Editor’s Note
This profile of Benard Feni and his Euro Gold Refinery highlights a significant shift in Uganda’s gold sector, demonstrating how local entrepreneurship can transform a traditionally informal and opaque industry into a credible, regulated enterprise.
For many Ugandans, the gold trade was long seen as a domain dominated by wealthy foreign investors and informal dealers. But over the last seven years, one man has systematically challenged that perception, turning scepticism into opportunity, and informal gold trading into a credible, regulated business enterprise.
Benard Feni has become a trailblazer in Uganda’s burgeoning gold sector. Through his company, Euro Gold Refinery (EGR), Benard Feni has helped reshape the narrative around gold, proving it’s not only attainable for Ugandans to participate, but sustainable and internationally competitive.
His journey in the sector is built on remarkable consistency and credibility. Over the past seven years, he’s maintained a spotless reputation with no criminal record, something rare in a business often clouded by fraud allegations and opaque dealings. Instead, he has focused on transparency, compliance, and building solid partnerships across the gold value chain.
Euro Gold Refinery, launched in Kampala in 2025, stands as Uganda’s first fully Ugandan-owned licensed gold refinery, producing gold refined to 99.9% purity that meets international bullion standards.
Unlike many mid-level operators, Benard Feni ensured his business was fully documented, licensed, and operationally transparent — giving confidence to both local artisanal miners and global traders.
Under his leadership, Euro Gold didn’t just refine gold; it formalised artisanal mining partnerships, signing MoUs with mining associations and facilitating safe, traceable gold sourcing from regions such as Mubende and Abim.
Benard Feni’s strategy extends beyond Uganda’s borders. Euro Gold now connects with international markets, including the United Arab Emirates — the world’s leading gold trading hub — giving Ugandan gold a direct pathway to global buyers.
This matters: Uganda’s gold export earnings have recently soared, with the sector generating a record US$5.8 billion in the year ending November 2025, making gold one of the nation’s top export earners.
By aligning domestic refining with global standards, Feni has played a role in helping the country shift from exporting raw minerals to value-added products, a strategic economic priority. This aligns with government goals to stimulate value addition and industrial growth.
Feni’s influence extends socially as well. Through mentorship, partnerships with artisanal miner groups, and public advocacy, he has encouraged Ugandan youth to enter the gold trade with legitimate business practices transforming perceptions and creating sustainable livelihoods.
By blending entrepreneurship, ethical sourcing, and international connectivity, Benard Feni has not only built a reputable business but also helped elevate Uganda’s gold sector into a formal, credible, and globally competitive industry.