that export revenue alone is not enough and that Uganda should focus on more local value addition, stronger links to other priority sectors, and wider private investment. The article also warns against relying on very large resource estimates without verified geology, recovery rates, and cost data.

The report points to the Wagagai project in Busia as an example of the sector’s potential, citing Uganda Investment Authority figures for about 30 million tonnes of proven ore at an average grade of 0.81 grammes per ton. It also notes the role of artisanal miners, traders, processors and transporters across the country, as well as the Bank of Uganda’s Domestic Gold Purchase Programme, which is intended to channel qualifying locally mined gold through licensed and traceable routes.

The article says the sector still faces risks including smuggling, weak traceability, mercury use, unsafe work conditions, environmental harm and illicit finance. Its main conclusion is that gold will matter most if it helps build skills, institutions, infrastructure and legitimate businesses, rather than simply boosting headline export figures.