Nuwagaba urges deeper markets to fund Uganda's 2040 growth goal
Bank of Uganda Deputy Governor Augustus Nuwagaba called for deeper capital markets at the Capital Markets Authority's 30th anniversary dinner in Kampala on September 25, 2026. He urged more listings, broader participation and regional integration.
Trillions invested, participation still narrow
Uganda's domestic equity market capitalisation exceeds UGX 15 trillion, Nuwagaba said, after growth above 25 percent in 2025.
Collective Investment Schemes hold more than UGX 5.6 trillion, with nearly UGX 6 trillion in segregated funds.
Funded unit trust accounts exceed 220,000; Securities Central Depository investor accounts exceed 235,000. More than 160 market participants hold licences.
Capital Markets Authority (CMA) Chief Executive Josephine Okui Ossiya has committed to one million funded unit trust accounts within five years and scheme assets above UGX 12 trillion.
Her agenda includes Uganda's first sovereign Sukuk and a transformational listing, with REITs, infrastructure bonds and green bonds among the instruments identified.
Thin trading meets sovereign competition
Nuwagaba identified thin equity liquidity, too few domestic listings in a $63 billion economy, government securities' dominance and weak investor trust as constraints.
High sovereign coupons raise the returns businesses must offer to compete for savings.
No main exchange in Nairobi, Kampala, Dar es Salaam or Kigali recorded an IPO in 2025, he said.
Kenya's unit trusts held about KSh 851 billion for over 3.6 million investors in Q1 2026, compared with Uganda's 220,000 funded accounts.
Uganda, Rwanda and Tanzania have linked trading systems through regional infrastructure.
Listings are not the destination
Nuwagaba stressed that listings serve enterprise growth rather than constitute an end in themselves.
He called for macroeconomic stability, more investable assets, pension reform, innovation and regional integration.
Uganda's $500 billion economy ambition for 2040 cannot rely on bank loans alone, he said.