By Spy Uganda
Busia District is set to host a historic economic milestone this Friday, 16th August 2025, when President Yoweri Kaguta Museveni officially commissions the Wagagai Gold Mining Project—one of the largest gold developments in Uganda’s history. The high-profile event will be held at 10:00 AM, bringing together government officials, investors, and mining sector stakeholders.
The Wagagai Gold Mining Project, spearheaded by Wagagai Mining (U) Ltd, marks a significant leap in Uganda’s mineral exploitation and value addition drive. Located in Busia, the project is expected to fast-track the country’s ambitions of becoming a regional gold refining and export powerhouse. Uganda already leads the East African Community as the only nation with a fully operational gold refinery, located in Entebbe.
Massive Revenue Generator
According to official statistics, gold has rapidly risen to become Uganda’s leading export earner. In the 2023/24 financial year, the country earned approximately US $3.08–3.79 billion from gold exports, a figure that dwarfs revenues from traditional exports such as coffee. In the same year, total export earnings stood at US $11.81 billion, with gold contributing the lion’s share. Other minerals, including base metals, brought in about US $282 million.
Uganda’s gold export boom is partly attributed to increased processing capacity—thanks to investments like Wagagai Mining Ltd—as well as favourable trade policies. In 2023 alone, gold exports surged more than tenfold compared to the previous year, cementing Uganda’s position as a regional mineral hub.
Contribution to the Economy
The mining sector currently accounts for 2.2% of Uganda’s GDP, translating to about US $1.1 billion, with artisanal and small-scale mining—largely driven by gold—contributing approximately 3.5% of GDP in 2022. Economists project that with the commissioning of Wagagai, these figures are likely to rise sharply over the next five years.
Strategic Importance
President Museveni has repeatedly emphasised the importance of value addition to Uganda’s natural resources. By refining gold locally, the country captures more value before exports, creates jobs, and strengthens its foreign exchange position. The Wagagai project is therefore expected to not only increase national earnings but also uplift livelihoods in Busia and neighbouring districts through infrastructure development, employment, and local supply chain growth.
As Uganda sets its sights on becoming a continental leader in mineral beneficiation, the commissioning of Wagagai Gold Mining Project signals a golden era—one where the country’s mineral wealth could be fully harnessed for sustainable national transformation.
