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Bank of Uganda begun buying gold from local minersin a bid to boost its foreign reserves. Bwesigye Don Binyina, the Executive Director at Africa Centre for Energy and Mineral Policy (ACEMP) told Journalist in Kampala that apart from buying from the artisan miners, the Central Bank also makes purchases the refineries located in Kampala and ...

The Bank of Uganda (BoU) has introduced stringent guidelines for purchasing gold from the local market, aiming to safeguard the integrity of its gold acquisition program. The initiative is part of the Central Bank’s broader strategy to boost foreign reserves, diversify risks, and reduce reliance on traditional foreign currency reserves.

Bank of Uganda (BoU) is set to finalise a domestic gold purchase programme aimed at bolstering the country's gold reserves and mitigating risks associated with international financial markets. This initiative is expected to contribute significantly to the national economy, with projections indicating that Uganda could export more than $3.1 ...

By Our Reporter KARAMOJA Bank of Uganda is to start buying Karamoja Gold directly from the local Artisanal miners. This was revealed today by the BoU Governor, Dr. Michael Atingi-Ego during a Town Hall meeting held in Moroto today Thursday, 6th March, 2025. The Governor says Karamoja’s gold has the potential …

Government has defended the Bank of Uganda’s (BOU) proposal to support the local gold market through securing purchases from native miners. The Minister of State for International Relations, Henry Okello Oryem, said that this move is intended to shield Uganda from threats from the United States in case the nation unceremoniously freezes Uganda’s gold reserves.

Bank of Uganda to Start Buying Gold Domestically. Submitted by edpr on Sun, 08/18/2024 - 19:58 . In a bid to support its foreign reserves and addressing associated risks in the international financial markets, Central Bank of Uganda will start purchasing locally-produced gold. ...

The Bank of Uganda will purchase gold from artisanal miners to support local miners and reduce importation of raw gold. This move aims to bolster Uganda's foreign exchange reserves and reduce risks associated with traditional reserve investments. Several other African countries, including Ghana and Nigeria, are also exploring purchasing gold to ...

The Bank of Uganda announced plans to buy bullion directly from artisanal miners, aiming to counter falling reserves and hedge against growing risks in international financial markets. The country’s foreign exchange stockpile has come under pressure, partly due to capital flight triggered by the enactment of anti-LGBTQ laws .

Bank of Uganda says gold will be purchased from local miners and processed to at least 99.5 purity levels before it is converted into monetary gold.

The Bank of Uganda said it will directly purchase bullion from artisanal miners in a move that will also support government efforts to support local miners and reduce imports of raw gold. Uganda ...

Uganda’s foreign exchange reserves shrank 4.3 percent in the three months to the end of July 2024 to 3.3 billion dollars, equivalent to about three months of imports, down from 3.5 billion at the end of April, according to the Bank records. This prompted it to seek other means of improving the reserve position, hence the gold-purchase position.

The Bank of Uganda (BoU) has introduced stringent guidelines for purchasing gold from the local market, aiming to safeguard the integrity of its gold acquisition program and bolster foreign reserves. To ensure traceability and authenticity, the guidelines prioritize direct sourcing from artisanal, small, medium, and large-scale miners. A pre-qualification process will be implemented for gold […]

Hence, the move by the Bank of Uganda to invest in gold is an excellent move as the above benefit would appeal to Ugandans,” Ongura concludes. Taking precautionary measures . Uganda’s mining sector still operates in a siloed approach, and this could prove a challenge for the Bank of Uganda in obtaining gold. However, there’s hope.

The Bank reported that gold exports more than quadrupled to US$2,803.14 leading to a net gold export of US$139 million after the tax disputes on gold exports that had led to the halting of gold trade were resolved. The Ministry of Energy in 2022 said exploration surveys indicate that Uganda had gold ore deposits of about 31 million tonnes.

Uganda, which has emerged as a major hub of gold trade in the region, exported gold worth $2.3 billion in 2023, compared with $201 million over the previous twelve months, Bank of Uganda data showed.

The Bank of Uganda (BOU) has said it will start buying gold locally from artisanal miners to support the government’s ongoing value addition to the minerals and import substitution strategy ...

Gold. KAMPALA, Uganda | Xinhua | Uganda’s central bank said it is in consultation to begin purchasing locally-produced gold to bolster its foreign reserves and tackle challenges in international financial markets. The Bank of Uganda (BoU) in its State of the Economy report issued Thursday said the domestic gold purchase program aims at mitigating the declining foreign currency reserves and ...

Uganda's central bank has begun buying locally produced gold to bolster its depleted foreign reserves and tackle emerging challenges in international financial markets. The move could lower the country's growing gold exports, whose shipments brought in $2.3 billion last year from $201 million in the previous year.

Bank of Uganda has joined the rush. Gold is regarded as an effective inflation hedge. Gold-buying by Central Banks had become part of the strategies to diversify assets in which their foreign exchange reserves are kept. Tanzania this month announced that it planned to buy six tonnes of gold. Tanzania began purchasing gold locally in September ...