Uganda's gold exports grows by 10-fold to $2.3 billion in 2023.

Uganda's gold export has grown 10-fold over the last twelve months to $2.3 billion in 2023.

Why is this important: According to data from the Central Bank of Uganda and reported by Reuters, the country's gold export rose to $2.3 billion in 2023 compared to $201 million in 2022, driven by outputs from new mining assets across the country, including Wagagai Mining Ltd, a Chinese-owned plant.

Uganda is one of the promising economies, though its  GDP fell to 4.6 per cent in 2023. The country’s GDP is forecasted to grow to 5.8 per cent in 2024, driven by its economic reforms.

The bottom line: Uganda was famous during the pandemic as investors explored other asset classes, such as gold. The country has also been building gold refineries to grow its exports. The additional revenue allows the government to fund infrastructure projects and grow the economy.