Ecobank Uganda Managing Director Grace Muliisa has urged Uganda to move beyond digging and exporting raw minerals to processing and manufacturing to maximize revenue from its mineral wealth. Speaking at the 15th Annual Mineral Wealth Conference in Kampala, Muliisa emphasized that Uganda has the minerals but needs financing and partnerships to turn them into industries and jobs. She highlighted the importance of exploring the value chain beyond ore extraction.
The conference, organized by the Uganda Chamber of Energy and Minerals, brought together government officials, mining companies, investors, and financial institutions to discuss attracting more investment into Uganda's mineral sector. Muliisa cited the global battery industry as an example, where mining raw minerals is worth $11 billion, compared to $44 billion for refining, $271 billion for battery components, and over $1.2 trillion for equipment and electric vehicles. This illustrates the potential for Uganda to increase revenue by adding value to its minerals.
Muliisa pointed out that Uganda should focus on what happens after minerals are extracted and utilize the East African market and the African Continental Free Trade Area to sell processed products within Africa. Ecobank is committed to financing the value chain and is ready to play a bigger role in financing Uganda's mining industry. The bank has committed over $1 billion to Africa's mineral value chain over the past five years and has financed mining operations and businesses linked to mining in several countries.
Ecobank's approach could help local businesses benefit from the growth of the mining industry rather than leaving most of the business to large foreign companies. Muliisa also called for greater use of domestic savings to finance long-term investment, citing the National Social Security Fund, whose assets have reached Shs32.8 trillion by June 2026. She suggested that pension funds could invest in mature projects through carefully designed structures, such as infrastructure bonds and local-currency financing.
The government recognizes the importance of better regulation to attract investment needed to develop Uganda's mineral resources. State Minister for Energy and Mineral Development Sidronius Opolot Okasai said Uganda needs an independent regulator for the minerals sector. The government plans to strengthen the institutional structure of the sector, including the creation of a standalone minerals regulator.
The European Union is also increasing its support for Uganda's mining sector, with EU Ambassador to Uganda Jan Sadek announcing over €16 million in additional funding. The funding will support the formalization of artisanal mining and help Uganda meet international standards. This is crucial, as much of Uganda's mining activity is carried out by small-scale and artisanal miners.
Ultimately, Ecobank's goal is to connect all players in the mining industry, including miners, suppliers, processors, investors, and government, through financing. Muliisa emphasized that Uganda's mineral wealth should create more businesses, jobs, and industries, and that Africa's next mining powerhouse will be defined by what it builds on top of its mineral resources: value chains, partnerships, and capital.
Key points
- Ecobank urges Uganda to diversify its mineral industry beyond raw exports to increase revenue.
- The bank has committed over $1 billion to Africa's mineral value chain over the past five years.
- The government plans to create a standalone minerals regulator to attract investment and develop Uganda's mineral resources.
