By Emmanuel Nduka
Uganda’s ambition to become one of Africa’s leading resource economies has received another major boost following the discovery of an estimated 31 million metric tonnes of gold ore, a deposit believed to contain about 320,000 metric tonnes of refined gold valued at approximately $12 trillion.
The discovery, announced by the Ministry of Energy and Mineral Development after extensive exploration surveys, is concentrated largely in the mineral-rich Karamoja region in northeastern Uganda, with additional deposits identified in the eastern, central and western parts of the country.
Government officials say the discovery could transform Uganda into one of the world’s leading gold producers if commercially viable. However, they have clarified that the figure refers to gold-bearing ore rather than refined gold, meaning extensive mining and processing will be required before the precious metal can be extracted.
The Ugandan government has already moved to maximise the economic benefits of the discovery by introducing policies that require mining companies to enter production-sharing agreements while encouraging domestic refining to retain more value within the country. Chinese-owned Wagagai Mining has established a major mining and refining facility in the eastern town of Busia.
The gold discovery comes as Uganda edges closer to another milestone in its natural resources sector—its long-awaited entry into the ranks of oil-producing nations.
After years of delays, the East African country is preparing to produce and export its first crude oil from the Albertine Graben oilfields through the East African Crude Oil Pipeline (EACOP), which will transport crude from western Uganda to the Tanzanian port of Tanga for export. Ugandan authorities expect the country’s first crude exports to commence in 2026, marking a historic turning point in its petroleum industry.
Uganda’s petroleum development is anchored on the Tilenga and Kingfisher oil projects, operated by TotalEnergies and China’s CNOOC in partnership with the Uganda National Oil Company. Once fully operational, the projects are expected to produce about 230,000 barrels of crude oil per day, positioning Uganda among Africa’s emerging oil producers.
Officials believe the combination of vast gold resources and the commencement of crude oil production could significantly accelerate Uganda’s economic growth, create thousands of jobs, attract foreign investment and strengthen government revenues.
Despite the optimism, industry experts have urged caution over the reported gold estimates. They note that the figures represent inferred gold ore deposits rather than proven recoverable gold reserves. The actual amount of commercially recoverable gold will depend on detailed geological studies, mining technology, environmental approvals and sustained investment.
Analysts also point out that while the estimated 320,000 metric tonnes of refined gold has generated global attention, commercial extraction could take years before the deposits are fully assessed and developed.
If realised, however, the combined wealth from Uganda’s gold and oil sectors could redefine the country’s economic future and cement its position as one of Africa’s most resource-rich nations.
