Uganda News

Uganda’s central bank, the Bank of Uganda (BoU), is set to begin its Domestic Gold Purchase Programme in March 2026, a strategic initiative designed to strengthen the country’s foreign exchange reserves while supporting local miners and bolstering economic stability.

Under the programme, BoU aims to purchase at least 100 kilograms of gold between March and June 2026, valued at roughly USD 160 million (UGX 574 billion) based on current international prices. The gold will be bought from artisanal, medium-scale and large-scale miners, and then assayed and refined through local refineries before being added to the country’s reserve assets.

The initiative reflects a broader push among central banks globally to diversify reserve portfolios by increasing gold holdings, a safer asset amid volatile currency markets and geopolitical uncertainty. Gold prices have surged in early 2026, further highlighting the strategic timing of the programme.

In addition to fortifying reserves, the programme is expected to formalise Uganda’s gold sector, helping address longstanding issues in the mining value chain such as illicit trade, unregulated middlemen and inconsistent pricing. By buying domestically refined gold, the programme also seeks to stimulate local value addition and improve incomes for artisanal and small-scale miners.

Economists and policymakers see the initiative as a win–win for economic security and miner livelihoods, though careful management and transparent implementation will be crucial to realising its full potential.

Source: Reuters

Uganda Launches Domestic Gold Buying Programme to Support Miners

02. March 2026/ Urge- DeveWire

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