SBG Securities Uganda has introduced a USD-denominated Fixed Income Unit Trust Fund, marking a strategic shift toward multi-currency investment offerings as global economic volatility reshapes investor behaviour.

The new product complements the firm’s existing Uganda shilling (UGX) unit trust, giving investors the option to diversify across currencies at a time when exchange rate pressures and global uncertainty are increasingly influencing returns.

The move reflects a growing recognition within Uganda’s financial sector that currency risk is no longer peripheral but central to portfolio strategy. With geopolitical tensions in the Middle East and fluctuating energy prices driving volatility in global markets, investors are seeking safer stores of value and instruments that can preserve capital in hard currency terms.

Grace Semakula, Chief Executive of SBG Securities Uganda, said the introduction of the USD fund is designed to offer flexibility rather than replace local currency investments.

“The Uganda shilling remains a strong and important foundation for domestic investment. However, in today’s dynamic environment, diversification across currencies is becoming essential. This USD fund complements our UGX offering by giving clients more options as they navigate different investment needs,” she said.

At its core, the USD Fixed Income Unit Trust is structured to act as a hedge against currency depreciation—particularly relevant for investors with obligations or income streams linked to foreign currency. By holding assets denominated in US dollars, investors can shield part of their portfolio from local currency volatility while maintaining exposure to regional and offshore debt markets.

The fund will primarily invest in short-term fixed and floating-rate debt instruments issued by sovereigns, rated banks and corporates across East Africa and international markets. This positioning reflects a cautious strategy focused on capital preservation and steady income generation rather than high-risk returns.

Salima Katamba, Investment Manager at SBG Securities, said unit trusts remain one of the most accessible entry points for retail investors, allowing gradual wealth accumulation without the need for large upfront capital.

“Many people have long-term financial goals but may not have the full capital at once. Unit trusts allow investors to contribute smaller amounts consistently—monthly or even more frequently—and build a meaningful investment portfolio over time,” she explained.

The USD fund has been structured with a relatively low entry threshold, requiring a minimum initial investment of USD 100, with similar amounts for subsequent top-ups. Investors retain flexibility to contribute and withdraw based on their financial needs, a feature that aligns with evolving preferences for liquidity and control.

Beyond product expansion, the launch signals a broader strategic direction for SBG Securities as it positions itself within a competitive and maturing asset management landscape. The firm is betting on a future where Ugandan investors demand more sophisticated instruments, including multi-currency portfolios, as their exposure to global markets increases.

The initiative also aligns with the wider ambitions of Stanbic Bank Uganda, SBG Securities’ parent company, to deepen financial inclusion and expand access to wealth-building tools.

As global economic conditions remain fluid, the introduction of USD-denominated investment options suggests a shift in how local investors are thinking about risk—moving beyond returns in nominal terms to a more nuanced focus on value preservation across currencies.

With both UGX and USD unit trust options now available, SBG Securities is effectively offering a dual-track strategy anchored in local economic growth on one hand, and the other designed to hedge against external shocks. For investors navigating an increasingly uncertain global environment, that combination may prove decisive.

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An estimated 12 pc to 15 pc of maritime trade and around 30 pc of global container traffic passes through the Suez Canal. The Suez Canal is also a key trade route for coffee shipments from Asia to the Mediterranean and southern Europe.

During the season between late 2024 and late 2025, Uganda overtook Ethiopia as Africa’s top coffee exporter, shipping out 8.4 million bags worth $2.4 billion. In January total earnings from coffee reached just over $160 million.

Meanwhile, according to industry analysts Sucafina, futures prices on the coffee markets have started to rise again especially for the Arabica variety. The week ending Friday March 6, saw the contract for May delivery in New York and London at 293.30 cents and $3,772, up 4.5% and 4.1% respectively on the previous Friday. On Monday, Barchart reported that New York Arabica coffee prices posted a new 3-week high. In London, Robusta futures prices were down by 1.54 pc on Tuesday to $3713 a tonne.

Soaring coffee exports from Vietnam, the world’s largest Robusta producer, are bearish for Robusta prices. Vietnam’s National Statistics Office reported on March 6 that its January to February 2026 coffee exports rose by 14 pc year-on-year to 366,000 metric tonne.

The war in Iran has halted shipping through the Strait of Hormuz. The closure of the waterway has increased global shipping rates, insurance, and fuel costs, and raises costs for coffee importers and roasters.

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The continued prevalence of Non-Tariff Barriers (NTBs) remains a major impediment to trade as well as other issues such as discriminatory domestic taxes and charges, duplicative inspections, inconsistent application of Rules of Origin, and sanitary and phytosanitary measures.

Beatrice Askul Moe, Kenya’s Cabinet Secretary for the Ministry of East African Community, ASALs and Regional Development, called for simpler, faster, and more competitive trade processes.

She spoke on the need for a clear, actionable plan to improve the experience of businesses by reducing clearance times, easing movement of goods, and ensuring predictable regulations, emphasizing shared responsibility among all stakeholders.

Denis Karera, the Vice Chairperson of the East African Business Council (EABC), emphasized the need for practical, results-oriented measures, “we need a scorecard to track progress and ensure we implement time-bound solutions that translate policy into real trade gains,” he said. Karera said such accountability is key to boosting intra-EAC trade and strengthening regional economic integration.

During the opening ceremony, Rwanda’s Minister of Trade and Industry, Prudence Sebahizi, welcomed participants from all eight EAC Partner States and reiterated the importance of the two-day Multi-sectoral Dialogue. He reiterated Rwanda’s commitment to partnering with the private sector in driving EAC integration.

According to an EAC Secretariat release, the meeting brought together technical and policy officials across key sectors in the Partner States to identify bottlenecks, evaluate the effectiveness of existing interventions, and propose concrete, actionable measures to accelerate the operationalisation of the Customs Union and Common Market.

In spite of progress in establishing legal, institutional, and policy frameworks to support regional integration, intra-EAC trade has remained stagnant at approximately 15 pc of total trade for more than a decade, well below the region’s estimated potential of 30 pc to 50 pc or higher.

The EAC Secretary General, Veronica Nduva, said regional trade within the Community has grown from $6.42 billion in 2016 to $15.25 billion in 2024, representing an approximate annual growth rate of 11–12%.

However, she said intra-EAC trade still accounts for only about one-eighth of total exports, with the share of intra-regional trade increasing modestly from 11.5 pc in 2016 to 12.2 pc in 2024, indicating that EAC economies continue to rely heavily on external markets.

The dialogue is aimed at reaffirming Partner States’ commitment to shifting from policy formulation to effective implementation, enforcement, and coordination, recognizing that the principal constraints to trade are increasingly operational and institutional rather than legal.

Participants also reviewed the high transport and logistics costs, incomplete implementation of the One Network Area, and challenges in digital integration, including limited interoperability and weak real-time data exchange that cause duplication and border delays.

Uneven implementation of One-Stop Border Posts (OSBPs) and the Single Customs Territory, highlighting capacity gaps and uncoordinated border operations, were also be discussed. Additional areas include delays in ratifying and enforcing Customs Union and Common Market commitments, slow services liberalization, low industrialisation, weak value addition, and SEZ performance, while considering climate risks and the critical role of youth and women in fostering inclusive growth and boosting regional trade participation.

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A renewed rally on the Uganda Securities Exchange (USE) has delivered sharp gains to institutional and high-net-worth investors, with MTN Uganda once again emerging as a key driver of market momentum.

MTN Uganda shares have climbed strongly over the past eight weeks, rising from UGX312 on November 25, 2025 to UGX428 by February 6, 2026. The UGX116 per-share gain has significantly lifted the value of major portfolios and reinforced the telecom counter’s influence on overall market performance.

The National Social Security Fund (NSSF), MTN Uganda’s largest local shareholder, has been the biggest beneficiary of the rally. The pension fund holds 2.63 billion shares, representing a 10.7 percent stake in the company.

Over the eight-week period, the increase in MTN Uganda’s share price generated paper gains of about UGX305 billion for NSSF, equivalent to roughly USD85.7 million. This has pushed the total value of the fund’s MTN Uganda holding above the Shs1 trillion mark, now estimated atUGX1.13 trillion. The appreciation represents a notable boost to workers’ savings invested through the fund and underscores the growing role of equities in NSSF’s portfolio.

MTN Uganda board chair and businessman Charles Mbire has also recorded a substantial rise in the value of his investment. Mbire owns about 895.6 million shares, equivalent to a four percent stake in the company.

The rally has added approximately UGX103.9 billion to the value of his holding in just two months, lifting the total value of his MTN Uganda stake to about UGX383.3 billion, or roughly USD107.7 million.

MTN Uganda remains one of the most influential counters on the USE, and its recent price performance highlights how quickly value can be created when investor sentiment turns positive. For both institutional investors such as NSSF and large individual shareholders, the rally has reinforced the stock’s position as a core holding in the local market.

The latest surge mirrors a similar period of strong performance at the start of 2025, when sustained investor demand for telecom stocks pushed MTN Uganda’s valuation sharply higher. During that period, the company’s share price rose more than 70 percent within six months, briefly positioning it as the second most valuable listed company in East Africa behind Safaricom.

Analysts have previously attributed MTN Uganda’s resilience to a combination of solid earnings, regular dividend payouts and sustained institutional demand following the company’s secondary share offer in mid-2024, which was oversubscribed. The stock has also benefited from Uganda’s liberal foreign exchange regime, which allows for the repatriation of profits, a key consideration for large investors.

Beyond MTN Uganda, the rally has helped revive broader interest in equities on the USE, signalling improving confidence among investors after a period of subdued activity. While gains have been concentrated in a few heavyweight counters, market participants say the performance demonstrates the exchange’s potential to generate returns when liquidity and sentiment align.

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Now in its 13th year, the Commission has handled more than 480 mergers and acquisitions, 50 restrictive business practice cases, and 60 consumer protection matters across 21 member states. According to CEO Dr. Willard Mwemba, the body continues to strengthen its legal framework and deepen cooperation with regional and global partners.

“We have made meaningful progress in building a competitive and consumer-friendly market in COMESA,” Mwemba said. “Our interventions are protecting consumers, opening markets, and setting new benchmarks for fair business conduct.”

Major Competition Rulings

Among key decisions this year, the Commission conditionally approved Groupe Canal+’s acquisition of MultiChoice Group Limited, citing potential dominance concerns in the pay-TV market. The deal, which consolidates Canal+’s 45.2% stake in MultiChoice, was cleared after the companies committed to safeguards preventing market foreclosure and protecting local content and jobs.

The Commission also fined Bosch and Johnson Controls International for late merger notifications—USD 1 and USD 8,067 respectively—and BRED Banque Populaire USD 28,050 for a similar breach in its acquisition of BFV–Société Générale Madagascar.

Tackling Anti-Competitive Conduct

Two major beverage giants—Heineken and Diageo—were sanctioned for restrictive distribution practices, including territorial limitations and resale price maintenance. Heineken paid USD 900,000, while Diageo settled for USD 750,000 and revised its distribution agreements in Uganda, Eswatini, and Zambia.

The Commission also resolved a long-running dispute between the Confederation of African Football (CAF) and beIN Media Group over exclusive media rights arrangements. The Appeals Board confirmed a USD 600,000 settlement and directed CAF to adopt transparent, competitive tendering for broadcasting rights.

Protecting Consumers Across Borders

Consumer protection featured prominently in the Commission’s 2025 work programme, particularly in the aviation sector. Airlines including Kenya Airways, Zambia Airways, and Ethiopian Airlines were investigated over flight delays, poor redress systems, and misleading terms. Zambia Airways faces a 2% turnover fine, while Kenya Airways may face penalties pending a committee determination.

The CCC also issued several product safety alerts, including recalls of over 5,000 Ford vehicles, Heartland Foods South Africa cereal products, and Takata airbags linked to global fatalities.

In a proactive move, the Commission developed a Model Consumer Protection Law and Education Curriculum to help member states strengthen their national frameworks. The model addresses emerging risks such as dark patterns, misleading digital content, and false environmental claims.

Towards a New Competition Regime

The Commission is finalizing the first comprehensive amendment to COMESA’s Competition Regulations since 2004. The reforms introduce stronger consumer rights, a suspensory merger regime, provisions on buyer power, and environmental considerations in merger reviews. The revised framework will also rename the agency the COMESA Competition and Consumer Commission.

Expanding Cooperation and Global Reach

Over the past year, the CCC has signed Memoranda of Understanding (MOUs) with Mauritius, Tunisia, Uganda, and Nigeria—bringing the total to 19 member states. It also formalized cooperation with the East African Community Competition Authority (EACCA) and the World Intellectual Property Organization (WIPO).

The Commission’s advocacy for World Competition Day (WCD) gained international traction after Kenya submitted a proposal to the United Nations, backed by 15 countries including Uganda, Mauritius, and Seychelles. The initiative seeks to make WCD a formally recognized UN observance promoting fair markets and consumer rights.

“Our work goes beyond enforcement—it’s about building trust in markets and empowering consumers,” Mwemba said. “By harmonizing competition law and strengthening regional⁹ cooperation, we can make the Common Market more inclusive and resilient.”

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The UN Economic Commission for Africa (ECA), through its Sub-Regional Office for Eastern Africa, reported that the Democratic Republic of Congo (DRC) led with an 860 pc increase in exports between April and July 2025 compared to the same period in 2024.

Uganda and Rwanda more than doubled their exports, while Ethiopia and Kenya posted gains of 95 pc and 22 pc, respectively. Except for Ethiopia all are EAC members.

According to a statement, these gains are largely attributed to trade diversion effects, as Eastern African exporters—still eligible under the African Growth and Opportunity Act (AGOA)—benefited from reduced competition in the US market. Even countries previously expected to suffer, such as Madagascar and Tanzania, recorded modest growth.

AGOA expired on September 30, however according to several senior officials in the Trump administration there are plans to extend the preferential trade agreement for another one year. As of now, the duty-free/tariff-free arrangement is in abeyance.

Speaking recently in Kigali for the 2025 session of the Intergovernmental Committee of Senior Officials and Experts (ICSOE), Andrew Mold, Director of ECA’s Eastern Africa Office said recently, “The region’s resilience is encouraging, but we must act collectively to address structural vulnerabilities and unlock inclusive, sustainable growth.”

The theme for the talks was Responding to External Shocks and Advancing Regional Economic Integration and brought together senior government officials, private sector leaders, economists, trade experts, and media representatives to assess trade performance across Eastern Africa and explore strategies for inclusive and sustainable growth.

In 2024, total trade within the EAC surpassed $11 billion, marking a 22% increase from 2023. In comparison, intra-African trade grew by 8.5 percent, far outpacing the 0.4% growth in exports to markets outside the continent. Manufactured goods—such as textiles, chemicals, cement, and pharmaceuticals—are driving this growth, highlighting the potential of regional value chains and the African Continental Free Trade Area (AfCFTA).

Priscilla Andrianarivo of the Ministry of Trade and Industrialisation in Madagascar said, “AGOA has helped, but we must prepare for a future beyond it. Diversification is no longer optional—it’s essential.”

Eastern Africa’s export performance has also been buoyed by a surge in global commodity prices. Gold prices rose by over 60 pc between January 2024 and July 2025, while coffee prices nearly doubled. Tanzania and Uganda, both major gold producers, capitalized on this trend. Uganda also benefited from strong exports of coffee, tea, fish, and flowers. Meanwhile, Kenya’s tea exports hit a record $1.7 billion in 2024, up from $1.4 billion the previous year.

Despite these gains, the session highlighted persistent structural challenges. Many countries remain heavily reliant on mineral exports, particularly gold, while the share of manufacturing in total exports continues to decline. This underscores the urgent need for economic diversification and industrial transformation, particular under the aegis of the AfCFTA. Concerns were also raised about the prevalence of non-tariff barriers and the lack of compliance to agreed trading arrangements:

Infrastructure development was spotlighted as a key enabler of trade resilience. Kenya’s Dongo Kundu Special Economic Zone, Tanzania’s Bagamoyo Port upgrades, and Rwanda’s Rusizi Port development were cited as examples of strategic investments improving logistics and regional connectivity.

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Addressing delegates at the Uganda Development Bank (UDB) Development Finance Summit in Munyonyo on September 1, Museveni argued that investments in roads, power, and other infrastructure must be matched with initiatives like Uganda’s Parish Development Model (PDM), which seeks to recruit households into the money economy through micro-enterprises.

He illustrated the gap by recalling his school days in the 1960s. “When I travelled with the Ntare School cricket team from Mbarara to Soroti, all that road—over 500 kilometers—was already tarmacked. Yet the people living along it were poor. That disconnect between infrastructure and social transformation has persisted,” Museveni said.

The two-day summit, held under the theme “Transforming Africa through National Development Finance Architecture,” drew more than 400 participants, including heads of national development finance institutions, senior government officials, private sector executives, academics, and global practitioners. The gathering comes at a time when concessional aid is shrinking and African countries face increasingly costly access to global capital markets.

Museveni linked Africa’s slow progress to what he described as weak leadership. “Africa is 250 years behind Europe because many of its leaders neither have vision nor integrity. They are corrupt,” he said, stressing the need for integrated continental markets to achieve the “critical mass” required for sustained growth.

UDB Managing Director Dr. Patricia Ojangole echoed the president’s position, warning that Africa must design resilient, inclusive, and locally rooted financial systems in the face of climate change, digital disruption, shifting trade dynamics, limited fiscal space, and rising youth unemployment.

Keynote speaker Arshad Rab, CEO of the European Organisation for Sustainable Development and Chair of the International Sustainability Council, underscored the urgency of innovation. He noted that artificial intelligence already contributes 10 percent to global GDP, urging Africa to “hop on the AI highway.”

Rab added that Africa’s biggest financing challenge lies in high-risk perceptions, which inflate borrowing costs. He proposed that national development institutions engineer hybrid capital structures to deliver blended finance solutions. Microfinance, he argued, should be treated as a stop-gap measure rather than the backbone of development finance.

Addressing the summit via live link, Professor Jeffrey Sachs, Director of the Centre for Sustainable Development at Columbia University, argued that Africa’s debt is often mischaracterized. “In relative terms, Africa’s debt is actually not high. The problem is its structure, which tends to be short-term in nature,” he said, suggesting that debt restructuring and longer tenors would ease fiscal pressures and unlock growth.

By the summit’s close, a common thread had emerged: for Africa to achieve sustainable transformation, infrastructure investment must go hand-in-hand with production, innovation, and stronger development finance institutions capable of mobilising domestic and global resources at lower cost.

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Dr Willard Mwemba

In his keynote presentation on the Essentials of Competition Law, Dr. Willard Mwemba, CEO of the CCC, noted that Eritrea would not be starting from scratch if it chose to enact a dedicated competition law. “There are existing provisions on unfair trade practices and unfair competition spread across Eritrean laws,” he said, adding that the country’s trade policy already expressly prohibits anti-competitive conduct. “If Eritrea was to adopt a competition law, it would join over 125 countries worldwide, 46 in Africa, and 19 COMESA Member States that have already established such laws and institutions. The CCC is fully committed to assisting Eritrea to establish a competition law and institution.”

The discussions underscored the dual importance of competition and consumer protection in ensuring that markets function efficiently and that citizens are shielded from exploitative practices. Mr. Steven Kamukama, CCC Director of Consumer Welfare and Advocacy, presented on the Fundamentals of Consumer Rights Protection, stressing that enacting a specific consumer law would guarantee rights more effectively than relying on scattered provisions. He emphasised that rights must be paired with responsibilities, and that state institutions have a central role in upholding both.

Mr. Isaac Tausha, CCC’s Chief Economist for Research, Policy and Advocacy, outlined the Opportunities and Challenges in Implementing Competition and Consumer Protection Laws in Eritrea. He observed that without a coherent law, gaps persist that limit enforcement and consumer confidence. On the other hand, a comprehensive framework could unlock benefits, from more competitive markets to enhanced investor confidence.

Other CCC officials elaborated on regional experiences and instruments. Mr. Boniface Makongo, Director of Competition, explained the benefits of COMESA’s merger control system, particularly the “one-stop shop” approach that reduces compliance costs for cross-border businesses. Ms. Meti Disasa, Registrar at CCC, discussed institutional models across jurisdictions, while Ms. Waweru, Manager of Legal Affairs in the CEO’s office, reviewed cooperation mechanisms between CCC and its 21 Member States, including adjudicative processes.

Local perspectives reinforced the case for reform. Mr. Tesfit Hagos, Unit Head for Industrial Policy and Regulation at the Ministry of Trade and Industry, outlined Eritrea’s economic and trade policy orientation, which prioritises free trade, private sector-led development, and prohibitions on unfair trade practices. Complementing this, Mr. Esayas Teklia, a lecturer at the College of Economics and Social Sciences, demystified how existing Eritrean statutes touch on unfair competition but acknowledged the absence of a unified law.

Tadesse Weldeyohannes

Delivering the keynote address, Guest of Honour Mr. Tadesse Weldeyohannes, Director General of Industrial Development at the Ministry of Trade and Industry, affirmed the government’s commitment to the principles underpinning competition policy. “Even though there is no specific competition law in Eritrea, there is a commitment by the government to the principles of competition law,” he said, underscoring that open competition not only promotes efficiency but also safeguards consumers. He added that regional integration is essential for Eritrea’s economic future.

The event concluded with a pledge of continued cooperation. On the sidelines, Dr. Mwemba held talks with officials at Eritrea’s Ministry of Foreign Affairs, where both sides recognised the country’s current legal landscape and explored avenues for collaboration. The CCC committed financial and technical support to Eritrea as it considers establishing a competition authority and consumer protection regime.

The inaugural sensitisation workshop signals Eritrea’s intent to gradually align its domestic regulatory architecture with COMESA’s competition framework. For Eritrea, the decision carries weight: effective competition law could both deepen market discipline at home and enhance its credibility as a regional trading partner.

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Inked on June 10, in Nairobi, Kenya, the agreement reflects a long overdue pivot towards regional blocs aligning their mandates to enhance fair trade and consumer protection in a rapidly converging marketplace.

With six of the EAC’s eight partner states also members of COMESA, creating a natural overlap in jurisdictions—and, until now, a risk of duplicated enforcement actions and inconsistent regulatory outcomes, the pact reflects a growing recognition that overlapping regional economic communities (RECs) must harmonize their regulatory frameworks to support seamless trade and investment flows.

“This MoU could not have come at a better time,” said Dr. Willard Mwemba, Chief Executive Officer of the COMESA Competition Commission. “As competition laws proliferate across the continent, it is vital for regulators to pool resources and coordinate activities, especially where member states fall under multiple jurisdictions.”

According to Mwemba, 19 of COMESA’s 21 member states have adopted competition laws, and five of those also belong to the EAC. The agreement formalizes collaboration between the two institutions in key areas such as joint investigations, information sharing, coordinated enforcement, and capacity building. It also aims to eliminate duplication in enforcement efforts and provide greater regulatory certainty for businesses operating across borders.

At a time when the African Continental Free Trade Area (AfCFTA) is gathering momentum, the COMESA–EAC agreement signals that RECs are embracing their role as foundational pillars of the continental integration agenda. Mwemba noted that more effective cooperation among regional bodies would bolster the detection of cross-border anti-competitive practices, deter consumer rights violations, and ensure that regional markets operate fairly and transparently.

Importantly, the MoU establishes designated focal points in each agency to coordinate joint activities and monitor implementation through annual work plans. The institutions also plan to conduct joint advocacy campaigns to raise awareness about the importance of competition law and consumer protection among regional stakeholders.

By aligning their enforcement frameworks, the CCC and EACCA hope to not only improve the efficiency of investigations but also increase investor confidence in the region’s regulatory landscape. The coordination is expected to be especially impactful in merger reviews involving multinational entities operating across both blocs.

The two institutions have also committed to reviewing their respective guidelines and regulations to ensure coherence and avoid conflicting interpretations of similar legal provisions. The collaboration, observers say, will be crucial as Africa moves from fragmented markets toward greater economic unity under AfCFTA.

Both CCC and EACCA are products of their respective regional legal instruments—the COMESA Competition Regulations (2004) and the EAC Competition Act (2006)—but their latest partnership highlights a new era of convergence among Africa’s regional economic communities. The deal represents not just regulatory efficiency, but a deeper political commitment to harmonized governance in the region’s economic affairs.

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Speaking during the 5th Stanbic Uganda Economic Insights Symposium on Tuesday, Dr. Adam Mugume, the Director of Research at BoU said, “As the Central Bank, we are aware of these prevailing conditions on our economic highway like the debt burden, climate change, the election time and the wars in our neighbouring countries. We are on top of the game so that our small car doesn’t fall in the potholes along the way.”

Under the theme, ‘Globalization Reshaped—Riding the Waves of Economic Shifts’, the symposium brought together leading economists and policymakers to critically examine how Uganda’s economy can navigate this challenging period and still maintain growth.

Dr. Mugume highlighted the critical need for Uganda to adapt its economic strategies in line with the evolving international environment including implementing agile monetary policies capable of responding to global uncertainties. He said as long as the current situation does get more volatile, the central bank is confident of providing a stable macroeconomic environment. 

In his opening remarks, Francis Karuhanga, the Chief Executive of Stanbic Uganda Holdings Limited (SUHL), reminded the gathering of the key takeaways from the previous edition and emphasized the importance of these discussions in shaping appropriate economic policies.

He said, “A lot has happened since we last met. Last year we were under the theme of ‘Global crossroads, reimagining business’, we explored a lot of things and we saw that much has already happened. One of these was geopolitics, for example the war in Ukraine persisted longer than all of us would imagine. The changes at the White House, the Middle East mix and wars in South Sudan and in the Democratic Republic of Congo; all these have a direct impact on the companies and businesses we lead.  We also talked about Climate Change and Artificial Intelligence, and surprisingly whatever we discussed we saw it happen in 2024. So we are back here once again to give a critical lens to these other things that have not happened. Not just because they pose a risk, but because we are also looking into the opportunities that come along with them.”  

The symposium comes at a time when Uganda has been earmarked by the African Development Bank as one of the countries in Africa projected to see a Gross Domestic Product (GDP) growth rate of above six percent, almost double the estimated average rate for the whole continent.

Christopher Legilisho, Stanbic Bank Senior Economist said regardless of the global shocks, Uganda is still a strong economy with the primary driver of this growth being investments in the oil and the agricultural sector.

“Coupled with a surge in exports of refined gold and higher earnings from coffee, Uganda’s economy has appeared to have largely recovered from the negative impact of the Covid-19 pandemic. However, there are already peeping negative impacts from the withdrawal of aid from development partners. The government may need to borrow more or increase taxes just to cover for the deficit from the withdrawal of US aid. And if there is anything that they could do to support that particular sector, the non-governmental sector, I think that would really help those who have been impacted by the shock of job losses,” he said.

In his remarks Sébastien Walker, the IMF Country Representative for Uganda, discussed how Uganda could capitalize on international partnerships and economic diplomacy. He reassured participants that while challenges exist, numerous opportunities to innovate and attract investment remain, particularly as the country positions itself within the global economy.

Dr. Fred Muhumuza, an economic researcher and lecturer, spoke on the necessity of a multi-faceted approach to development. He stressed the importance of collaboration among government agencies, the private sector, and civil society in creating a supportive environment for sustainable growth amid changing global dynamics, reinforcing the idea that joint efforts are vital for addressing economic challenges.

“Our tax to GDP ratio is approximately 13% and has a lot of room to grow, but there are important things that need to be done to enable Uganda’s sustainable development. Our current monetary policy is really working against tax mobilization and growth. And it’s a debate to the economists out there, at what point should I stabilize the economy. There is very little aggregate demand in the economy because we want to solve the inflation issue, this is not just a Bank of Uganda issue but a fiscal policy issue,” he said.

Muhumuza likened the economy to the human body. Regardless of the fact the brain is not the biggest body organ, but it needs sufficient blood supply for the rest of the body parts to function properly.

He said, “Ugandans need to see enough money in the economy, and the question is this: is all the money locked in the central bank? This is honestly not true! But we currently have over UGX9 trillion locked in the judiciary as bail money; this money is not benefiting Ugandans because there is no return on investment being realized. The government needs to scale down the fiscal deficit caused by treasury bids and bonds, where we end up in a deficit trying to refinance them.” 

Wrapping up the event, Mumba Kenneth Kalifungwa, the Stanbic Bank Uganda Chief Executive hailed the guests and panelists for providing valuable insights, and expressed optimism on the future outlook of Uganda’s economy. 

“I am hopeful that together we have the opportunity to, not only continue building on the solid foundation of excellence that Stanbic has been known for, but to reinforce our purpose of driving Uganda’s growth. This is not just a statement. It’s a promise, it is a commitment that inspires everything we do in driving sustainable economic growth for our communities, and our customers,” he said.

He added that with the shifting signs of international trade, emerging technologies and evolving market dynamics, there is a need to work hand in hand. “To ensure that we capture every opportunity that comes our way. Our commitment to you, not just as a bank, but a strategic partner for your growth, stands unwavering.”

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