Uganda has announced plans to purchase domestic gold to bolster its foreign exchange reserves and mitigate investment risks, joining a growing trend among African nations. This strategy, which also aims to support local miners and reduce raw gold imports, mirrors similar initiatives in Nigeria, Zimbabwe, and Ghana. These countries are turning to gold as a means to stabilize their currencies, combat inflation, and address economic challenges stemming from the COVID-19 pandemic and global economic pressures. Uganda’s approach is part of a broader effort to strengthen its economy, which has shown resilience due to proactive monetary policies and strategic currency management.