Grace Muliisa, Managing Director of Ecobank Uganda, has called on the nation to transition from exporting raw minerals to developing domestic processing, manufacturing, and infrastructure to maximize economic benefits from its mineral wealth. Speaking at the CEO Breakfast during the 15th Annual Mineral Wealth Conference at Speke Resort Munyonyo, Muliisa emphasized that mining alone captures only a fraction of the value generated by minerals, while refining, component manufacturing, and downstream industries offer significantly higher returns. This shift, she argued, is critical to achieving Uganda’s goal of growing its economy from $59 billion to $500 billion by 2040.
Muliisa highlighted that Uganda’s mineral resources—particularly copper, cobalt, graphite, rare earths, iron ore, and gold—are pivotal to the global energy transition. However, she stressed that the country must move beyond extraction to capture greater value. “Uganda does not need to own every stage,” she said, “but it should expand into concentrating, refining, processing, and manufacturing.” This approach, she added, would create more jobs, skills, and tax revenues than exporting raw ore alone.
The CEO pointed to Uganda’s domestic savings as a potential capital source for this transformation. As of June 2026, the National Social Security Fund (NSSF) held Shs32.8 trillion ($9 billion), with two-thirds coming from retirement savings. However, over 75% of NSSF assets are invested in fixed-income instruments like government bonds. Muliisa cautioned against direct exposure of pension funds to high-risk mineral exploration but suggested structured investment vehicles could enable participation once projects are de-risked. She cited infrastructure bonds, local-currency financing, and co-investment arrangements with banks and development finance institutions as viable mechanisms.
Ecobank, which has committed over $1 billion to Africa’s mineral sector in the past five years, is already expanding its mining exposure. The bank’s current mining portfolio stands at $900 million, a fivefold increase from previous levels. Muliisa provided examples of Ecobank’s regional financing, including a $150 million facility for the Lafigué gold mine in Côte d’Ivoire, where the bank contributed $45 million, and a $158 million facility supporting 20+ suppliers in Guinea. In Zimbabwe, a $100 million structured facility involving government, a platinum producer, and Ecobank was fully repaid through export earnings.
Beyond direct mining operations, Ecobank finances downstream activities such as ferrochrome smelters in Zimbabwe, a copper smelter in Zambia, a tin-tantalum-tungsten smelter in Rwanda, and a gold refinery. Muliisa emphasized that Uganda’s strategic location within East Africa and the African Continental Free Trade Area could catalyze domestic processing and manufacturing. “Building infrastructure and industries around mineral resources will generate more jobs and local businesses than exporting ore,” she said.
The CEO also called for stronger participation by African financial institutions in mining, noting that African capital remains a minority source for major projects on the continent. Ecobank, she added, aims to connect Ugandan mining projects with regional markets and processors through its pan-African network. “We can finance the whole ecosystem, from contractors and suppliers to formalized artisanal cooperatives,” Muliisa stated, underscoring the need for partnerships across the value chain.
Muliisa concluded that Uganda’s emergence as a mining powerhouse hinges not only on its mineral endowment but on the value chains, partnerships, and capital developed around them. Her remarks align with broader efforts to formalize artisanal mining, as seen in initiatives like the Kakoka mining site in Abim and the Kiruhura Smart Manufacturing Centre, which support innovation and local industry growth.
The call for value addition comes as Uganda’s extractive sector revenues rose 25% to Shs663 billion in the latest reporting period. However, a financing gap remains a key hurdle, according to recent analyses. Muliisa’s vision for leveraging domestic savings and regional integration highlights the urgent need for policy and financial strategies to transform Uganda’s mineral wealth into sustainable economic gains.
Ecobank’s expanded role in Africa’s mining sector reflects a broader trend of financial institutions prioritizing value-chain financing. By structuring investments to de-risk projects and align with national development goals, such efforts could redefine Uganda’s economic trajectory. As Muliisa noted, the path forward requires not just mineral resources but the ecosystems and capital to unlock their full potential.
The CEO’s remarks have sparked discussions among policymakers and industry stakeholders about the feasibility of shifting Uganda’s mining model. While challenges like regulatory frameworks and infrastructure gaps persist, her emphasis on domestic capital and regional collaboration offers a roadmap for leveraging mineral wealth for broader economic development.
Muliisa’s speech underscores the critical role of financial innovation in Africa’s resource-driven economies. By aligning savings, infrastructure, and regional trade, Uganda could position itself as a leader in value-added mineral processing, ensuring that its natural resources translate into long-term prosperity for its citizens.