Uganda discovered 31 million tons of unearthed gold in 2022 | Photo: Mehmet ali Poyraz/Shutterstock
Uganda, a country that reported two years ago the discovery of a 31 million-tonne gold ore worth about $13 trillion, saw its export earnings spike by 40 per cent in March 2025.
According to the country’s Ministry of Finance, Planning and Economic Development, growth was primarily fueled by increased export earnings from coffee, cocoa beans, gold, sugar, fish and maize. Exports reached $899.10 million (approximately 790 million euros).
Coffee exports reported the most significant growth in March, rising by nearly 207 per cent to $198.62 million (approximately 175 million euros). This sharp rise was attributed to increased global coffee prices and a boost in Uganda’s export volumes, PML Daily reported. International coffee prices jumped from $3.27 per kilogram in March 2024 to $5.15 per kilogram in March 2025, primarily due to unfavourable weather in Brazil and Vietnam, which raised fears of a global supply shortfall.
Gold continued to be a pivotal driver of foreign exchange inflows, with export earnings climbing by 42.4 per cent over the year, from $270.42 million (237.4 million euros) to $385.08 million (315 million euros).
In July 2022, Uganda discovered one of the world’s largest unearthed gold reserves, sparking global interest. The discovery amounted to approximately 31 million tonnes of gold, worth about $13 trillion.
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