Growth of Capital Markets in Uganda, accelerating economic growth in the country.
By George Bukenya
As Capital Markets Authority (CMA) of Uganda is preparing to mark her 30 years of existence, plans to increase more visibility through deepening public trust, improving digital compliance, and expanding nationwide financial literacy are underway.
The Minister of Finance, Planning and Economic Planning Henry Musasizi commend the contribution of Capital Markets to the growth of Uganda’s economy. He made the commendation while launching the CMA 30 years Anniversary.
Speaking to reporters at Uganda Media Centre on Tuesday, 1st September, 2026 Musasizi said economic transformation can’t be financed by the national Budget alone but with also a long term, patient capital that is prepared to be invested for a long period of time say ten, fifteen or even twenty years so as to build the assets that will carry our economy forward.
“Government has set out an ambitious agenda for this country. Through the Fourth National Development Plan and the Tenfold Growth Strategy, we have committed ourselves to transforming Uganda into a much larger and more industrialized economy, anchored on ago-industrialization, tourism, minerals, oil and gas, science and technology, and a competitive, private-sector-led economy.’’ Musasizi re-echoed.
Minister for Finance, Planning and Economic Development Hon.Henry Musasizi
He said, “ this to be achieved requires a long-term, patient capital which is planned to be invested for a longer period while building the assets that will help accelerate the economy to greater heights.’’
“He urged that a strong, innovative and inclusive capital market has become indispensable. Where a bank can lend for three or five years, a capital market can mobilize capital for a generation.
The Chief Executive Officer of CMA, Josephine Okui Ossiya highlighted the growth of the sub-sector over the past 30 years.
She revealed top the media that among the strides reached, Segregated fund assets had grown to more than UGX 6 trillion. Domestic market capitalization on the Uganda Securities Exchange had also surpassed UGX 15 trillion.
While assets under management in our Collective Investment Schemes have grown to UGX 7.06 trillion, and total funds mobilized through the capital markets have reached UGX 23.4 trillion. Public understanding of capital markets has risen to 60.8 percent, and more than 220,000 Ugandans hold funded Collective Investment Scheme accounts, whereas more than 235,000 investors have maintained Securities Central Depository accounts.
“Today, CMA regulates more than 160 licensed market participants,” Ossiya stated.
“We want to see funded Collective Investment Scheme accounts grow to one million within five years. This is not simply a numerical target. It represents a different vision of financial participation in Uganda. We also want to see more Ugandans investing in shares, as well as more public and private companies coming to market to list on the securities exchanges.”
“Infrastructure bonds, project bonds, real estate investment trusts, green and sustainability-linked bonds, and public offers of shares in our growing enterprises are the practical tools by which Uganda will finance its own transformation, increasingly with its own money.
“Financing the industrial parks and ago-processing zones envisioned under Tenfold
Growth will require instruments that allow pension funds, insurance companies,
diaspora investors and ordinary Ugandans to co-invest alongside Government and development partners.
“Financing the energy, transport and digital infrastructure that will unlock our tourism and minerals potential will require infrastructure bonds and project finance structures that this market must be ready to support.”
Ossiya, stated that the Authority’s ongoing efforts are geared towards scaling up participation, deepen public awareness and positioning Uganda’s capital markets for a more inclusive and sustainable future.
Japheth Katto, the founding Chief Executive Officer, reflected on the pioneering years of the Authority and the work involved in establishing the foundations of Uganda’s capital markets.
“As the Board we look to the next decade, several priorities stand out clearly,” noted Saul Sseremba the Board’s Chairperson. “We must pursue innovation deliberately, embracing financial technology, digital on boarding and new instrument types, while maintaining the risk-based regulatory discipline that protects investors.
“We must champion sustainable finance. We must deepen inclusion, ensuring that participation in this market extends beyond Kampala’s financial district to every region of this country and to our diaspora communities abroad.”
CMA Board Chairman Mr. Saul Sseremba