By Mutuunzi Saul
KAMPALA — Minister of Finance, Planning and Economic Development Henry Musasizi has urged Uganda’s capital markets to play a bigger role in mobilising the long-term financing required to transform the country into a US$500 billion economy by 2040.
Musasizi made the remarks on Tuesday during a media engagement held at the Uganda Media Centre in Kampala, where the Capital Markets Authority (CMA) outlined preparations for its forthcoming celebrations and highlighted developments in Uganda’s capital markets.
The Minister said Uganda’s capital markets have grown significantly over the past three decades, evolving from a relatively nascent industry into an increasingly important component of the country’s financial system.
He said that by August 2026, domestic market capitalisation had reached Shs24.28 trillion, while the corporate bond market had mobilised about Shs290 billion. Collective Investment Schemes (CIS), he added, had approximately Shs7.08 trillion in assets under management.
According to Musasizi, the growth demonstrates increasing participation in formal investment, improved access to alternative sources of financing for businesses and the growing contribution of capital markets towards mobilising long-term capital.
He said the Government’s Tenfold Growth Strategy, which targets a US$500 billion economy by 2040, will require substantial long-term financing to support infrastructure development, industrialisation, commercial agriculture, tourism, energy, housing, manufacturing, technology, innovation and the expansion of Ugandan enterprises.
“This ambition cannot be achieved through Government expenditure or bank financing alone,” Musasizi said, stressing the need for deeper, stronger and more effective capital markets.
The Minister also called on Ugandans to shift from a culture focused mainly on saving towards one that embraces investment, saying increased financial literacy and investor education are necessary to enable ordinary citizens to participate in investment opportunities while protecting their savings.
He further emphasised that investor protection should remain central to the development of Uganda’s capital markets, supported by strong disclosure requirements, market surveillance, enforcement, sound corporate governance and increased public awareness.
Meanwhile, Capital Markets Authority Chief Executive Officer Josephine Okui Ossiya said the Authority has transformed from a small institution into an organisation with a broader responsibility to connect Uganda’s savings with investment opportunities.
Ossiya said that during the first year of implementation of CMA’s new five-year strategic plan, 63 percent of the 43 strategic indicators had been achieved or exceeded, while work-plan implementation stood at 99.5 percent.
She said assets under Collective Investment Schemes had reached approximately Shs7 trillion, while total funds mobilised through the capital markets stood at approximately Shs23.4 trillion.
Public understanding of capital markets, Ossiya added, had increased to 60.8 percent, while the number of Collective Investment Scheme investor accounts had reached 241,000.
The developments, she said, demonstrate growing participation in Uganda’s investment ecosystem and the expanding role of capital markets in mobilising resources for economic development.
The officials said strengthening capital markets will be critical in providing Uganda with alternative sources of long-term financing as the country pursues accelerated economic growth and the ambitious US$500 billion economy target by 2040.
