KAMPALA, Uganda — Uganda’s rapidly expanding gold export industry is facing fresh scrutiny after allegations emerged that one of its leading refining companies significantly underreported export volumes over a four-year period, potentially depriving the state of more than $51 million (about Shs191 billion) in revenue.
Documents reviewed by Michael Wandati, alongside testimony from whistleblowers familiar with customs operations, allege that Thaba Investments Limited — a major gold exporter that rose to prominence following sanctions on African Gold Refinery (AGR) — declared far lower export volumes than those recorded in official customs systems.
According to records cited in the reports, between January 2022 and January 2026, Thaba Investments is said to have exported 586,759 kilograms of refined gold through Uganda’s customs system.
However, final declared figures reportedly show only 330,627 kilograms.
This leaves a discrepancy of 256,132 kilograms — a gap that has triggered concern among stakeholders in Uganda’s mineral oversight and revenue systems.
Based on Uganda’s official export levy of $200 per kilogram of processed gold, the alleged undeclared volume translates into approximately $51.2 million in potential lost government revenue.
The figures, however, have not been independently verified in full, and it remains unclear whether the discrepancy stems from administrative errors, duplication, system manipulation or deliberate misreporting.
Whistleblower claims raise system integrity questions
Multiple sources familiar with customs processes alleged that the inconsistencies point to deeper vulnerabilities within Uganda’s export monitoring framework.
According to individuals who spoke on condition of anonymity, access to operational customs accounts within the Uganda Revenue Authority system is limited to a tightly controlled group of officials, creating potential exposure to manipulation.
The sources further alleged that export declarations can be adjusted after shipments leave the country, particularly within restricted clearance systems.
“They know exactly where the figures are changed and who changes them,” one whistleblower said.
Another source alleged that the chain of responsibility may extend from export clearance officers at Entebbe International Airport to senior supervisory levels within revenue administration structures.
Authorities have not publicly responded in detail to the allegations.
Uganda’s gold boom under the spotlight
The allegations come at a time when Uganda’s gold exports have surged, positioning the country as a key regional hub for refining and export, despite limited domestic gold reserves.
Much of the raw gold processed in Uganda is believed to originate from neighbouring countries, including the Democratic Republic of Congo (DRC) and South Sudan, before being refined and exported.
Thaba Investments emerged as one of the leading players in the sector after African Gold Refinery (AGR) was sanctioned by the United States in 2022. The U.S. Treasury had accused AGR and its founder, Alain Goetz, of involvement in illicit gold supply chains linked to conflict-affected regions in eastern DR Congo. Goetz has denied wrongdoing.
Since then, Uganda’s refining sector has expanded, with firms such as Orofino, Aurnish, Simba, Karibu, and Faru increasingly active in export processing.
Audit findings deepen concerns
The controversy also echoes concerns previously raised by the Auditor General over weaknesses in mineral sector governance.
In its report for the financial year ending June 2025, the Auditor General highlighted significant gaps in oversight, including gold exports valued at $3.014 billion conducted without mandatory ministerial export permits.
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“In the mineral sector, the audit uncovered gross irregularities in the management of Uganda’s natural resources, leading to substantial revenue losses,” the report stated.
The audit further flagged unpaid export levies amounting to Shs68.842 billion and warned of weak enforcement mechanisms across the sector.
While those findings pointed to systemic challenges, the alleged discrepancies involving Thaba Investments alone represent a substantial proportion of potential revenue loss.
Strategic sector under pressure
Industry analysts say the allegations, if substantiated, could raise broader questions about the integrity of Uganda’s gold export monitoring systems at a time when the mineral sector has become a critical source of foreign exchange earnings and macroeconomic stability.
Uganda’s position as a regional refining hub has grown rapidly in recent years, but so too have concerns about traceability, regulatory enforcement, and cross-border supply chains.
Authorities are yet to announce any formal investigation into the latest allegations.
