Jeffrey Sachs and Sybil Fares argue that the latest US sanctions against Iran are unlikely to force Tehran into submission, while risking higher global oil prices, tensions with China and further fragmentation of the international financial system.

Jeffrey D. Sachs & Sybil Fares

Sybil Fares

Last week, Pakistan announced that it will not comply with the latest sanctions the United States imposed on Iran and will continue trading with its neighbour. The news came just days after China made a similar statement.

The sanctions announced by US Treasury Secretary Scott Bessent on August 24 under “Operation Economic Outcast “ are supposed to be “the toughest sanctions in history” designed to impose “the greatest coordinated economic isolation in the history of the world”.

Earlier, President Donald Trump called it in a social media post “ECONOMIC D-DAY.” He promised “tremendous economic consequences” for any nation that extended Iran “any type of lifeline”.

Six months of US bombing and naval blockade have produced no US victory, so the plan now is to starve Iran into capitulation. The new approach is illegal, cruel and will fail for several reasons.

To begin with, there is the historical record. Economic sanctions do not bring down governments determined to survive them. Yes, sanctions can impoverish populations, empower the security services that control smuggling and hand the targeted nation a rallying point built on US malice. But they do not topple governments.

Consider, as well, the basic arithmetic of the world oil market. Bessent proposes to remove Iranian oil exports from a world that has already lost a fifth of its oil supply because the Strait of Hormuz is shut. The US proposes to deepen a stagflationary shock already being borne by Europe, Japan, and its other allies, and orders those countries to enforce sanctions that will throttle their economies.

Above all, the campaign is targeted against China, which buys more than 80 percent of Iran’s oil exports. If the US sanction the Bank of China or the Industrial and Commercial Bank of China, Beijing will not respond with a mild diplomatic note. It will restrict its rare earth exports, because it has already run this experiment once and won.

In April 2025, China imposed export licensing on heavy rare earths in response to Trump’s tarrifs and within weeks American and European automakers were idling assembly lines for want of rare-earth magnets. In October 2025, China announced a far more sweeping package and Washington folded, agreeing to pull back its own newly expanded restrictions on Chinese companies in exchange for a suspension of Beijing’s measures for a period of one year.

The April controls have never been lifted and the suspension of the October measures ends in November. So Bessent has chosen this moment, just over two months before China’s expanded rare earth regime returns and weeks before Chinese leader Xi Jinping is due for a visit in Washington, to inform Beijing that it is either with the US or against it. This is a trap for the US of its own making.

Beijing has made its position clear. “China has made clear on many occasions its firm opposition to illicit unilateral sanctions that have no basis in international law or the authorisation of the UN Security Council. Economic warfare and maximum pressure provide no solution,” Foreign Ministry Spokesperson Lin Jian told journalists.

It is not just the opinion of the Chinese government that the US sanctions are illicit. Article 2(4) of the UN Charter prohibits the threat or use of force against the territorial integrity or political independence of any state. The US repudiation of the UN Charter goes far beyond Iran.

Of all 193 UN member states, America is now the country least aligned with UN-based multilateralism. In January 2026, Washington withdrew from more than 60 international organisations. In 2025, it voted with the international majority in just five percent of recorded UNGA resolutions.

At this point, every government should draw three conclusions. First, the US has repudiated the UN Charter. Second, American security assurances are unreliable. Third, relying on dollar-based trade leaves states vulnerable to US sanctions.

Around the world, countries are turning to new defence arrangements, such as the Mecca Agreement between Saudi Arabia, Turkiye and Pakistan. They are also predictably moving away from settlements in US dollars and reducing their holdings of US treasury debt in their foreign reserves.  They are also turning to China’s open-weight AI models to meet AI needs instead of paying for American proprietary models.

Thucydides’ ancient account of the Peloponnesian War is being read in our day as a mirror of the US–China rivalry. Its most famous line is the taunt Athenian generals gave to the people of Melos in 416 BC, that “the strong do what they can and the weak suffer what they must.” Yet just a dozen years after the Athenian generals made their taunts, it was Athens that was defeated by Sparta.

The US now taunts Iran and other countries in the same tone. Pride goeth before the fall and no government today is more arrogant than the US under Trump and his enforcer Bessent.

Governments around the world will not follow the US blindly into disaster.

The post Jeffrey Sachs Sees Latest Package of US Sanctions Against Iran Failing appeared first on 256 Business News.

Moses K. Mugalu

Every August 10, the world celebrates the lion, an animal associated with strength, courage, leadership and protection. But beyond its imposing presence, perhaps the most important lesson the lion offers is one of preparedness.

A pride survives not because it can predict every threat, but because it is prepared to protect its territory and those within it.

There is a powerful financial lesson in this. Building wealth is important, but protecting that wealth is what makes it sustainable.

For individuals, families and businesses, financial security requires the same deliberate mindset: protect your income, safeguard your savings, manage risk and prepare for unexpected events before they arrive.

The need for such preparation is particularly relevant in Uganda, where many households have limited financial buffers. According to the Uganda Bureau of Statistics, only about 12 percent of Ugandan households had access to formal financial services in 2021, while a significant proportion continued to rely on informal mechanisms for managing financial needs. This highlights the importance of strengthening household resilience and planning for financial shocks.

The biggest financial threats are often the ones we do not see coming. A sudden illness, loss of income, accident, death of a breadwinner or major business disruption can quickly erode years of financial progress. Without a safety net, families may be forced to sell assets, deplete savings or borrow heavily simply to meet basic needs.

This is why financial protection should not be an afterthought. It should be part of the plan from the beginning. A lion does not begin protecting its pride after a threat has entered its territory. Protection is an ongoing responsibility.

The same principle applies to personal finance. Financial security starts with understanding what could disrupt your income and identifying ways to reduce the impact. It means building emergency savings, protecting income, investing prudently, planning for retirement and ensuring that loved ones are financially supported if the unexpected happens.

Insurance plays an important role in this equation. Life insurance can provide financial support to dependants following the loss of a breadwinner. Health insurance can help families manage medical expenses without completely draining their savings. Education plans can help parents prepare for their children’s future, while investment and retirement solutions can support long-term financial goals. For business owners, protecting key assets, employees and operations can make the difference between recovering from a setback and losing years of investment.

For many Ugandans, wealth creation is a long journey. It may begin with a salary, a small business, a piece of land, a farm or a modest investment. Over time, these become the foundations on which families build homes, educate children, support parents and create better lives.

But accumulating assets is only half the journey. The other half is protecting them from the risks that can undermine years of hard work.

This is where financial planning becomes more than simply saving money. It is about creating layers of protection around the things that matter most.

At ICEA LION Uganda, this philosophy is reflected in the company’s broader approach to helping individuals, families and businesses manage risk and build financial resilience. With more than five decades of experience in the East African insurance market and a presence across the region, ICEA LION has built its proposition around providing insurance and financial solutions designed to protect people, assets and livelihoods.

Its experience reinforces an important principle: financial protection should evolve with an individual’s life and responsibilities. Whether protecting a young family, preparing for children’s education, planning for retirement, safeguarding health or protecting a business and its assets, the objective is the same: to help people remain financially resilient when life does not go according to plan.

One of the most expensive mistakes people make is assuming that financial protection can be arranged when a crisis occurs. It cannot.

You cannot wait for an accident before buying accident cover, or wait for a financial crisis before deciding that an emergency fund is necessary. Protection works because it is put in place before the risk materializes.

This is particularly important in an environment where many households operate with limited financial buffers. The World Bank has consistently highlighted the vulnerability of households to economic shocks, reinforcing the need for stronger financial resilience and access to mechanisms that help families manage unexpected events.

The answer is not to live in fear of what might happen. It is to prepare intelligently for what could happen.

That means taking an honest look at your income, expenses, savings, debts, dependants and assets and asking a simple question: If my income stopped tomorrow, how long could my family maintain its current way of life? The answer may reveal gaps that need attention.

The lion’s greatest strength is not simply its power. It is its instinct to protect its pride. For a family, that pride may be a spouse, children, parents or dependants. For an entrepreneur, it may be employees, customers, assets and a business built over many years.

World Lion Day therefore offers more than an opportunity to celebrate one of nature’s most magnificent animals. It is also a timely reminder about responsibility.

True financial strength is not measured only by how much you earn or accumulate. It is measured by how well you are prepared to protect what you have built.

This August 10, as the world celebrated the lion, individuals and families can take a moment to review their financial protection, speak to a qualified financial adviser and identify gaps in their plans. The strongest families and businesses are not those that avoid challenges. They are those that prepare for them.

Moses K. Mugalu is the Marketing and Communications Head at ICEA LION Life Assurance Uganda. 

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By Sharon Byereta

Every parent knows the pressure that comes with a new school term. Tuition, books, uniforms, transport, meals and other requirements can quickly turn school reopening into a financial scramble.

In Uganda, the cost of education is becoming an increasingly important household financial consideration. According to the Uganda Bureau of Statistics (UBOS), average household expenditure on secondary education rose from Shs1.396 million in 2019/20 to Shs2.255 million in 2023/24. In Kampala, the average stood at Shs3.753 million.

For many families, school fees therefore become a recurring financial emergency. Parents borrow, dip into savings or postpone other commitments to keep their children in school.

But education should not be financed through panic. It should be planned for.

The school fees bill is not a surprise. Parents know it is coming. The question is whether they are preparing for it early enough. Instead of looking for a large sum when the deadline arrives, parents can spread the cost over several years by setting aside manageable amounts consistently. This can turn education from a recurring crisis into a predictable financial commitment.

An education plan goes beyond simply putting money aside. Parents also need to consider what happens if their financial circumstances change. Job loss, illness, business challenges or the death of a breadwinner can derail even the best savings plan.

This is where education insurance plans can provide an additional layer of protection. Depending on the product, they combine regular savings with life protection, helping safeguard a child’s education goal if an unexpected event affects the parent or policyholder.

For instance, ICEA LION’s Toto Education Plan allows parents to make regular contributions towards a child’s education while providing life protection. The plan can be structured over several years, allowing parents to build towards future education expenses rather than searching for a large amount when fees fall due.

The broader lesson is important: education planning is about saving for the goal while protecting the journey towards it.

It also introduces discipline. Money committed to a defined education plan is less likely to be diverted to everyday expenses, helping parents remain focused on the long-term objective.

Financial planning is not only for high-income families. The more important question is how much a parent can comfortably commit and sustain over time.

A parent does not necessarily need to find millions of shillings at once. Starting early with manageable regular contributions gives the family more time to build towards the eventual education cost.

Parents can also ask themselves practical questions: What level of education do I want for my child? When are the biggest expenses likely to arise? How much might education cost by then? What happens if my income changes?

These questions may be uncomfortable, but answering them early provides something every parent wants: greater financial certainty.

A good education can open doors to opportunities that extend far beyond the classroom. But for many Ugandan families, keeping those doors open requires financial preparation.

There will always be another school term, another fees bill and another set of requirements.

The difference is whether each one becomes a crisis or part of a plan.

Parents should therefore consider education planning before the school sends the fees circular, not after.

When the next term arrives, the goal should not be to ask, “Where will I find the money?”

It should be to say, “We planned for this.” Your child’s education is too important to leave to last-minute borrowing or financial improvisation. Start early. Start consistently. And make the future part of today’s financial plan.

Sharon Byereta is the Deputy Manager of Operations at ICEA LION Life Assurance Uganda.

The post Why Education Plans are a Smarter Way to Secure Your Child’s Future  appeared first on 256 Business News.

By Alan Turnley-Jones, CEO NTT DATA Middle East and Africa

Africa is scaling at pace. AI adoption is accelerating, digital infrastructure is expanding and industries from finance to public services are transforming. The opportunity is clear.

The real question is ownership. Who controls the platforms, the data and the value created along the way?

This is often framed as a trade-off between speed and sovereignty. It is not. The real risk lies in how growth is structured.

Growth and regulation are accelerating together

Across the continent, governments are moving quickly to define digital rules of the road. At a continental level, the African Union’s AI and data policy frameworks reflect a growing recognition that digital infrastructure is now economic infrastructure.

At a national level, AI policy development is taking shape in different ways across markets and jurisdictions.

South Africa’s recent review of its draft national AI policy reflects a broader global trend. Governments around the world are continuing to evaluate and refine their approaches to AI governance as the technology evolves rapidly. This highlights the complexity of developing policy frameworks that balance innovation, regulation and long-term societal objectives.

Control requires capability

Digital sovereignty is often reduced to a question of where data is stored. In practice, it is far broader.

AI does not exist in isolation. It depends on connectivity, secure cloud environments, compute power and strong operational oversight. Without these foundations, sovereignty remains theoretical.

Across South Africa and the wider continent, organisations are realising this shift in real time. Financial institutions are moving from testing to production-grade AI. They are adding governance, risk management and auditability to their AI platforms from the start. In regulated environments, trust is not a brake on innovation; it is what allows AI to scale responsibly.

The cost of getting it wrong

If Africa scales without structure, the consequences are clear.

Value will be extracted rather than retained. Local businesses will remain dependent on external platforms. Critical systems may sit outside national control.

We have seen similar patterns in global supply chains. Africa holds a significant share of critical minerals, yet much of the value is captured elsewhere. The same risk applies here.

AI is a leapfrog opportunity

There is, however, a window of opportunity.

Africa has already demonstrated its ability to leapfrog through mobile money. AI presents a similar moment. It can drive productivity, expand access and unlock new industries.

Importantly, the conversation has shifted. Organisations are no longer asking what AI is. They are asking how it will help them grow and compete.

The partnership model will decide the outcome

The defining factor is partnership.

Traditional models prioritise speed, often at the expense of long-term capability. The alternative is co-creation, combining global expertise with local execution.

This means building infrastructure for ownership, embedding skills transfer, and developing local ecosystems. It also requires coordination between governments, enterprises and technology partners.

Control is not about doing everything alone. It is about retaining agency within collaboration.

The way forward must be deliberate

Africa can scale at speed and retain control, but it requires deliberate choices.

Governments must accelerate practical, enabling regulation. Businesses must prioritise capability, not just deployment. Technology partners must commit to building, not extracting.

The continent is already scaling. The real challenge is ensuring that Africa’s AI future is shaped and owned collectively, through trusted partnerships that balance speed, control and shared value.

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Fifty-four years after President Idi Amin ordered the expulsion of Asians from Uganda, the episode remains largely trapped in an argument about right and wrong.

It was wrong. It was a traumatic act of dispossession that tore families and businesses from a country many considered home. It also inflicted enormous damage on Uganda’s economy.

The fortunes of many of those expelled, particularly those who rebuilt their lives in Britain, Canada and elsewhere, have since become part of the evidence of what Uganda lost.

But there is a more useful question to ask in 2026: what did Uganda learn?

That question matters because history becomes useful only when it changes the choices a society makes.

The temptation is to reduce the Asian expulsion to a story about race. That interpretation is too narrow. Beneath the racial language of the time was a much deeper problem: Uganda had inherited an economy structured around unequal access to opportunity.

Colonial economic policy had encouraged Asians into commerce and intermediary roles while systematically excluding the African majority from many of the opportunities required to build wealth and productive enterprises.

The Asians did not create that system. Nor can they be blamed for the resentment it eventually produced.

But neither should Uganda romanticise what happened by pretending that entrepreneurial talent alone explains the dramatically different outcomes experienced by many of those expelled.

Talent matters. Enterprise matters. Hard work matters. But institutions matter just as much.

The Asians who rebuilt their lives abroad did so in economies where capital markets, property rights, education, professional networks and relatively open opportunities allowed enterprise to flourish. Their success tells us something not only about them, but also about the environments in which talent is given room to work.

That is perhaps the most important lesson for Uganda today.

Social inequality is no longer primarily a question of Asians versus Africans, or Ugandans versus foreigners. It is increasingly a question of social class and access to economic opportunity.

The next rupture, if Uganda fails to address these inequalities, may therefore look very different. It may not discriminate by the colour of one’s skin. It could be directed at whoever is perceived to have accumulated wealth while others remain excluded from meaningful economic participation.

That is why building an inclusive economy is not simply a matter of social justice but an insurance policy against future instability.

Uganda may indeed have lost a significant development opportunity in 1972. But the country also witnessed the emergence of an indigenous entrepreneurial class that the colonial economy had denied sufficient space to develop.

The problem is that this class still has some distance to travel.

Too much indigenous enterprise remains concentrated in merchandise trading, importation and low-value commerce. The next transition must be towards industry, agro-processing, technology, digital innovation and productive investment.

That transition will not happen through rhetoric. It requires access to affordable capital, reliable infrastructure, skills, markets and predictable rules.

It also requires Uganda to confront an uncomfortable reality: some of the country’s worst exploitation of workers and producers today is perpetrated by fellow Ugandans.

In agriculture, ruthless middlemen can squeeze farmers while retaining disproportionate margins. Poor wages and weak bargaining power can transfer value from those who produce to those who control markets.

An inclusive economy must therefore reward contribution more fairly — whether the contributor is a farmer, factory worker, entrepreneur, professional or investor.

The lesson of 1972 should not be that one community prospered while another lost.

It should be that no society can afford an economic system in which large sections of its people feel permanently locked out of opportunity.

Uganda cannot undo 1972. But it can ensure that the next generation inherits an economy in which prosperity is broad enough, opportunity is open enough and institutions are fair enough that nobody has to be defined as an outsider before they can be treated as a citizen.

That would be a far more meaningful way to remember the expulsion than endlessly revisiting the wound, without building a country that has learned from it.

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Bob Twinomugisha

The budget for this fiscal year was released at a critical point in Uganda’s economic development journey as it prepares for the commencement of commercial oil production, deepen participation in the African Continental Free Trade Area (AfCFTA), and pursue its ambitious goal of growing the economy from a baseline of nearly US$ 50 billion in 2025 to US$ 500 billion by 2040.

This budget supports the implementation of Uganda’s Tenfold Growth Strategy through investments in agro-industrialization, tourism, mineral beneficiation, oil and gas, science, technology and innovation, and supporting infrastructure. Opportunities arising from strategic sector investments, oil production and AfCFTA market access have the potential to improve productivity, competitiveness, and export diversification.

However, the successful exploitation of these opportunities will require substantial investment and access to affordable medium-to-long-term financing.  According to Uganda Bankers Association (UBA), Agriculture, Tourism, Minerals, Oil and Gas, and Science, Technology and Innovation (ATMS) strategy response, achieving the Tenfold Growth Strategy will require private sector credit to increase from UGX 28.6 trillion in 2025 to UGX 490 trillion by 2040, while capital markets are expected to mobilize an additional UGX 440 trillion during the plan period. These resources will support not only priority sectors but also enabling sectors such as transport, energy, telecommunications, manufacturing, real estate, and services.

Over the last two decades, Uganda has strategically invested in foundations for development. The country increased electricity access to over 58 percent of the population in FY2023/24, expanded paved road networks (tarmac) to over 6,199km in 2025, improved digital connectivity with internet penetration and usage rising to 53% in 2022 from 1.8% in 2010 and invested in education and health leading to a rise in life expectancy to 68.2 years in FY2023/24 from 50.4 in FY2010/11, according to the latest reports by the National Planning Authority and Ministry of Finance, Planning and Economic Development.

While these achievements have strengthened productive capacity and competitiveness, infrastructure alone cannot deliver economic transformation. Economic transformation will only happen when businesses invest strategically, adopt technology, expand production and productivity, engage in value addition to raw materials, access domestic, regional and international markets and generate productive jobs. At the Centre of this transformation process lies a critical factor: development finance.

According to Bank of Uganda’s latest statistics, personal and household loans accounted for 25.6 percent of the total private sector credit while building, mortgage, construction and real estate activities accounted for 18.6 percent.  In comparison, manufacturing accounted for 12.5 percent, agriculture 11.4 percent, and mining and quarrying only 2.0 percent. This implies that productive sectors central to structural transformation continue to require greater access to affordable medium-to-long-term financing.

Development finance plays a critical role in addressing this challenge by providing affordable patient capital and business advisory services, that supports productive investment in key growth sectors of the economy, benefiting Small and Medium Enterprises (SMEs) and large-scale enterprises that have significant socio-economic impact. Through instruments such as long-term loans, asset finance, project finance, trade investment and assurance support, equity investments, development finance enables businesses to undertake investments that may not be adequately served by conventional financing. Notably, development finance institutions’ flexible funding arrangements and extended repayment terms give businesses enough time to generate cash flow, expand operations, enhance competitiveness, and achieve long-term sustainability. Further, beyond financing, development finance institutions also provide business advisory services to have professionally run businesses and enterprises which in result reduces the risk of default of financed projects.

International experience demonstrates that many countries have relied on national development banks to avail this type of financing and have successfully transformed their economies. Germany’s KfW supported post-war reconstruction and industrial modernization, Brazil’s BNDES financed infrastructure and industrial expansion, East Asian development banks supported export-oriented industrialization, and the Development Bank of Southern Africa (DBSA) continues to finance strategic infrastructure and regional integration projects. These experiences show that countries that successfully industrialized established institutions capable of mobilizing and deploying affordable long-term financing for productive investment.

In Uganda, priority sectors under the Tenfold Growth Strategy, including agro industrialization, tourism, mineral development, and science, technology and innovation, are capital intensive and require strong development finance support. Recognizing this challenge, Government continues to capitalize and revitalize institutions that support productive investment and structural transformation. Government has cumulatively capitalised UDB with Shs 1.96 trillion to provide patient capital to strategic sectors vital for industrialization and value addition. Notably, UDB has financed more than 100,000 beneficiaries either directly as projects, or through other innovative financial solutions.

The continued capitalization of UDB is therefore important not only because it expands access to affordable medium-to-long-term financing, but also because it strengthens the country’s capacity to finance strategic investments in sectors that are critical for industrialization, value addition, export growth and job creation.

Ultimately, achieving tenfold growth will require more than infrastructure and macroeconomic stability. Uganda must mobilize long-term capital, deepen capital markets, strengthen development finance institutions, expand blended and concessional financing, and increase private investment. Development finance is therefore not merely a supporting instrument but one of the critical pillars upon which the successful achievement of Uganda’s Tenfold Growth Strategy depends.

The writer is Senior Economist, Macroeconomics and Trade, Uganda Development Bank Ltd

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Peter Wachira

East Africa is witnessing one of the most significant wealth transitions in its history. Across Uganda, Kenya, Tanzania and Rwanda, thousands of businesses founded in the 1970s, 1980s and 1990s are approaching a defining moment. The entrepreneurs who built these enterprises through determination, sacrifice and resilience are beginning to hand over leadership to a new generation.

This transition presents an enormous opportunity. It also carries enormous risk. The greatest threat facing family wealth today is not taxation, inflation, market volatility or even economic uncertainty. It is the failure to prepare families and institutions for continuity.

That message formed the centre piece of my remarks at the recent TARA Estate Planning Symposium in Kampala on July 16 2026 at Arirang Hotel, where stakeholders from the legal, financial and business communities gathered to launch; The Estate Planning Association (TEPA). The symposium reflected a growing recognition across Uganda and the region that estate planning is no longer simply a legal matter, it is an economic, governance and family imperative.

At ICEA LION Trust Company, which this year celebrates 40 years of helping families preserve and transfer wealth across generations, we have observed one recurring lesson: creating wealth and preserving it require two entirely different skill sets. Recently while presenting at the launch of the Tara Estate Association on July 16 2026 at Arirang Hotel in Kampala.

Building a successful business often depends on entrepreneurial instinct, personal relationships and decisive leadership. Preserving that success requires governance, systems, transparency and deliberate succession planning.

Unfortunately, many families devote decades to creating wealth but very little time preparing for what happens after the founder steps aside.

The consequences are visible throughout the region. Businesses that once employed hundreds collapse within a few years of the founder’s death. Families become embroiled in expensive legal disputes. Valuable land remains tied up in succession cases for years. Enterprises lose key customers because relationships were never transferred. Assets are divided, but the knowledge, leadership and vision that created them disappear.

These outcomes are not inevitable. They are usually the result of decisions that were postponed.

Global research consistently shows that nearly 70 percent of family wealth fails to survive the transition from the first generation to the second. By the third generation, most of what remains has disappeared.

The reasons are remarkably consistent across countries and cultures. Families often mistake assets for wealth.

Land, buildings, shares and bank accounts are important, but they represent only part of a family’s wealth. The greater value often lies in less visible assets, business relationships, institutional knowledge, governance structures, customer confidence, reputation and entrepreneurial capability.

A family business can inherit every building the founder owned yet lose much of its value if future leaders are unprepared to run it.

That is why succession planning must move beyond distributing assets. It must prepare people.

Successful family enterprises understand that continuity rests on three interconnected pillars; The first is the family itself.

Succession begins with honest conversations. Families must discuss expectations openly, define responsibilities clearly and prepare future leaders before transitions become urgent. Avoiding difficult conversations today often creates far greater conflict tomorrow.

The second pillar is values-Every enduring family possesses principles that define how decisions are made, how conflict is resolved and how success is measured. Integrity, stewardship, responsibility, service and entrepreneurship cannot simply be inherited. They must be intentionally taught and demonstrated across generations.

The third pillar is governance-Many founders successfully manage businesses through personal authority. Future generations cannot rely solely on personality.

Strong governance provides continuity regardless of who occupies leadership positions. It establishes decision-making processes, accountability, family councils, succession policies and mechanisms for resolving disagreements before they become destructive.

Governance transforms businesses from founder-dependent enterprises into enduring institutions. This distinction is becoming increasingly important across East Africa.

Many of today’s successful businesses are reaching second-generation transitions at a time of rapid technological change, expanding regional markets and growing investor expectations. Future leaders must preserve the values that built these enterprises while adapting them to entirely different economic realities.

That balance cannot be achieved through a will alone.

Estate planning is often misunderstood as a legal exercise that begins toward the end of life. In reality, it should begin much earlier.

Planning should start when entrepreneurs establish businesses, acquire significant assets, welcome children into the family or enter partnerships. It should evolve as businesses grow, investments diversify and family circumstances change.

Effective estate planning integrates legal, financial, governance and family considerations into one coherent strategy.

It is also important to recognise that succession is not solely about transferring ownership.  Leadership must be transferred. knowledge must be documented. Relationships must be nurtured.

Future generations must understand not only what they inherit but why it exists and the responsibilities that accompany it.

This is where professional trustees play an increasingly important role.

Independent trustees provide continuity beyond individual family members, help preserve agreed governance structures and ensure that decisions remain aligned with the long-term interests of beneficiaries. They create confidence during periods of uncertainty and help families separate emotion from governance.

As East Africa’s economies continue to mature, succession planning should become part of mainstream business planning rather than an afterthought.

Governments have invested heavily in creating environments that encourage entrepreneurship and investment. The next challenge is ensuring that the wealth created today continues generating employment, investment and opportunity long after its founders have left the stage.

No entrepreneur builds a business simply to see it disappear within one generation. Every founder hopes to leave something that endures. Ultimately, legacy is not measured by the size of an estate.

It is measured by whether future generations remain united, whether businesses continue creating value and whether families become stronger rather than divided because of the wealth they inherit. None of us will be here a century from now.

What will remain are the institutions we build, the values we pass on and the governance systems we establish today.

That is why estate planning is not about preparing for death. It is about preparing families to thrive for general

The writer is the Chief Executive Officer, ICEA LION Trust Company

The post The Greatest Threat to Family Wealth isn’t Death—It’s Failing to Prepare the Next Generation appeared first on 256 Business News.

By James Sserumaga

Uganda’s bancassurance industry is emerging as one of the strongest drivers of insurance penetration and financial inclusion, demonstrating remarkable growth as more individuals and businesses seek protection against an increasingly complex risk environment.

According to the latest industry performance report, Uganda’s 22 licensed bancassurance providers generated more than UGX 80.8 billion in Gross Written Premiums (GWP) during the first quarter of 2026. Equity Bank Uganda ranked fourth in the market, generating UGX 6.69 billion in premiums and capturing an 8.28 percent market share.

These figures reflect a broader shift in how Ugandans view insurance. Increasingly, insurance is no longer regarded as a product purchased only after a loss occurs. Instead, it is becoming an integral part of financial planning, helping individuals, families and businesses safeguard their future while recovering more quickly from unexpected setbacks.

Whether the risk arises from a medical emergency, an accident, business interruption, property damage, theft or cyber threats, insurance provides the financial resilience needed to preserve livelihoods, protect investments and sustain growth.

One of the key factors driving this transformation has been the rapid growth of bancassurance — the distribution of insurance products through banks. By bringing insurance closer to customers through institutions they already trust, bancassurance is helping overcome many of the barriers that have historically constrained insurance uptake, including limited access, low awareness and perceptions that insurance is complicated or only relevant to high-income earners.

The industry’s first-quarter performance illustrates this growing importance. Of the UGX 80.81 billion generated through bancassurance, UGX 62.89 billion, representing 78 percent, came from life insurance products, while UGX 17.92 billion, or 22 percent, was generated from general insurance. The trend suggests that both households and businesses are increasingly prioritising financial protection as part of their long-term planning.

For Equity Bank Uganda, bancassurance is more than an additional banking service. It is a strategic component of our broader mission to promote financial inclusion by helping customers not only build wealth but also protect it.

At Equity Bank Uganda, we believe that protecting what matters is just as important as creating wealth. Insurance enables customers to manage risk, absorb shocks and recover from unexpected events without losing years of financial progress.

Our own first-quarter performance reflects this growing demand. Of the UGX 6.69 billion generated in premiums, UGX 4.94 billion, representing 74 percent, came from life insurance products, while UGX 1.75 billion originated from general insurance solutions. This growing demand demonstrates that customers increasingly recognise the value of protecting income, assets, businesses and family wellbeing.

Over the past four years, Equity Bank Uganda has expanded access to insurance through its branch network, relationship managers, digital banking channels and the growing Equi-Duuka agency banking network. This integrated model allows customers to access insurance alongside savings, lending, payments and investment services, creating a more holistic approach to financial wellbeing.

Equally important has been the role of customer education. Insurance remains one of the least understood financial products across many developing markets. Yet as financial literacy improves, more customers are beginning to appreciate that insurance is not merely an expense but an investment in stability and resilience.

Today, customers require protection across a broad range of needs. Entrepreneurs seek cover for business assets and operations. Contractors require protection against project-related risks. Schools want safeguards for learners and staff. Families increasingly prioritise medical and life insurance to protect household finances.

To meet these evolving needs, Equity Bancassurance offers a wide range of solutions, including medical, life, personal accident, motor, property, burglary, fidelity guarantee, machinery breakdown, professional indemnity, contractors’ all-risk, public liability and specialised business risk protection products.

Demand is also growing among corporate clients. As Uganda’s economy becomes more sophisticated and interconnected, businesses are increasingly seeking comprehensive risk management solutions covering areas such as professional liability, cyber security, property protection, business interruption and employee medical benefits. These products are becoming essential tools for strengthening governance, protecting investments and enhancing organisational resilience.

Importantly, the role of banks in insurance distribution extends beyond policy sales. Financial institutions have a responsibility to help customers understand risk and make informed decisions about protecting their financial future. The objective is not simply to increase insurance uptake, but to improve financial security and economic resilience across households, enterprises and communities.

Looking ahead, technology is expected to accelerate the next phase of growth. Digital banking platforms, customer analytics and integrated financial ecosystems are making it easier to provide personalised insurance solutions that align with customers’ life stages, financial goals and risk profiles. Insurance is increasingly becoming a seamless component of the overall banking relationship rather than a standalone purchase.

The broader implication is significant. Bancassurance has the potential to play a central role in expanding insurance penetration across Uganda by leveraging trusted banking relationships to reach millions of customers who may otherwise remain underserved.

Financial wellbeing should not be measured solely by the ability to accumulate wealth. It should also be measured by the ability to protect it.

As Uganda’s bancassurance industry continues to mature, the opportunity before us is clear: to make financial protection more accessible, more affordable and more relevant to the needs of ordinary Ugandans. By doing so, we can help individuals, families and businesses build greater resilience, pursue opportunities with confidence and contribute to a more secure and inclusive economy.

 James Sserumaga is the Head of Bancassurance, Equity Bank Uganda

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Twenty years after the passing of former Principal Judge and Supreme Court Justice Arthur Haggai Okello Oder, family members, judicial officers and Uganda’s legal fraternity gathered to honour a man whose life remains synonymous with integrity, fairness and unwavering commitment to the rule of law.

The memorial service, held at All Saints’ Cathedral, Nakasero, on Sunday, June 28, was more than an occasion to remember a distinguished judge. It became a reflection on the values that sustain strong institutions and a reminder that the Judiciary’s greatest inheritance is the character of those who serve it.

In a tribute released to mark the anniversary, Justice Oder’s family described him as a jurist whose influence extended well beyond the courtroom.

“A distinguished Judge of the Supreme Court of Uganda, Justice Oder dedicated his life to the pursuit of justice, integrity and service to humanity,” the family said.

They remembered him not only as a respected judge, but also as a devoted husband, father, grandfather, mentor and friend whose compassion reached far beyond his immediate family.

“Though twenty years have passed since his departure, our father’s values remain firmly rooted in our hearts. The life lessons he imparted, his passion for uplifting others and his witty sense of humour are qualities we frequently draw from,” the family noted.

They added that his legacy of integrity, humility, service and commitment to doing what was right continues to inspire generations.

That message resonated throughout the memorial service.

Paying tribute, retired Justice Okumu Wengi Richard urged Ugandans to remember not only Justice Oder but also the generation of judicial pioneers who helped build the country’s legal institutions.

“As we remember Justice Arthur Haggai Okello Oder, we also remember other great justices, including Harold Platt, George W. Kanyeihamba and others who served this nation with distinction,” he said.

Justice Okumu also paid tribute to former Chief Justices Benjamin Odoki and Alfonse Owiny-Dollo, congratulating them for their service to the Judiciary and wishing them continued good health.

Justice Benjamin Odoki

His remarks reflected a broader concern that Uganda’s judicial history should be preserved alongside ongoing efforts to modernise the administration of justice.

Justice Oder occupies a unique place in that history.

Before serving on the Supreme Court, he chaired the Commission of Inquiry into Violations of Human Rights, which investigated abuses committed between 1962 and 1986. The commission’s work became a significant milestone in Uganda’s post-conflict efforts to strengthen constitutional governance, accountability and respect for human rights.

He later served as Principal Judge before joining the Supreme Court, where he participated in several landmark constitutional and presidential election petitions that helped shape Uganda’s jurisprudence. Throughout his judicial career, he earned a reputation for independence, intellectual rigour and principled decision-making.

Justice Oder died in June 2006 while still serving on the Supreme Court, bringing to an end a distinguished legal career that left a lasting imprint on Uganda’s justice system.

Yet messaging at the memorial suggested that his greatest legacy lies not only in the judgments he wrote, but in the example he set.

At a time when institutions around the world are increasingly judged by public trust, Justice Oder’s life was presented as evidence that the strength of a judiciary ultimately depends on the integrity, humility and courage of the individuals entrusted with dispensing justice.

As Uganda continues to reform its legal system and expand access to justice, the memorial served as a reminder that progress is measured not only by new laws or modern court infrastructure, but also by preserving the values of those who laid the foundations of the country’s constitutional order.

Twenty years after his passing, Justice Arthur Haggai Okello Oder’s legacy remains woven into the fabric of Uganda’s Judiciary—a testament to a life in which justice was not simply a profession, but a public trust faithfully upheld.

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The death of Alan Greenspan at 100 closes one of the most consequential chapters in modern monetary history—an era in which US interest rate decisions increasingly functioned as a global pricing mechanism for capital, risk, and debt. While his policy remit was domestic, the effects of his framework extended deep into emerging economies, including Africa, where external financing conditions, commodity cycles, and sovereign balance sheets were repeatedly reshaped by liquidity waves originating in Washington.

Africa inside the Greenspan cycle, outside the decision room

Greenspan did not design policy for Africa, nor did African economies feature explicitly in his mandate. Yet over nearly two decades at the Federal Reserve, his approach to monetary stabilisation became embedded in global financial architecture in ways that made African economies highly sensitive to US cycles.

Low-interest rate regimes in the United States encouraged global portfolio expansion into higher-yielding emerging and frontier markets. African sovereigns and corporates increasingly tapped international capital markets through bonds and syndicated lending, often during periods of abundant global liquidity. These inflows supported infrastructure expansion and fiscal space in the short term.

The reverse cycle was more constraining. When the Federal Reserve tightened monetary policy, dollar strength increased and global liquidity contracted. For African economies with dollar-denominated obligations, debt servicing costs rose sharply, while refinancing conditions tightened. The result was a structural asymmetry: expansion phases offered access, but contraction phases amplified stress.

Commodity markets reinforced this mechanism. Oil, metals, and agricultural prices—key revenue sources for many African states—became increasingly sensitive to global liquidity conditions. Loose monetary cycles tended to support higher commodity prices and capital inflows; tightening cycles often produced simultaneous fiscal and external pressure.

In this framework, Africa became structurally embedded in what economists later described as the “Greenspan cycle”: not as a policy participant, but as a liquidity recipient shaped by external monetary impulses.

From $45-a-week economist to Washington’s most powerful technocrat

Before becoming the face of global monetary authority, Greenspan’s career developed within the technical and institutional core of American economic policymaking.

He worked at Brown Brothers Harriman and the National Industrial Conference Board before spending three decades at the Townsend-Greenspan consulting firm, which specialised in macroeconomic forecasting and policy analysis. His career trajectory briefly shifted into public service when he served as chairman of President Gerald Ford’s Council of Economic Advisers from 1974 to 1977.

He later chaired the National Commission on Social Security Reform from 1981 to 1983, a politically sensitive assignment that reinforced his reputation for technocratic problem-solving.

By the time he received his doctorate in economics in 1977, Greenspan had already moved through the intersection of government policy and private financial intelligence. His early reported earnings—around USD 45 a week—stood in stark contrast to the scale of influence he would later command as central banker.

Greenspan’s appointment as chairman of the Federal Reserve in August 1987 came only weeks before one of the most dramatic financial events of the late 20th century: Black Monday.

On October 19, 1987, global equity markets collapsed, with the Dow Jones Industrial Average falling 22.6pc in a single session. The scale and speed of the crash tested the credibility of modern financial systems and the capacity of central banks to respond in real time.

Greenspan’s response was immediate and unambiguous. The Federal Reserve signalled that it would act as a source of liquidity to stabilise the financial system. This shift marked a turning point in central banking practice. Liquidity provision became a first-line defence against market collapse.

Equity markets recovered a significant portion of losses within days. But more importantly, the episode established a behavioural expectation that would persist for decades—monetary authorities would intervene to prevent systemic breakdowns in financial markets.

This expectation later became known as the “Greenspan put” – the implicit assumption that central banks would cushion severe downside risk in asset markets.

The “Maestro” era and the doctrine of liquidity

 Traders work on the floor of the New York Stock Exchange after the closing bell September 29, 2008 in New York City. U.S. stocks took a nosedive in reaction to the global credit crisis and as the U.S. House of Representatives rejected the $700 billion rescue package, 228-205. The Dow Jones Industrials recorded it’s biggest closing drop in history, as it fell 777 points in trading. (Photo by Spencer Platt/Getty Images)

Over the next 18 years, Greenspan presided over a sequence of global financial shocks that progressively expanded the scope of central bank intervention.

These included the early 1990s US recession, the Asian financial crisis of 1997, the Russian default and Long-Term Capital Management collapse in 1998, the dot-com boom and bust, and the economic aftermath of the September 11 attacks.

This period coincided with what policymakers later described as the “Great Moderation”—a phase of relatively low inflation and reduced macroeconomic volatility in advanced economies. However, beneath this surface stability, financial markets grew in importance as the primary transmission channel of economic activity.

Monetary policy increasingly responded to asset price movements, credit conditions, and systemic risk indicators rather than inflation alone. Interest rate adjustments became more frequent and more sensitive to financial market sentiment.

In 1996, Greenspan’s warning about “irrational exuberance” briefly unsettled global markets. Yet the equity boom continued, reinforcing his reputation as a central banker whose signals could move trillions in valuation without necessarily altering underlying momentum.

Credit, housing, and the limits of low rates

Greenspan’s policy philosophy emphasised inflation control, market flexibility, and limited regulatory interference in credit allocation. Supporters credit this approach with contributing to sustained US growth and relatively stable inflation over nearly two decades.

Critics, however, argue that prolonged periods of low interest rates and aggressive liquidity support encouraged excessive risk-taking in credit markets—particularly in housing finance.

The expansion of mortgage lending, including subprime segments, became a focal point of post-crisis analysis. Greenspan later acknowledged that while he was aware of evolving risk structures in lending markets, he underestimated their systemic interconnections.

He defended the policy stance on the grounds that lower rates supported broader homeownership and financial inclusion, while regulatory frameworks—not monetary policy alone—were responsible for credit quality oversight.

The collapse of the US housing market after his tenure ended intensified a long-running debate in macroeconomics: whether monetary accommodation stabilises economic cycles or merely delays the accumulation of financial imbalances.

A demonstrator from the Occupy Wall Street campaign holds aloft a sign as the march enters a courtyard near the New York Police Department headquarters in New York September 30, 2011. Protesters who have camped out near Wall Street for two weeks gathered on Friday to march to police headquarters over what they viewed as excessive force and unfair treatment of minorities and Muslims.The Occupy Wall Street movement, whose members have vowed to stay through the winter, are protesting issues including the 2008 bank bailouts, foreclosures and high unemployment. More than 500 people were gathered ahead of the start of the planned late afternoon march to One Police Plaza, the center of police operations, in downtown Manhattan. REUTERS/Lucas Jackson (UNITED STATES – Tags: BUSINESS CIVIL UNREST)

Intellectual legacy and the question of control

After leaving the Federal Reserve in 2006, Greenspan remained an influential commentator on global financial systems. He consistently defended central bank independence and criticised fiscal policy decisions across successive US administrations.

In his later reflections, however, he acknowledged a fundamental limitation of monetary authority: that financial crises are ultimately driven by behavioural cycles that lie outside precise policy control.

“Fear and euphoria are dominant forces,” he observed in post-Fed commentary. “Contagion is the critical phenomenon which causes the thing to fall apart.”

This view reflected a shift in interpretation of his own legacy—from confidence in policy steering mechanisms to recognition of systemic complexity and feedback loops in global finance.

The final assessment

Greenspan’s legacy occupies an uneasy position between stabilisation and amplification. He expanded the role of central banking into real-time market support, helping prevent systemic collapse in multiple crises. At the same time, his framework reinforced expectations of intervention that may have increased leverage, risk-taking, and financial fragility over time.

For Africa, his impact is best understood not as direct policy influence but as structural exposure. Through global liquidity cycles, interest rate transmission, and dollar strength dynamics, African economies became deeply embedded in a system shaped by Federal Reserve reactions to US domestic conditions.

Debt costs, capital inflows, commodity cycles, and refinancing risks all became partially dependent on decisions made in Washington.

In that sense, Greenspan was not merely a US central banker. He was a key architect of a global monetary environment in which liquidity became the dominant pricing signal—and in which Africa, though absent from the decision-making table, remained fully inside the system’s consequences.

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