Uganda's $500bn economy: BoU outlines financing strategy
Bank of Uganda Governor Michael Atingi-Ego outlined the central bank's role in financing Uganda's ambitious Tenfold Growth Strategy at the UBA-DFI Dialogue on February 6, 2026. The strategy aims to expand the economy to US dollars 500 billion by 2040, requiring scale, patience, and partnership.
Uganda's $500bn economy: A threefold demand
Uganda's Tenfold Growth Strategy aims to expand the economy to US dollars 500 billion by 2040, focusing on Agro-industrialisation, Tourism, Mineral Development, and Science, Technology and Innovation (ATMS pillars).
Governor Michael Atingi-Ego emphasized that this ambitious objective demands a fundamental shift in how finance is mobilised and deployed.
He highlighted three critical requirements: scale, patience, and partnership.
Scale is necessary for the large, long-term, and capital-intensive investments across these sectors.
Patient finance, with long tenors and risk-sharing, is crucial for supporting productivity-enhancing investments over time.
Partnership is indispensable, requiring collaboration among governments, banks, DFIs, and other financial entities to align incentives and crowd in private capital for this collective endeavour.
The Uganda Bankers' Association's industry response already outlines a credible pathway for expanding private-sector credit and deepening capital markets.
BoU's triple mandate for transformation
The Bank of Uganda (BoU) outlined its three core roles in supporting the national growth strategy.
It will safeguard macroeconomic and financial stability, maintaining an inflation target of 5 percent to provide a predictable environment for long-term investment.
Governor Atingi-Ego stressed stability as an enabler of transformation.
The BoU will also enable responsible innovation, ensuring prudential frameworks support blended finance and risk-sharing while preserving soundness.
Finally, it will act as a catalyst for bankable projects, helping to close the gap in investment-ready initiatives.
The Governor urged Development Finance Institutions (DFIs) to contribute through risk-sharing, blended finance, project preparation, technical assistance, and system-strengthening investments in capital markets and payment infrastructure.
Ambition meets financing reality
Uganda's ambitious growth strategy demands an unprecedented level of coordinated financing.
While the central bank's framework for stability and innovation is sound, securing the necessary patient capital at scale presents a formidable challenge.
The dialogue's focus on risk-sharing and DFI engagement is crucial, highlighting practical steps to bridge the financing gap.