The Ugandan government has announced the discovery of significant gold reserves that could unlock exceptional new economic opportunities.

Uganda government exploration studies

This announcement came about, while unveiling the results of government exploration studies related to gold. As announced during a televised speech broadcast on June 24, 2022 by China Global Television Network (CGTN) Africa in Kampala, Ugandan President H.E. Oweri Kaguta Museveni said the government’s exploration studies show that the country has “320 million tons of gold worth $12 trillion”.

Gold ore reserves

These gold ore reserves could unlock bountiful economic opportunities for Uganda. Muyita, a spokesman for the Ministry of Energy and Mineral Development, spoke to Reuters, and outlined: 

“Over the past two years, aerial exploration has been carried out throughout the country, followed by geophysical and geochemical studies and analysis. It is estimated that 320,158 tons of refined gold could be extracted from the 31 million tons of gold ore.” 

Economic development

In the same televised address, the Ugandan President also stated: 

“It is criminal for anybody to continue arguing for the continued exports of raw materials in Africa, when there is 90% more value in that product that you are giving to the outsiders.” 

Ugandan gold reserves

He went on to suggest that much, if not all, of this gold should be refined locally to create jobs and add value to local communities that need roads, hospitals and schools. Notably, the Ugandan Parliament’s Mining and Minerals Act 2021, as passed on February 17, 2022, stipulates that “the National Mining Company shall hold 15% of the capital of all large and medium-sized mining operations”.

That’s an exciting discovery for Uganda, and we’ll be watching closely as the country seeks to unlock this economic opportunity. At ABiQ, we focus on supporting the development of the African and Middle Eastern markets, highlighting investment opportunities, to help businesses make the right choice when it comes to their role in investment, economic development and socioeconomic improvement. ABiQ provides validated data and trusted business intelligence. Our unique forecasting and project tracking tool provides data and analysis to support your business growth strategy across the African continent and more. Contact us for a free demo.

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