https://newsletter-mw.creamermedia.com

Uganda's central bank starts domestic gold purchase programme

21st April 2026

By: Reuters

  

Font size: - +

KAMPALA – Uganda's central bank said on Tuesday it had begun purchasing gold from domestic producers under a programme announced two years ago to incorporate bullion as part of the country's foreign reserves.

The first purchase was made on Friday, the Bank of Uganda said in an emailed statement to Reuters, without sharing details on the value of the gold purchased.

The central bank said it will conduct purchases under a three-year pilot programme.

"The Programme aims to build and diversify Uganda's foreign exchange reserves portfolio by purchasing and processing domestically mined gold and including it in the foreign exchange reserves," BoU said in the statement.

"This will strengthen reserve adequacy and reduce risks associated with conventional reserve instruments."

BoU joins other central banks in Africa such as Kenya and the Democratic Republic of Congo that have also announced moves to diversify reserves by buying gold.

In recent years Uganda has emerged as a major regional gold processor and trader. Last year, the country exported $5.8-billion worth of gold, a 76% increase from 2024, but small-scale wildcat miners still dominate domestic production.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Stewarts & Lloyds
Stewarts & Lloyds

Stewarts & Lloyds is a leading steel, tube, and engineering product supplier in South Africa.

VISIT SHOWROOM 
Columbus Stainless
Columbus Stainless

Columbus Stainless, based in Middelburg, Mpumalanga, is Africa’s only producer of stainless steel flat products. In addition, Columbus is the only...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.104 0.195s - 103pq - 2rq
Subscribe Now