Uganda’s central bank has announced plans to begin purchasing gold from domestic miners in an effort to strengthen the country’s foreign exchange reserves.
The initiative, led by the Bank of Uganda, aims to support local mining industries while increasing national gold holdings as part of broader monetary policy reforms.
Central banks around the world have increasingly turned to gold as a strategic asset during periods of global economic uncertainty.
Ugandan officials say the program will create opportunities for local miners by providing a stable domestic market for gold production.
Economists say the policy could help stabilize Uganda’s currency while reducing reliance on external financial markets.
The move also reflects a broader trend among African economies exploring ways to strengthen financial resilience and diversify national reserves.
