Kampala, Uganda — The Bank of Uganda has signed a contract with EuroGold Refinery Ltd to supply gold under its Domestic Gold Purchase Programme, marking a major step toward strengthening the country’s foreign exchange reserves and formalizing the gold trade.
According to details of the agreement, EuroGold Refinery Ltd—identified as the top bidder following a competitive international procurement process—will begin by supplying 100 kilogrammes of gold. The gold will be sourced from artisanal and small-scale miners, as well as licensed dealers across Uganda, integrating informal sector players into the formal economy.
The refinery will process the gold to a purity level of 99.9 percent in line with international standards before delivery to the central bank.
In a parallel development, the Bank of Uganda also signed an agreement with Feldstein Trading Limited as part of broader efforts to diversify its reserve assets.
The initial consignment of 100 kilogrammes is estimated to be worth about $160 million (approximately Shs592 billion), underscoring the scale and ambition of the programme.
Officials say the Domestic Gold Purchase Programme is aimed at boosting Uganda’s gold reserves, stabilizing the local currency, and enhancing transparency in the gold value chain. The initiative is also expected to provide a reliable market for local miners while curbing illicit gold trade.
The deal signals a shift by the central bank toward leveraging Uganda’s mineral wealth to strengthen macroeconomic stability, while supporting livelihoods in the mining sector.
