Uganda is stepping up efforts to transform its mining sector into a major driver of economic growth, with the government targeting an increase in the industry’s contribution to Gross Domestic Product (GDP) from about two per cent to 10 per cent.
The push is being supported by Equity Bank Uganda, which is championing greater investment, financial inclusion and value addition across the mining and extractive sector.
The developments were highlighted during the 15th Annual Mineral Wealth Conference and Expo held at Speke Resort Munyonyo from September 29 to 30 under the theme, “Beneath the Surface: Unlocking Africa’s Next Mining Powerhouse.”
The conference brought together government officials, international and regional experts, mining companies, financial institutions and other stakeholders to discuss how Uganda can unlock its mineral potential and retain more value from its natural resources.
Jonard Asiimwe, the State Minister for Science, Technology and Innovation, called for an end to the export of unprocessed minerals, saying Uganda must build capacity to process its resources locally.
“Exporting our minerals in their raw form is like exporting our future prosperity. A thriving mining sector requires more than extraction; it demands precision and foresight,” Asiimwe said.
He said Uganda needs accurate geological data, comprehensive value-chain mapping and stronger local processing capacity to ensure that strategic minerals are properly understood, processed and transformed within the country.
According to Asiimwe, greater local value addition would enable Uganda to retain more wealth from its mineral resources while creating sustainable industrial jobs and promoting technology transfer.
Equity Bank Uganda is also positioning itself as a key financial partner in the transformation of the sector, particularly by supporting artisanal and small-scale miners who make up an estimated 80 per cent of active miners in the country.
Christine Mukasa Mugerwa, Senior Sector Head for Energy, Mining and Extractives at Equity Bank Uganda, said the bank is working with miner associations, off-takers and refineries to expand access to financial services, modern equipment and financial literacy.
She said the bank’s interventions are intended to strengthen the entire mining value chain while helping miners adopt safer and more productive methods.
“Our goal goes beyond lifting mining’s GDP contribution from two per cent to 10 per cent. We are championing socio-economic prosperity, safety and dignity for every Ugandan miner,” Mugerwa said.
Equity Bank is also working with major players further along the value chain, including off-takers and refineries such as Wagagai, to promote more structured cash flows and improve the ability of small-scale miners to access transparent and fair payments for their mineral output.
The bank’s support forms part of Equity Group’s wider Africa Recovery and Resilience Plan, which identifies natural resources and extractives as important drivers of industrialisation and economic transformation across Africa.
The strategy places emphasis on mineral beneficiation, local value addition and stronger primary supply chains to help African economies capture greater value from their natural resources instead of exporting raw materials with limited processing.
Humphrey Asiimwe, Chief Executive Officer of the Uganda Chamber of Energy and Minerals, said Uganda has significant opportunities for investment, with 58 identified minerals yet to be fully unlocked.
“With over 1,000 delegates from 30 nations convening in Kampala and 58 identified minerals waiting to be unlocked, Uganda is proving that it is a premier destination for both local and foreign investment,” he said.
He said investments such as the Wagagai Gold Mine could contribute to the development of Uganda’s mining industry and promote greater mineral value addition.
The conference also examined the role of investment, technology, infrastructure, regulation and financing in transforming Uganda’s extractive sector.
For artisanal and small-scale miners, access to appropriate equipment and financing remains a major challenge due to the mobile nature of their operations, limited documentation, lack of fixed addresses and informal cash-flow records.
Equity Bank says addressing these barriers will be critical to bringing more miners into the formal financial system and enabling them to invest in safer equipment and more productive operations.
Uganda’s ambition to raise mining’s contribution to GDP to 10 per cent will therefore depend on both large-scale investment and the strengthening of the thousands of small-scale operators who form the foundation of the sector.
With government pushing for local processing and Equity Bank expanding financial support across the mining value chain, stakeholders say Uganda has an opportunity to turn its mineral wealth into industrial development, jobs, technology transfer and broader economic growth.
