Paragraph:.
Kampala, Uganda — The Bank of Uganda (BoU) has announced a landmark $160 million initiative to purchase domestically refined gold, marking a significant investment in Uganda’s gold sector.
Second paragraph:.
The BoU has signed contracts with local suppliers, EuroGold Refinery Ltd and Feldstein Trading Limited, to acquire 100 kilograms of gold, valued at around $160 million. This move is part of a broader program to enhance value addition, increase transparency, and bolster local supply chains in Uganda’s gold industry.
Third paragraph:.
The strategic investment comes amidst record gold export earnings for Uganda, with gold exports contributing 37% of the country’s total export revenue in 2024. This surge is expected to further support infrastructure, job creation, and economic expansion, with GDP growth projected to exceed 10% in the 2025/2026 fiscal year. Paragraph:.
The BoU’s decision to buy refined gold domestically aligns with a regional trend of nationalizing value chains in Africa’s minerals sector, aiming to maximize economic benefits within local communities. This strategic move is anticipated to bolster Uganda’s economy and reinforce the country’s position within Africa’s emerging gold belt.
Source: Africa.businessinsider
Original author: Solomon Ekanem
