The Capital Markets Authority (CMA) has launched its Five-Year Strategic Plan (2025/26 – 2029/30), an ambitious roadmap designed to deepen investor participation, accelerate financial innovation, and double Uganda’s market capitalization by 2030.
The launch event, held in Kampala, was attended by senior government officials, development partners, private sector leaders, and financial industry stakeholders.
Representing the Government of Uganda, Minister of State for Finance, Planning, and Economic Development, Hon. Henry Musasizi, in his keynote speech, reaffirmed the government’s commitment to supporting the implementation of the strategic plan.
He praised the CMA for aligning its roadmap with national and regional priorities, including Vision 2040, NDP IV, the East African Community Vision 2050, the African Union Agenda 2063, and the United Nations Sustainable Development Goals (SDGs).
Musasizi highlighted the critical role of capital markets in achieving Uganda’s Tenfold Growth Strategy, which seeks to expand the economy from USD 50 billion to USD 500 billion by 2040. He explained that reaching this target would require massive mobilization of private capital, given the limitations of public resources.
“Uganda’s capital markets are essential for mobilizing patient capital to finance infrastructure, innovation, SMEs, and green growth initiatives that underpin our economic transformation,” he said.
The minister commended the CMA for prioritizing financial innovation, particularly in developing Islamic finance products, infrastructure bonds, green bonds, and sustainability-linked securities.
He described these tools as transformative, capable of unlocking funding for flagship projects in agro-industrialization, tourism, mineral development, and science and technology, which are key enablers of Uganda’s growth ambitions.
Musasizi also emphasized the need to boost domestic savings, pointing out that Uganda’s current savings-to-GDP ratio of 20% falls far short of the 40% required to achieve its growth targets.
He encouraged the CMA to leverage fintech-driven solutions and digital platforms to increase financial inclusion, enabling unbanked and underbanked populations to participate meaningfully in the capital markets.
While pledging government support, Musasizi stressed that successful execution of the strategic plan would require collective ownership. He called on the private sector to innovate, market intermediaries to improve efficiency and transparency, investors to embrace opportunities, and development partners to continue offering technical and financial assistance.
He also urged the media to play a stronger role in raising awareness and building public confidence in the 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 concluded.
CMA Chief Executive Officer, Josephine Okui Ossiya, described the launch as a defining moment for Uganda’s financial sector, emphasizing the Authority’s vision to transform the country’s capital markets into a reliable source of long-term financing.
“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,” she said.
The strategic plan sets out four key objectives: mobilizing affordable, long-term capital for Uganda’s economy, expanding public awareness and participation in capital markets, automating and digitizing CMA’s processes to improve efficiency, and strengthening the Authority’s institutional capacity to deliver on its mandate.
Ossiya explained that the plan is anchored on three pillars awareness, innovation, and efficiency and directly supports Uganda’s Fourth National Development Plan (NDP IV), which began on July 1, 2025.
The NDP IV targets higher household incomes, job creation, and sustainable socio-economic transformation, all of which the CMA aims to facilitate through capital markets growth.
Under the plan, the CMA has set ambitious targets to be achieved by 2030. The Authority aims to double market capitalization from 5% to 10% of GDP and grow assets under collective investment schemes from UGX 4 trillion to UGX 13.4 trillion.
The number of capital markets accounts is expected to rise from 131,000 to 250,000, supported by aggressive investor education campaigns to enhance financial literacy and trust in the market.
Furthermore, the CMA plans to fully automate its core processes, reducing the licensing turnaround time from three months to just five weeks, making Uganda’s capital markets more efficient and investor-friendly.
To achieve these goals, the Authority has lined up several flagship initiatives. These include policy and regulatory reforms to accommodate innovative financial products such as green bonds, Sukuk, and municipal bonds; the launch of a regulatory sandbox to test emerging financial technologies; and programs aimed at raising at least UGX 1.2 trillion annually through green finance products and sustainability-linked securities.
CMA also plans to expand cross-border investor engagement to attract foreign capital and enhance Uganda’s competitiveness within the East African region.
Despite the ambitious roadmap, funding remains a significant challenge. CMA Board Chairperson, Saul Sseremba, used the launch to appeal for increased government and development partner support.
He revealed that while the CMA currently receives UGX 9 billion annually, the Authority requires an additional UGX 1.5 billion each year to fully implement its strategic plan. Without adequate resources, he warned, several priority areas risk being compromised, including capacity building, automation, and investor protection.
“The capital markets industry is growing 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 further highlighted the need for modern ICT infrastructure and automation to enhance operational efficiency and investor experience.
In addition, he underscored the importance of strengthening CMA’s supervision and enforcement functions to combat emerging threats, including Ponzi schemes and unregulated investment products, which continue to undermine investor confidence.
Sseremba urged government and development partners to view CMA funding as an investment rather than a cost, noting that a well-resourced Authority would mobilize long-term financing for infrastructure, attract domestic and foreign investment, and unlock dormant private capital that could drive economic growth.
He also praised development partners such as FSD Uganda, which has already provided support for CMA’s automation efforts and investor education programs.
The CMA’s new strategic plan signals a major step toward deepening Uganda’s financial markets and unlocking private capital for national development. However, the Authority’s ability to deliver on its bold ambitions will depend on securing adequate funding, accelerating digital transformation, and strengthening partnerships with both local and international stakeholders.