Urge- DevWire

The East African Development Brief

Date of Release: May 7, 2026

The Bank of Uganda (BoU) has highlighted the strategic importance of its three-year pilot Domestic Gold Purchase Program, which officially commenced test purchases in April 2026. The initiative aims to build and diversify the nation's foreign exchange reserves by purchasing domestically mined gold. For supply chain and finance professionals, this program represents a sophisticated move to strengthen reserve adequacy and reduce reliance on conventional, more volatile reserve instruments. By formalizing the domestic gold market, the BoU is also encouraging transparency and ethical sourcing within the regional extractive sector. Governor Michael Atingi-Ego has emphasized that well-governed custody arrangements and professional management of these assets are paramount to maintaining a sound financial system. This program aligns with Uganda's broader mission to promote price stability and support socio-economic transformation. Successfully integrating gold into the national reserve portfolio will provide a buffer against external shocks and enhance the country's overall economic resilience.

Source: Bank of Uganda

Bank of Uganda Pilots Domestic Gold Purchase Program to Mitigate Risk

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