Bank of Uganda Inks Gold Purchase Deals with Local Refiners to Boost Reserves

KAMPALA, April 10, 2026 – The Bank of Uganda has finalized contracts with two domestic firms, EuroGold Refinery Ltd and Feldstein Trading Limited, under its Domestic Gold Purchase Programme as part of a strategic push to diversify national reserves and capture more value from the country’s mineral wealth.

Launched in 2024, the program will see the central bank acquire at least 100 kilograms of refined gold between March and June this year, with plans to scale up purchases to 7–10 tonnes annually.

EuroGold, led by CEO Mungu Feni, emerged as the top bidder following a competitive international tender. The company refines gold to 99.9% purity sourced from artisanal and small-scale miners operating in regions such as Mubende and Karamoja.

Officials said the agreements promote responsible mining practices, retain greater value within Uganda’s economy, and help diversify the central bank’s reserve assets. The push comes as global gold prices soar above $4,700 per ounce, further enhancing the appeal of bullion as a store of value.

“The programme supports local job creation and strengthens our economic resilience,” a Bank of Uganda official noted, adding that the initiative is expected to boost downstream industries and increase foreign exchange stability.