The effectiveness of competition regulation in Africa’s increasingly integrated markets will depend not only on the rules authorities put in place, but also on whether they have the technical expertise to enforce them.

That was the message from Dr Willard Mwemba, Chief Executive Officer of the COMESA Competition and Consumer Commission (CCCC), as competition and consumer authorities from across the region met in Nairobi for their annual case handlers workshop.

The workshop, running from 7 to 9 October 2026, is bringing together officials involved in investigating competition and consumer protection cases as regional markets become more complex.

Mwemba said a trained and capable workforce was fundamental to the success of competition and consumer authorities, particularly as regulators confront increasingly sophisticated cases involving anti-competitive conduct, mergers and consumer violations.

“Building technical expertise and institutional capacity” enables authorities to investigate and address such cases more effectively and efficiently, he said.

The issue is increasingly important for the Common Market for Eastern and Southern Africa (COMESA), where deeper regional integration is expanding the scope of businesses and transactions that can cross national borders.

For regulators, this means that competition problems can no longer always be contained within individual national markets. Mergers, dominant market positions, restrictive business practices and consumer abuses may have effects across several countries, requiring regulators to have both specialised skills and the ability to cooperate across jurisdictions.

Stronger competition institutions, Mwemba argued, ultimately contribute to fairer and more transparent markets, protect consumers and support economic growth.

They also provide an important institutional foundation for regional integration.

Even as it is a technical training exercise, the Nairobi workshop highlights a contemporary challenge facing African regional economic communities: ensuring that regulatory capacity keeps pace with increasingly integrated markets.

Rules governing competition can only be effective when regulators have the economists, lawyers, investigators, analysts and other specialists required to interpret markets and build credible cases.

Mwemba also used the gathering to recognise the contribution of several prominent figures who have helped shape competition law and policy internationally and in Africa.

He proposed the creation of a “Committee of Elders” through which experienced practitioners and scholars could continue transferring their knowledge to a new generation of competition enforcers.

Among those he singled out were Professor Bill Kovacic, Judge Dennis Davis, Dr George Lipimile, Professor Richard Whish, Professor Eleanor Fox and Professor Frederick Jenny.

The tribute reflected a concern that institutional knowledge can be lost as experienced competition practitioners leave active service.

For Africa’s relatively young competition regimes, preserving that knowledge could be as important as recruiting new specialists.

The challenge is particularly relevant as African countries pursue the African Continental Free Trade Area and other forms of regional economic integration. Larger markets can create opportunities for businesses and consumers, but they can also create greater scope for market concentration and cross-border anti-competitive practices.

Effective enforcement will therefore require regulators capable of understanding increasingly sophisticated corporate structures and commercial strategies while working across national boundaries.

The annual case handlers workshop provides one avenue for developing that capability, while Mwemba’s proposed Committee of Elders points to  ensuring that the experience accumulated by the pioneers of competition regulation is passed on rather than lost.

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The Government of Uganda is seeking to raise up to UGX1.4 trillion through the auction of four Treasury bonds with maturities ranging from two to 25 years, as the government continues to use the domestic debt market to finance its budget requirements.

The Bank of Uganda (BoU) has scheduled the auction for Wednesday, September 23, 2026, offering two re-opened bonds, one new issue and another re-opening across the maturity spectrum.

The largest offer is the 15-year bond, with a face value of UGX450 billion. The bond, which matures on September 5, 2041, is a new issue and does not carry a pre-set coupon, with the return to be determined through the auction process.

The 5-year re-opening has an offer of UGX350 billion and matures on May 20, 2032. It carries a coupon of 15 percent.

Another UGX350 billion is being offered through the 25-year re-opening, maturing on July 7, 2050, with a 16 percent coupon.

The shortest-dated security in the auction is the 2-year re-opening, with UGX250 billion on offer. It matures on November 16, 2028 and carries a 15.25 percent coupon.

The auction gives investors exposure to government securities across different investment horizons, while allowing the Treasury to mobilise domestic financing through the established government securities market.

The bonds are being issued under the Public Finance Management Act 2015, with settlement scheduled for Thursday, September 24.

According to the BoU notice, withholding tax on interest is 20 percent for the 2-year bond and 10 percent for the 5-year, 15-year and 25-year bonds.

Primary dealers and other commercial banks are required to submit bids electronically through the Central Securities Depository (CSD) by 10 a.m. on September 23.

Individual investors seeking to participate in government securities can do so by opening a CSD account through a commercial bank and placing bids through the bank.

The auction comes as Uganda continues to rely on domestic borrowing alongside other sources of financing to meet public expenditure and investment requirements. The longer maturities also provide the government with an avenue to lock in financing over extended periods, while investors gain access to securities offering fixed income over the respective terms.

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Global oil markets have entered unfamiliar territory, with JPMorgan’s commodities research team abandoning its baseline forecast for the first time since the start of the Iran conflict, warning that the path towards an end to the disruption has become increasingly difficult to model.

In its September 17, 2026, Oil Markets Weekly report, titled “Dry powder,” the bank’s analysts said they no longer had a baseline view of the market because they “simply don’t know how to model the endgame.”

The assessment highlights the growing uncertainty facing governments, businesses and consumers as disruptions to oil supplies, shipping routes and refining capacity continue to complicate expectations about energy prices.

The report was prepared by JPMorgan’s Global Commodities Research team, led by Natasha Kaneva, alongside Lyuba Savinova and Artem Fakhredtinov.

Economic red lines fail to contain the crisis

When the conflict began, JPMorgan’s analysts expected rising economic pressure to create limits on how far the disruption could extend.

Their initial assessment assumed that certain economic thresholds would constrain US policy, including oil prices reaching USD100 a barrel, gasoline approaching USD5 a gallon, headline inflation rising to 4pc and the 10-year US Treasury yield reaching 5pc.

The analysts had anticipated that these pressures would help drive some form of agreement to reopen the Strait of Hormuz by June.

Six months later, however, the report said several of those thresholds had been crossed without producing a clearer exit strategy.

Oil had risen above USD100 a barrel, while the 10-year Treasury yield had reached the 5pc range. US gasoline prices stood at USD4.37 a gallon and diesel had climbed to a record USD6.31 a gallon, according to the report.

The combination of elevated prices and depleted inventories has raised concerns about the ability of markets to absorb further supply disruptions, particularly as the northern hemisphere moves towards winter.

Reuters reported that JPMorgan estimated September fair value for oil at USD90 a barrel, compared with Brent crude trading at approximately USD106 at the time of the report. The difference indicated that market prices were reflecting a substantial risk premium associated with supply interruptions.

Supply routes under renewed pressure

JPMorgan’s assessment points to a widening geographical footprint of energy supply risks.

The report noted that Houthi attacks along Yemen’s Red Sea coast and into the Bab el-Mandeb had placed another important shipping route at risk. An attack on Saudi Arabia’s East-West pipeline had also temporarily closed a key alternative route for crude exports.

The developments increase pressure on the global oil transportation system, where the availability of alternative routes and the capacity to move crude to refineries are important determinants of supply security.

The report estimated that approximately 10 million barrels per day of supply had already been disrupted, with the market potentially pricing in another four million barrels per day of losses.

However, the analysts distinguished between risks reflected in market prices and disruptions that have been confirmed and sustained. The difference matters because oil prices respond not only to actual shortages but also to expectations of future supply constraints.

A prolonged disruption could therefore generate additional price pressure even before a corresponding physical shortage becomes evident across all markets.

Beyond the Middle East

The report also highlighted developments affecting oil refining and infrastructure in Russia.

Ukrainian drone strikes reportedly targeted the Slavyansk refinery, followed by attacks on the Taneco refinery in Tatarstan and the Syzran refinery in Russia’s Samara region.

These incidents add another layer of uncertainty to the oil products market, particularly when refining capacity is already under pressure.

Refinery disruptions can have consequences beyond crude oil prices because diesel, petrol and other refined products depend on the availability of processing capacity, inventories and transport infrastructure.

JPMorgan’s concerns therefore extend beyond the immediate disruption of crude supplies to the broader capacity of the energy system to maintain reliable deliveries.

The pressure on fuel markets

One of the report’s most significant observations concerns diesel.

The bank said diesel prices had reached an all-time high of USD6.31 a gallon heading into winter, while inventories remained at historically low levels.

Diesel is central to road freight, agriculture, construction, manufacturing and other economic activities. Persistent price increases can therefore affect a wide range of businesses, increasing operating costs and potentially feeding into the prices of goods and services.

The impact is not uniform across economies. Fuel pricing structures, taxation, exchange rates, subsidies and supply arrangements determine how changes in international oil prices reach consumers and businesses in individual markets.

Nevertheless, prolonged international energy market disruption creates a challenging environment for fuel-importing economies.

No clear endgame

JPMorgan’s decision to withdraw its baseline forecast is significant because financial institutions routinely use scenario modelling to assess how geopolitical developments may affect commodity prices.

The analysts’ conclusion does not mean that oil prices must continue rising indefinitely. Rather, it reflects the difficulty of assigning a sufficiently reliable central scenario to a conflict whose duration, geographic reach and economic consequences remain uncertain.

Indeed, oil prices subsequently eased on September 21 amid reported hopes of diplomatic progress and partial recovery in Saudi exports, demonstrating how rapidly market expectations can change.

But that movement does not resolve the structural risks identified in the JPMorgan report. It illustrates the distinction between short-term price movements and the underlying uncertainty surrounding supply routes, inventories and geopolitical developments.

For businesses and policymakers, the immediate challenge is to prepare for a range of outcomes rather than rely on a single oil price assumption.

For Uganda, that means paying close attention to international energy developments while strengthening domestic measures that can help limit the economic impact of external shocks.

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Rising dollar demand from oil-sector companies and fuel importers is putting renewed pressure on the Uganda shilling, with the currency vulnerable around UGX3,740-3,750 to the dollar as demand for hard currency outpaces available supply.

The pressure is part of a broader divergence across African foreign-exchange markets, where currencies are increasingly being shaped by the strength, timing and reliability of dollar inflows rather than by a common regional trend.

London-based market intelligence and news platform Allen Dreyfus says Uganda is experiencing a familiar mismatch between demand for dollars and available foreign-currency supply, with fuel importers and commercial banks among those competing for hard currency.

The demand comes as Uganda continues to prepare for oil production, creating additional foreign-exchange requirements for companies involved in the sector, while the wider import bill adds to pressure on the local currency.

“The bigger message? Africa’s currencies are increasingly separating into those supported by dependable dollar inflows and those scrambling to ration scarce ones,” Dreyfus said.

For Uganda, the immediate concern is whether dollar supply can keep pace with corporate and import-related demand without placing further pressure on the shilling.

The currency is therefore approaching the UGX3,740-3,750 per dollar range identified by Dreyfus as a key pressure point.

Ghana faces corporate FX backlog

Dr. Johnson Pandit Asiama Governort Bank of Ghana

Ghana is confronting a similar imbalance, although the sources of pressure differ. The cedi has weakened from about 11.05 to around 11.15 to the dollar amid a growing backlog of corporate foreign-exchange orders.

According to Dreyfus, energy-sector demand, coupon and dividend repatriation are colliding with insufficient inflows from the extractive sector.

Heavy bidding at Bank of Ghana foreign-exchange auctions is another indication that demand for dollars remains strong.

The relatively modest movement in the cedi therefore masks a potentially more significant problem beneath the surface; of persistent demand for foreign currency that is not being fully met through normal market supply.

Nigeria gets support from oil flows and foreign investors

Nigeria offers a contrasting picture to Uganda and Ghana, with stronger dollar inflows helping support the naira, which was trading at about 1,344 to the dollar officially.

The country’s oil sector has received an unexpected boost from the disruption to global fuel markets following the Gulf crisis, particularly through the rapid expansion of Dangote Refinery’s exports of refined products.

European buyers have increasingly turned to Nigeria for aviation fuel as disruptions to traditional Middle Eastern supply routes forced refiners and traders to seek alternative sources. Dangote Refinery has emerged as one of the main beneficiaries, becoming Europe’s largest jet-fuel supplier in June and July.

Yemi Cardoso, Governor Centrl Bank of Nigeria

The shift has helped strengthen Nigeria’s position in the international refined-products market. Nigerian seaborne petroleum-product exports have increased seven-fold since 2023, according to the US Energy Information Administration, with the Dangote refinery accounting for much of the increase.

For the naira, the stronger oil and refined-product flows are being reinforced by foreign investors buying high-yielding domestic securities. The currency was trading at around 1,344 to the dollar officially, with further gains possible as long as elevated interest rates continue to attract foreign capital.

Dreyfus sees room for further gains, but cautions that the naira’s strength remains dependent not only on oil-related dollar inflows but also on the continued willingness of foreign investors to hold high-yielding Nigerian assets, making the rally potentially expensive to sustain if the interest-rate advantage narrows.

Nigeria illustrates the other side of Africa’s FX divide. While Uganda and Ghana are dealing with periods in which dollar demand is outstripping supply, Nigeria is benefiting from stronger foreign-exchange inflows generated by its expanding role in the global refined-fuel trade.

Remittances offer Kenya support, Kwacha faces political headwinds

Kamau Thugge Governor Central Bank of Kenya

Kenya’s shilling could also strengthen modestly as diaspora remittances increase dollar supply and month-end demand for foreign currency eases.

The Kenyan case again highlights the importance of predictable inflows. Remittances have become a significant source of foreign exchange for the country, providing support when corporate and import demand increases.

Zambia, meanwhile, is showing a different pattern. Political tensions surrounding President Hakainde Hichilema’s disputed re-election have interrupted the kwacha’s recent appreciation, but the copper-producing economy has not yet entered a significant currency retreat.

Dreyfus expects the kwacha to consolidate around 19.18 to the dollar rather than resume a sharp decline.

Flows matter more than headline rates

The divergent performances across Uganda, Ghana, Nigeria, Kenya and Zambia point to a broader shift in how African currencies are being driven.

Countries with dependable sources of dollar earnings—whether from oil, minerals or remittances—have greater capacity to absorb periods of strong demand for foreign currency.

Those with weaker or less predictable inflows are more exposed when importers, corporates and investors simultaneously increase their demand for dollars.

For Uganda, the immediate test will be whether oil-related and other foreign-exchange inflows can eventually provide sufficient supply to offset the growing demand generated by the country’s investment and import requirements.

For investors, Dreyfus argues, exchange-rate movements alone may not tell the full story.

“Watch the flows — they may tell you more than the exchange rate itself,” he said.

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MTN’s decision to return R6 billion ($375 million) to shareholders underscores the strength of its African operations, even as the telecoms group continues to carry the financial and geopolitical cost of its long-running exposure to Iran, according to London-based market intelligence and news platform Allen Dreyfus.

MTN owns a 49pc stake in Irancell, a joint venture between South Africa’s MTN and an Iranian government-controlled consortium. But US sanctions, coupled with the sharp depreciation of the Iranian rial, have trapped significant shareholder value in the volatile market, limiting MTN’s ability to exercise its exit option.

Dreyfus reports that the continent’s largest mobile operator has approved the share buyback after reporting a 21.3pc increase in adjusted half-year profit, with adjusted headline earnings per share rising to 793 cents from 654 cents.

Investors responded positively, pushing MTN’s share price 4.61pc higher to R201 as the buyback reinforced confidence in the group’s cash-generating capacity.

For MTN, however, the headline numbers conceal a more complicated picture according to Dereyfus.

Reported headline earnings per share fell 5.8pc after the group recognised a R3.9 billion non-cash impairment on its 49pc stake in Irancell, its Iranian associate. The impairment reflects the impact of hyperinflation and the sharp depreciation of the Iranian rial.

Currency weakness elsewhere in MTN’s footprint also continued to weigh on performance, with foreign-exchange losses in South Sudan highlighting the broader risks of operating across volatile frontier markets.

But Iran remains the more difficult problem to resolve. MTN has been working to complete its withdrawal from the Middle East and focus its portfolio increasingly on Africa. Its exit from Iran, however, has been complicated by US sanctions, leaving approximately R880 million in dividends trapped in the country since 2018, according to Dreyfus.

That creates an unusual contrast in MTN’s capital allocation story – while the group is sufficiently confident in its African cash flows to commit R6 billion to buying back its own shares, a substantial pool of money generated by an overseas investment remains inaccessible.

“The distinction is important for investors assessing MTN’s longer-term strategy,” says Dreyfus.

“With more than 317 million subscribers across 19 markets, the group remains deeply exposed to the growth of Africa’s consumer economy, particularly through mobile data, digital services and financial technology. Its African operations provide the underlying growth story supporting shareholder returns.”

The Iran exposure, by contrast, represents a legacy investment whose strategic value has diminished as MTN has sought to simplify its portfolio and concentrate on markets where it can exercise greater operational and financial control.

“The buyback is a strong vote of confidence in MTN’s ability to generate cash from its core African operations, but it also highlights the unfinished business around Iran,” said Dreyfuss.

For investors, the next question may therefore be less about whether MTN can return capital and more about how quickly it can remove the remaining obstacles to a cleaner, Africa-focused balance sheet.

The R6 billion buyback signals that MTN can absorb the financial strain associated with its legacy exposures. Closing the Iran chapter, however, could give investors a clearer view of the African growth story the group increasingly wants to present.

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The Bank of Uganda has approved the sale of Standard Chartered Bank Uganda’s Wealth and Retail Banking (WRB) business to Absa Bank Uganda, clearing a key regulatory hurdle in a transaction expected to reshape competition in Uganda’s retail banking sector.

The approval allows Absa Bank Uganda to acquire Standard Chartered’s retail and wealth banking portfolio while enabling Standard Chartered to sharpen its focus on corporate and investment banking, in line with its global strategy.

The transaction represents one of the most significant developments in Uganda’s banking industry in recent years and reflects growing confidence in the country’s financial sector and regulatory framework.

Standard Chartered Bank Uganda Chief Executive Officer Sanjay Rughani said the approval validates the role both institutions have played in Uganda’s banking industry while supporting the bank’s long-term strategic direction.

“This approval is a testament to the strength and contribution of both institutions to Uganda’s banking industry. We are proud of the retail franchise we have built and are confident that Absa is well positioned to take it forward,” said Rughani.

He stressed that the transaction does not signal Standard Chartered’s exit from Uganda, noting that the bank remains committed to supporting economic growth through trade facilitation, capital mobilisation and advisory services.

“Our commitment to Uganda remains unchanged. We will continue to support growth by facilitating trade, mobilising capital and advising clients across key sectors of the economy,” he added.

For Absa, the acquisition strengthens its position in the retail and wealth banking segments while expanding its customer base and market reach.

Absa Bank Uganda Managing Director David Wandera described the regulatory approval as a major milestone for both the transaction and the wider banking sector.

“This approval is a significant milestone and underscores confidence in Uganda’s banking system as well as Absa’s long-term commitment to the market,” Wandera said.

“Drawing from our experience during the Barclays transition, we have the capability to manage complex integrations while ensuring customer continuity and operational stability.”

The acquisition comes at a time when Absa is posting strong financial performance. The bank recently reported profit after tax of UGX 222 billion for 2025, up from UGX 178 billion the previous year, while customer deposits rose to UGX 4.66 trillion and total assets surpassed UGX 7 trillion.

Industry analysts say the acquisition could strengthen Absa’s presence among affluent customers and deepen its wealth management proposition while enhancing its ability to leverage its growing deposit base.

The deal also marks the next phase of Standard Chartered’s strategic repositioning in Uganda. Rather than competing aggressively in retail banking, the lender is expected to concentrate resources on corporate banking, trade finance, treasury services, project financing and investment banking.

The bank has increasingly focused on connecting Ugandan businesses and institutions to international capital and trade flows, while supporting major investments in infrastructure, energy and other strategic sectors.

Both banks said there will be no immediate changes for customers, with services continuing through existing channels during the transition period.

Any future changes, they said, will be communicated in accordance with regulatory requirements and customer protection guidelines.

The transaction will take effect once the remaining conditions under the sale agreement have been fulfilled, with both institutions continuing to engage regulators and stakeholders throughout the process.

Beyond the transfer of a retail portfolio, the deal highlights a broader trend within Uganda’s banking sector, where institutions are increasingly specialising around their core strengths while pursuing scale in strategically important market segments.

For Absa, that means expanding its retail and wealth banking footprint. For Standard Chartered, it means deepening its role as a corporate and investment banking partner in Uganda’s evolving economy.

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According to the latest World Bank Commodity Markets Outlook, overall commodity prices are forecast to rise by 16 pc in 2026, driven by soaring energy and fertilizers prices and record-high prices for several key metals.

Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President for Development Economics said, “The war is hitting the global economy in cumulative waves: first through higher energy prices, then higher food prices, and finally, higher inflation, which will push up interest rates and make debt even more expensive. The poorest people, who spend the highest share of their income on food and fuels, will be hit the hardest, as will developing economies already struggling under heavy debt burdens. All of this is a reminder of a stark truth: war is development in reverse.”

Attacks on energy infrastructure and shipping disruptions in the Strait of Hormuz, which handles about 35 pc of global seaborne crude oil trade, have triggered the largest oil supply shock on record, with an initial reduction in global oil supply of about 10 million barrels per day. Even after moderating from their recent peak, Brent oil prices remained more than 50 pc higher in mid-April than they were at the start of the year. Brent oil is forecast to average $86 a barrel in 2026, up sharply from $69 a barrel in 2025. These forecasts assume that the most acute disruptions end in May and that shipping through the Strait of Hormuz gradually returns to pre-war levels by late 2026.

The World Food Programme says fertilizer prices are projected to increase by 31 pc, driven by a 60 pc jump in urea prices. Fertilizer affordability will fall to its worst level since 2022, eroding farmers’ incomes and threatening future crop yields. If the conflict proves more prolonged, these pressures on food supply and affordability could push up to 45 million more people into acute food insecurity this year.

In developing economies, inflation is now projected 5.1 percent in 2026 under the baseline assumptions—a full percentage point higher than was expected before the war and an increase from 4.7 percent last year. Growth in developing economies will also deteriorate as higher prices for essentials weigh on incomes and exports from the Middle East face sharp curbs. Developing economies are expected to grow by 3.6 percent in 2026, a downward revision of 0.4 percentage point since January.

This year, Brent oil prices could average as high as $115 in a scenario where critical oil and gas facilities suffer more damage and export volumes are slow to recover. This in turn would have ripple effects on prices for fertilizer and alternative energy sources such as biofuels. Under this scenario, inflation in developing economies could rise to 5.8 percent this year, a level exceeded only in 2022 over the past decade.

Ayhan Kose, the World Bank’s Deputy Chief Economist and Director of the Prospects Group said, “The succession of shocks over the decade has sharply reduced the fiscal space available to respond to the current historic energy supply crisis,”  “Governments must resist the temptation of broad, untargeted fiscal support measures that could distort markets and erode fiscal buffers. Instead, they should focus on rapid, temporary support targeted to the most vulnerable households.”

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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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