Uganda Launches 5-Year Capital Markets Strategy to Drive Economic Transformation

The Capital Markets Authority (CMA) of Uganda has launched a 5-Year Strategic Plan (2025/26–2029/30) under the theme “Catalyzing Participation and Harnessing the Capital Markets.” The plan aims to transform Uganda’s capital markets into a vibrant, transparent, and trusted sector capable of driving long-term economic growth and supporting the country’s vision of becoming a USD 500 billion economy by 2040, as outlined in the Tenfold Growth Strategy and National Development Plan IV (NDP IV).

The strategy is built around four key pillars:

1. Mobilizing long-term capital to support private sector growth, industrialization, and infrastructure development.
2. Expanding stakeholder awareness and participation to enhance inclusion and investor confidence.
3. Harnessing technology to improve efficiency and accessibility.
4. Strengthening governance and institutional capacity to protect investors and maintain market integrity.

Minister of State for Finance, Henry Musasizi, who launched the plan, emphasized that Uganda must instil investor confidence and leverage private capital to complement public resources. He commended the CMA for its renewed vision and promised increased government funding to support implementation.
CMA CEO, Josephine Okuyi Ossiya, described the plan as a pivotal step toward building an inclusive and resilient capital market that can effectively mobilize long-term financing. She stressed the need for collaboration across government entities to fully realise the strategy’s goals.

CMA Board Chairperson, Saul Seremba, pointed out that limited funding currently hampers the Authority’s operations. With a five-year budget requirement of UGX 171 billion, the current annual allocations of about UGX 9 billion leave a projected shortfall of UGX 150 billion. He called on the Ministry of Finance to increase resources to enhance regulatory capacity, including staff training and adoption of new technologies.

Despite slow growth in some areas, such as new stock listings compared to regional peers, the CMA noted positive developments in other segments like Collective Investment Schemes.

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