Uganda has set its sights on an ambitious economic transformation, targeting a tenfold increase in the size of its economy from the current USD 50 billion to USD 500 billion by 2040.
The plan, unveiled at a high-profile event in Kampala, outlines measures to deepen investor participation, expand financial innovation, and enhance market efficiency.
The plan, unveiled recently, outlines measures to deepen investor participation, expand financial innovation, and enhance market efficiency. The launch was attended by senior government officials, development partners, private sector leaders, and key players in the financial services industry. Guest of Honour, Hon. Henry Musasizi, the Minister of State for Finance, Planning, and Economic Development, hailed the CMA’s strategy as a cornerstone of Uganda’s broader economic agenda.
In his keynote address, the Hon. Henry Musasizi reaffirmed the government’s commitment to supporting the implementation of the strategic plan, commending CMA for aligning its priorities with national and regional development frameworks, including Vision 2040, EAC Vision 2050, AU Agenda 2063, and the UN Sustainable Development Goals (SDGs).
Musasizi highlighted that Uganda’s Tenfold Growth Strategy, which aims to grow GDP from USD 50 billion to USD 500 billion by 2040, depends heavily on unlocking private capital.
He explained that given the limitations of public financing, Uganda must harness its capital markets to mobilize patient capital for strategic investments in infrastructure, innovation, small and medium-sized enterprises, and green growth initiatives.
“It is evident that public resources alone are not sufficient to finance our ambitious growth agenda, we must therefore harness the full potential of private capital, and this is where our capital markets become indispensable. The CMA’s strategy provides a clear and forward-looking roadmap to build a competitive, inclusive, and world-class capital markets ecosystem,” Musasizi said.
The minister lauded the CMA for prioritizing financial innovation, particularly the introduction of Islamic finance products, infrastructure bonds, green bonds, and sustainability-linked securities. He described these as transformative tools that can unlock funding for flagship projects in agro-industrialization, tourism, mineral development, and science and technology sectors identified as critical enablers of Uganda’s structural transformation.
Musasizi also underscored the need to increase domestic savings, pointing out that Uganda’s current savings-to-GDP ratio of 20% falls well below the 40% required to achieve its 2040 growth aspirations.
He called on the CMA and other stakeholders to leverage fintech solutions to drive financial inclusion and extend capital markets access to unbanked and underbanked populations.
“By using digital platforms, we can ensure that every Ugandan, regardless of location or income level, has the opportunity to participate in and benefit from our country’s growth,” he said.
Musasizi added that the government stands ready to provide an enabling policy and regulatory environment to support the CMA’s agenda. However, he emphasized that successful execution of the strategy would require collective ownership among all stakeholders.
He urged the private sector to innovate and introduce diverse financial products, market intermediaries to enhance efficiency and transparency, investors to embrace available opportunities, and development partners to continue providing technical and financial assistance.
He also called on the media to amplify investor education and build public confidence in Uganda’s capital markets.
“This launch is not the end but the beginning of a new chapter, the real work starts now in implementing the strategies, holding ourselves accountable, and delivering tangible results. If we succeed, Uganda’s capital markets will play a central role in financing our industrialization, creating jobs, promoting financial inclusion, and positioning Uganda as a regional financial hub,” Musasizi said.
Speaking at the event, CMA Chief Executive Officer Josephine Okui Ossiya described the launch as a defining moment for Uganda’s financial sector.
She said the strategic plan sets the stage for transformative reforms aimed at unlocking long-term financing, boosting investor confidence, and positioning Uganda’s capital markets as a competitive investment destination within the region and beyond.
“We are not merely unveiling a plan; we are committing ourselves to a bold course of action that will shape the growth of our capital markets, strengthen our economy, and secure opportunities for future generations,” Ossiya said.
“This is a critical step in ensuring Uganda’s capital markets become a reliable source of long-term financing for both domestic and international investors,” she added.
The five-year strategy is anchored on three core pillars: awareness, innovation, and efficiency. It seeks to mobilize affordable long-term capital, enhance financial literacy, promote digital transformation, and improve institutional capacity to support sustainable economic growth.
The CMA’s agenda is directly aligned with Uganda’s Fourth National Development Plan (NDP IV), which came into effect on July 1, 2025, and aims to raise household incomes, promote industrialization, and create millions of jobs through private sector-driven growth.
According to Ossiya, the Authority has set ambitious targets to be achieved by 2030. Among these is the goal of doubling market capitalization from the current 5% of GDP to 10%, a move expected to unlock significant investment flows.
Assets under collective investment schemes are projected to grow from UGX 4 trillion to UGX 13.4 trillion, while the number of capital markets accounts is expected to nearly double, increasing from 131,000 to 250,000.
CMA also plans to automate all its core processes, reducing the average licensing turnaround time from three months to just five weeks.
To achieve these milestones, the CMA will roll out several flagship initiatives. These include policy and regulatory reforms to accommodate innovative financial products such as Islamic finance instruments, green bonds, infrastructure bonds, and sustainability-linked securities.
The Authority will also establish a regulatory sandbox to test emerging financial technologies and expand the use of digital platforms to enhance market access.
In addition, the CMA intends to raise at least UGX 1.2 trillion annually through green finance products to fund sustainability-linked investments and infrastructure development.
CMA’s Board Chairperson Saul Sseremba highlighted that while the strategic plan sets a clear path forward, successful implementation hinges on adequate resourcing.
He revealed that although the CMA currently receives UGX 9 billion annually, it requires an additional UGX 1.5 billion each year to fully execute the plan. Without this funding, critical areas such as capacity building, automation, investor protection, and regulatory supervision risk being underfunded, potentially slowing progress.
“The capital markets industry is expanding rapidly, and more participants are joining. We need skilled personnel to license, supervise, and regulate these players effectively. Since capital markets expertise is scarce, most of our staff require specialized training, and without competitive welfare and adequate resources, we risk losing this talent to other sectors,” Sseremba said.
He also stressed the importance of investing in technology and innovation, noting that automation is central to improving efficiency and making processes more seamless and investor-friendly. He warned that without stronger supervision and enforcement, challenges such as Ponzi schemes and unregulated investment products could undermine investor confidence and threaten market integrity.
Appealing to government and development partners, Sseremba urged stakeholders to view CMA funding as an investment rather than an expense. He argued that a well-resourced Authority would help mobilize private capital for infrastructure and development, attract both domestic and international investment, and reduce Uganda’s dependence on public debt.
Development partners such as FSD Uganda have already supported CMA’s digital transformation agenda by financing automation and investor education initiatives, a model Sseremba encouraged others to emulate.
The unveiling of the CMA’s five-year strategic plan marks a pivotal moment for Uganda’s financial sector. With its ambitious targets, innovative financing tools, and digital transformation agenda, the Authority is seeking to unlock the country’s capital potential and catalyze economic growth.
However, achieving these objectives will require overcoming significant funding constraints, deepening financial literacy, and strengthening partnerships between government, regulators, the private sector, and development partners.
If successfully implemented, the plan could transform Uganda’s capital markets into a powerful engine for mobilizing long-term investment, accelerating industrialization, and enabling Uganda to realize its USD 500 billion economy vision by 2040.
