Uganda is rapidly advancing its position as a significant player in the global gold market, driven by an ambitious strategy to expand domestic gold production and increase value-added activities. This ambitious agenda received a substantial boost with the official commissioning of the Euro Gold Refinery (U) SMC Ltd in Kampala on Tuesday, July 29, 2025.
The unveiling ceremony, officiated by Hon. Dr. Ruth Nankabirwa, the Minister of Energy and Mineral Development, flanked by Hon. Phiona Nyamutoro, the State Minister in the same Ministry, marks a pivotal moment in Uganda’s journey towards industrialising its mineral sector.
As a gesture of profound appreciation for the Minister’s unwavering support, the technical team at Euro Gold Refinery presented Nankabirwa with exquisitely crafted refined gold pieces, symbolising the company’s gratitude and commitment to excellence, technological advancement, and a robust partnership with government leadership.
Gold as a Strategic Economic Driver
For years, gold has been a significant, although sometimes controversial, component of Uganda’s export basket. Recent statistics highlight its increasing prominence as follows:
According to the Ministry of Finance, Planning and Economic Development, in 2023, gold was Uganda’s top export commodity, contributing over 42% of the country’s total export receipts.
Uganda exported approximately 48,620 kilograms of gold in the 2023/24 financial year, valued at an estimated Shs11.4 trillion (approximately USD3.01 billion). This places Uganda as the 32nd largest exporter of gold globally in 2023, with total gold exports valued at USD3.16 billion.
A significant portion of Uganda’s gold exports finds its way to destinations like India (USD1.42 billion in 2023) and the United Arab Emirates (USD1.07 billion in 2023), solidifying its role as a regional and international trading hub.
While official gold production was reported at 3,200 kg in December 2022, a notable increase from 2,900 kg in 2021, the vast gap between production and exports underscores Uganda’s vital role as a refining and re-export hub for gold from across the Great Lakes region.
The opening of Euro Gold Refinery, one of only three fully licensed gold refineries in Uganda capable of achieving gold purity up to 99.99%, dramatically enhances the nation’s capacity for value addition.
“This milestone strengthens our minerals sector through value addition, job creation, formalised trade, and increased revenue,” Minister Nankabirwa asserted.
Transparency, Industrialisation, and Sustainable Growth
Minister Nankabirwa further emphasised Uganda’s readiness for responsible mineral beneficiation.
“With refineries like Euro Gold Refinery, it reaffirms our commitment to transparency, industrialisation, and attracting credible investors for sustainable growth in our mining industry,” the Minister stated.
This latest expansion, she noted, is a tangible manifestation of Uganda’s broader national strategy to industrialise mineral processing locally, thereby reducing the export of raw minerals and capturing more value within the country.
The government’s vision, outlined in policies like the National Development Plan (NDP) and Vision 2040, aims to increase the mining sector’s contribution to GDP, fostering job creation and enhancing foreign exchange earnings.
By encouraging in-country value addition, Uganda seeks to move beyond being a mere transit point, transforming into a recognised leader in refined gold production.
The presence of six operational gold refineries in the country, capable of achieving high purity levels, is a testament to the steps made in capacity development within the mining sector.
This not only boosts the formalisation of trade but also aims to address long-standing concerns around illicit gold flows, promoting greater accountability and traceability within the supply chain.