Is it true that 12 trillion worth of gold has been discovered in Uganda

In a stunning revelation that made headlines worldwide,  Uganda’s President Yoweri Museveni announced on June 7th during his State of the Nation address that the country had discovered gold reserves worth a staggering $12.8 trillion. 

That’s right — 31 million metric tonnes of gold-bearing ore, with an estimated 320,000 metric tonnes of pure extractable gold, buried beneath Ugandan soil. Museveni confidently stated that officials from the Ministry of Energy and Mineral Development had briefed his cabinet on the discovery, claiming the country stood to earn at least $700 million in royalties. For a nation grappling with development challenges, this was not just news — it was a potential economic revolution.

Excitement swept across the nation, but not everyone was buying into the golden dream. Skepticism quickly followed, from both within Uganda and abroad. Mining experts and geologists began to question the numbers. Alex Kwatampora Binego, president of the Geological Society of Uganda, called the figures “weird.” 

Don Bwesigye Binyina, a mineral and energy policy analyst, dropped a bombshell: according to U.S. Geological Survey data, only about 244,000 metric tonnes of gold have ever been discovered globally. If Uganda’s numbers are accurate, that would mean it alone holds more gold than the rest of the world combined — 115 times more, to be exact. Is that even possible? 

All of this unfolds against a tense international backdrop. Uganda is currently under sanctions, and President Museveni has not held back. In a defiant statement, he declared that Uganda will not export raw minerals — not now, not ever — and only over his dead body. That means refining, processing, and developing Uganda’s mineral wealth must happen within the country, on Uganda’s terms. 

Traore took bold and unprecedented steps to reclaim control over his country’s gold resources. This move is part of a broader national strategy aimed at asserting economic sovereignty, ending foreign exploitation, and redirecting the country’s natural wealth to benefit the Burkinabè people. Gold is Burkina Faso’s most valuable export, accounting for over 70% of national export revenues.