EXCLUSIVE: Gold Refiner Thaba Underreported Exports, Costing Uganda Shs191 Billion – Whistleblowers
KAMPALA — One of Uganda’s largest gold refining companies, Thaba Investments Limited, allegedly underreported massive quantities of exported gold over a four-year period, potentially depriving the government of more than $51 million (about Shs191 billion) in export levies, according to documents reviewed by ChimpReports and testimony from whistleblowers.
The allegations, which threaten to reopen scrutiny over Uganda’s gold export boom, centre on Thaba’s operations between January 2022 and January 2026.
Records indicate that during this period, Thaba exported 586,759 kilograms of refined gold through Uganda’s customs system. However, the company’s final declared export quantity allegedly stood at only 330,627 kilograms.
The discrepancy of 256,132 kilograms has raised serious questions within Uganda’s mineral oversight system. Using Uganda’s official export levy of $200 per kilogram for processed gold, the undeclared quantity translates to approximately $51.2 million in potential lost tax revenue.
ChimpReports could not independently verify all underlying records or determine conclusively whether the discrepancies resulted from fraud, system manipulation, duplicate entries, or accounting irregularities.
However, multiple whistleblowers familiar with customs operations alleged the discrepancies were not accidental.
Speaking on condition of anonymity, sources claimed that operational accounts linked to gold exporters inside the Uganda Revenue Authority system are accessible only to a tightly controlled network of officials. They alleged that changes to export declarations can be made after shipments leave the country, particularly within highly restricted customs and airport clearance systems.
“They know exactly where the figures are changed and who changes them,” one whistleblower told ChimpReports.
Another source alleged that the manipulation chain stretches from export clearance officers at Entebbe International Airport to senior-level supervisors within revenue administration structures.
The allegations emerge as Uganda’s gold exports continue to surge, making the mineral one of the country’s leading sources of foreign exchange. Although Uganda has limited domestic gold reserves, the country has evolved into a major regional refining and export hub, processing gold believed to originate largely from neighbouring countries including the Democratic Republic of Congo and South Sudan.
Thaba Investments became one of the dominant refiners after African Gold Refinery (AGR) came under international sanctions in 2022. The U.S. Treasury accused AGR and its former operator, Alain Goetz, of involvement in illicit gold trade networks linked to conflict-affected eastern Congo. Goetz denied wrongdoing at the time.
The Auditor General’s report for the financial year ending June 2025 already pointed to broader weaknesses in mineral sector oversight. The audit found that gold exports worth $3.014 billion were conducted without legally required export permits from the Minister of Energy.
“In the mineral sector, the audit uncovered gross irregularities in the management of Uganda’s natural resources, leading to substantial revenue losses,” the report stated.
Auditors also disclosed unpaid export levies amounting to Shs68.842 billion and warned of weak enforcement mechanisms across the sector. However, the alleged discrepancies involving Thaba alone appear significantly larger than figures highlighted in the audit report.
Industry analysts say the scale of the alleged underreporting raises concerns about the integrity of Uganda’s gold export monitoring systems, especially at a time when the sector has become central to supporting the country’s foreign exchange reserves and macroeconomic stability.
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