Uganda’s government will kick off consultative meetings in the gold-rich districts of Busia and Kasanda in May as it seeks to publicise a set of regulations that will govern the operation of mineral markets.
While meeting the Parliamentary Committee on Natural Resources on April 1, 2026 Agnes Alaba, the Commissioner of Mines at the Ministry of Energy and Mineral Development, said the meeting in Busia will take place on May 7, while the one in Kasanda on May 11, before holding a national consultative workshop in Kampala on May 14.
Alaba was part of a team from the Ministry of Energy, led by Minister Ruth Nankabirwa that was presenting the Ministerial Policy Statement – which shapes national budget allocations.
Uganda plans to introduce mineral markets in the next financial year, which starts on July 1, 2026 to extract more value from its mineral wealth, especially gold.
The mineral markets will trigger Bank of Uganda’s gold buying programme, which was first announced two years ago and is meant to beef up the institution’s gold reserves.
While the Attorney General has already approved the regulations for the mineral markets, the Ministry of Energy is currently moving to gazette them in order to make them enforceable.
However, the process to have the mineral markets faces a funding crisis.
Pleading for more government funding, Alaba said the ministry only has Shs 2 billion (about $533,000) available for the preliminary activities. She asked for Shs 8 billion ($2.1 million) more to be comfortable in delivering a strong start.
In the meantime, Alaba said the ministry will start by setting up make-shift containers as trading units before later constructing permanent buildings, whose designs are already done, as gold-buying centres.
She warned that the temporary containers, however, presented a security risk considering the high value attached to gold.
Already 18 inspectors have been recruited, while there is a need for six vehicles to support the team.
Gold is Uganda’s most valuable export, generating revenues of $5.21 billion (about Shs 19.23 trillion) between November 2024 and October 2025, according to official government data.
That figure has shot up from less than $500 million ten years ago, with some reports indicating that a lot of the gold is sourced from different neighbouring countries.
In addition, Uganda has witnessed a surge in gold production over the years, with the commissioning of the Wagagai gold plant in Busia in 2025, a key factor in this.
Also, emergence of gold refineries has spurred the opening up of new gold sites. Uganda licensed four new gold refineries – Fargo Commodities Trading Uganda Limited, Feldstein Trading Limited, Euro Gold Refinery SMC Ltd, and Shinewithus Mineral Refinery Limited – in 2025 under the new Mining Act.
The country also intends to set up mineral markets for tin and gemstone.
The government beneficiation centre for tin in Ntungamo will act as a mineral market.