President Yoweri Museveni has spotlighted Uganda’s growing gold refining industry, revealing new details about the country’s mineral value-addition strategy while displaying a gold bar he says was refined locally to near-perfect purity.
In a post shared on his official X account, Museveni said he was pictured with Mr. Cohen Carlos, the proprietor of Feldstein Co. Ltd., a Kampala-based gold refinery that he says refines Ugandan gold to a purity level of 99.9 percent.
The President further noted that global gold prices have recently fluctuated significantly, stating that gold which had been trading at around USD 173,000 per kilogram had dropped to approximately USD 129,000 per kilogram following geopolitical instability linked to conflict in the Gulf of Persia region.
“In the picture, I am with Mr. Cohen Carlos, who owns Feldstein Co. Ltd., a gold refinery in Kampala. It refines Uganda’s gold to a purity level of 99.9%,” Museveni wrote. “On account of the war in the Gulf of Persia, the price is now USD 129,000. This particular one and a half kilograms of gold that I am holding is from Ibanda.”
Expanding refinery capacity
Museveni’s statement comes amid Uganda’s ongoing push to increase domestic mineral processing capacity and reduce reliance on raw mineral exports. According to the President, Uganda now hosts at least 10 licensed gold refineries, a sign of what he described as an economy “waking up” through industrial transformation.
He also revealed that Feldstein Co. Ltd. is expanding its footprint beyond Kampala, with plans to establish a new refinery in Morulem, a locality in Morulem.
The move signals growing private sector confidence in Uganda’s mineral sector, particularly in the north-eastern region, where infrastructure and industrial investment have historically lagged behind central Uganda.
Gold from Ibanda and local sourcing narrative
The President said the gold bar he was holding weighed approximately 1.5 kilograms and originated from Ibanda, reinforcing the government’s message that Uganda’s mineral wealth is increasingly being processed and monetised within the country rather than exported in raw form.
Ibanda, located in western Uganda, has in recent years been associated with small-scale and artisanal mining activities, although large-scale mining operations remain limited compared to other mineral-rich regions.
Museveni’s reference to Ibanda is likely aimed at highlighting the geographic spread of Uganda’s gold supply chain—from extraction points to domestic refining hubs in Kampala and beyond.
Bank of Uganda branding on gold bars
One of the more notable claims in Museveni’s statement is that Feldstein Co. Ltd.’s refineries are printing the Bank of Uganda logo on refined gold bars.
While the President did not provide further regulatory details on this practice, the remark points to Uganda’s increasing efforts to formalise and standardise its bullion output, potentially positioning locally refined gold for international certification and trade credibility.
If implemented within regulatory frameworks, such branding could enhance traceability and improve Uganda’s positioning in global bullion markets, where provenance and compliance standards are increasingly important.
Global gold market volatility
Museveni’s reference to falling gold prices reflects broader volatility in global commodity markets, often influenced by geopolitical tensions, inflation trends, and currency fluctuations.
Gold has traditionally served as a safe-haven asset during periods of instability, but short-term price movements can still be sharp, particularly when driven by conflict-related disruptions or shifts in investor sentiment.
By linking Uganda’s refining sector to global price dynamics, the President underscored the importance of domestic value addition in cushioning the economy from raw export vulnerabilities.
Industrial policy and value addition agenda
Uganda’s gold sector has expanded rapidly in recent years, with the government promoting local refining as part of its broader industrialisation strategy. The goal has been to retain more value within the economy by exporting refined bullion rather than unprocessed ore.
Officials argue that refining gold domestically creates jobs, builds technical expertise, and increases export revenues through higher-grade products.
The presence of multiple licensed refineries—now reportedly at least 10—suggests increasing private investment in the sector, though questions around regulation, sourcing transparency, and environmental compliance continue to attract scrutiny from industry observers.
Strategic expansion to northern Uganda
The planned refinery in Morulem, Abim District, is particularly significant in Uganda’s industrial geography. Northern Uganda has historically been less industrialised than the central and western regions, but government policy in recent years has focused on decentralising investment and infrastructure development.
If completed, the Morulem facility could contribute to regional job creation, stimulate mining-related logistics networks, and anchor new industrial activity in the Karamoja sub-region and surrounding districts.
Outlook
Museveni’s remarks frame Uganda’s gold sector as a rapidly evolving pillar of the country’s economic transformation agenda. With rising refinery capacity, increasing private sector participation, and growing global price sensitivity, gold is emerging as one of Uganda’s most strategic export commodities.
However, industry analysts continue to watch how regulatory oversight, traceability systems, and international compliance standards will evolve alongside this expansion.
For now, the President’s message is clear: Uganda is no longer merely exporting gold—it is increasingly refining, branding, and positioning it within global markets as a value-added product.
