Bank of Uganda balance of payments data released in early 2025 show official gold export receipts climbing sharply through 2024, reversing several years of decline linked to a dispute with informal refiners and to enforcement action against re-exported bullion of uncertain provenance.
Ministry officials attribute the rebound to two factors: the licensed Wagagai facility going into production, and the first cohorts of artisanal cooperatives selling into formal aggregators under the Mining and Minerals Act 2022. Firmer international gold prices reward formal channels more visibly than informal ones.
The next test is durability. UMT will watch whether the 2024 rebound sustains through 2025 or whether informal channels reassert themselves at the district level.