# Uganda has announced the Bank of Uganda will buy gold directly from artisanal miners to bolster foreign exchange reserves and support local miners. The move aims at reducing raw gold imports and mitigating reserve risks as Uganda’s foreign reserves declined amid capital flight and halted World Bank financing. The bank says the gold purchase programme seeks to stabilise reserves while addressing the broader economic impact of inflation and global crises. Uganda’s announcement follows similar initiatives in Nigeria and Zimbabwe.
Uganda eyes gold as currency shield amid economic challenges