Export revenue growth in Uganda

In Uganda, export revenues increased by 36 percent in August, mainly driven by higher gold sales abroad. According to a report published by the Ministry of Finance on Thursday, the country exported goods worth 1.5 billion dollars, compared to 1.1 billion dollars a year earlier.

Gold as a major export driver

Gold alone accounted for 889 million dollars in revenue, representing a nearly 69 percent increase year-on-year. In recent years, Uganda has established itself as a regional platform for refining and trading the precious metal.

Support for the national currency

This increase in exports could also support the national currency, the shilling, with the backing of expected remittances from the diaspora by the end of the year. Remittances are funds sent by people living abroad to their families in their home country.

Future prospect with oil production

Another prospect for the Ugandan economy is oil. Kampala plans to launch its commercial production in early 2027, in the western part of the country, near the Congolese border.

Potential for foreign exchange

A new source of foreign exchange that could sustainably strengthen Uganda's external revenues. Foreign exchange refers to the money or assets used to trade between countries.