THE GOLDEN CARTEL: WHO IS REALLY BENEFITING? A Portuguese-linked ‘Investor’ With Reported Regional Connections, The Alleged Use Of Security Operatives And The Disappearance Of Local Gold Dealers Are Raising Fresh Questions About Who Controls Uganda’s Lucrative Gold Trade And Where The Money Ultimately Goes

The precious minerals trade, once largely associated with the Congo Basin, has increasingly found its way into Uganda, transforming the country into a major regional gold trading hub. Gold has emerged as one of Uganda’s most lucrative foreign exchange earners, overtaking traditional agricultural exports such as coffee.

Gold now accounts for approximately 75 per cent to 76.6 per cent of Uganda’s total export earnings, generating an estimated $5.2 billion to $5.8 billion.

Uganda has become a major regional centre for gold refining and trading. Ministry of Finance data indicate that the country exported gold worth $889 million in August 2026 alone, accounting for nearly 60 per cent of its merchandise export revenue of approximately $1.5 billion that month. Gold exports increased by 68.9 per cent compared to the same period a year earlier.

Current refinery statistics indicate that Uganda operates nine gold refineries, processing the precious metal to 99.9 per cent purity to meet international standards. However, questions remain about the origins of some of the gold processed and exported through the country, with a portion reportedly sourced from neighbouring countries, including the Democratic Republic of Congo (DRC).

Uganda’s growing gold wealth raises questions about the traceability of the precious mineral, particularly how gold can move from miners to buyers and refineries before eventually appearing in export statistics without its production being captured at the mine site by the official Directorate of Geological Survey and Mines.

Foreign Players Bumping Off Indigenous Traders

Several new players have entered the industry under the guise of being investors. Some, allegedly leveraging their connections at State House, have used this privileged access to convince unsuspecting President Museveni that they have good intentions for Uganda’s mineral industry, despite questions about their actual interests.

One such investor is of Portuguese origin, with reported business links in Nairobi, Kenya, Juba in South Sudan and the United Arab Emirates.

The ‘investor’ is accused of pushing several indigenous traders out of the gold business through what are described as orchestrated and questionable charges, allegedly working with some security personnel. These operations have reportedly resulted in the imprisonment of several individuals, including people at Plot 1 who allegedly attempted to expose his activities.

Others have reportedly been forced to operate underground, while some have simply retired from the business altogether.

Local Players’ Exit Affects Uganda’s Night and Car Economy

As the security apparatus allegedly associated with foreign mineral investors continues to intimidate local players, the financial muscle that once drove Kampala’s night economy into profitable territory has significantly dwindled, following the reduced visibility or complete exit of some indigenous gold dealers.

It should be noted that some of these gold dealers were prominent spenders in Kampala’s night economy, frequenting exclusive hotels, nightclubs, casinos, boat cruises, private house parties and the once-flourishing Airbnb industry. All these sectors have reportedly felt the impact of the alleged security-related clampdown on local gold traders.

Anyone who has experienced the lifestyle of a gold dealer will attest to the significant spending power that many of these traders commanded. With substantial cash at their disposal, it was not unusual for luxury and exclusive car dealers to smile all the way to the bank or forex bureau after selling multiple high-end vehicles to local gold traders, with transactions running into thousands of dollars.

The decline and exit of these local players have consequently pushed several businesses out of operation and rendered many people jobless, a sad reality that appears to be receiving little attention.

Meanwhile, foreign investors are accused of siphoning much of the revenue generated from Uganda’s gold industry to their preferred countries for reinvestment, leaving Uganda to bear the ultimate economic cost.

Author Profile

Jako David Waluluka: Mr. Jacko David Waluluka is another unique entertainment and general investigative news writer, a field he has diligently covered for over fifteen years. He’s also the Chief Administrator at The Investigator. He can easily be reached via [email protected]