Capital Markets Forum 2024: A Roadmap to Uganda's Economic Transformation

*By John Kusolo*

The Capital Markets for Economic Development Forum 2024 convened today, bringing together key stakeholders from Uganda and across Africa to discuss innovative strategies for mobilizing capital to achieve sustainable national development. Organized by the Capital Markets Authority (CMA), Bank of Uganda, and the Ministry of Finance, Planning, and Economic Development, the forum provided a platform to explore the transformative potential of financial markets as a complementary tool for Uganda’s tenfold economic growth strategy.

Under the theme "Financial Markets as a Complementary Platform for Funding the Planned Ten-Fold Growth," the event featured key addresses from Hon. Henry Ariganyira Musasizi, Minister of State for Finance, Planning, and Economic Development (General Duties); Josephine Ossiya Okui, CEO of the Capital Markets Authority; and Mr. Bola Onadele Koko, CEO of Nigeria’s FMDQ Group, the keynote speaker.

*A Call to Action: Hon. Henry Ariganyira Musasizi’s Rallying Remarks*

Delivering the opening remarks, Hon. Musasizi emphasized the critical role of capital markets in complementing traditional funding sources to drive economic development. He urged stakeholders across the public and private sectors to unite in fostering innovative funding mechanisms that support Uganda’s industrialization and infrastructure goals.

"Uganda’s development journey requires bold leadership and collaborative efforts between the public and private sectors, supported by strong policies and regulatory frameworks," Hon. Musasizi stated. "With sectors like agro-industrialization, tourism, and technology at the core, capital markets are poised to unlock sustainable, inclusive growth."

The Minister highlighted the government’s commitment to creating a robust financial ecosystem that aligns with the nation’s long-term development agenda. He urged stakeholders to harness the lessons shared at the forum and actively contribute to strengthening Uganda's capital markets.

*CMA CEO Reaffirms Commitment to Financial Innovation*

Josephine Ossiya Okui, CEO of the Capital Markets Authority, reinforced the CMA's mission to foster innovation and build a resilient financial ecosystem. In her remarks, she underscored the importance of patient capital in driving long-term investments in critical sectors.

"As the Capital Markets Authority, we reaffirm our commitment to fostering innovation, strengthening regulatory frameworks, and building an ecosystem that positions Uganda as a beacon of financial and economic progress," Ossiya remarked. "Together, we can lay the foundation for a future where no citizen is left behind."

She further highlighted ongoing efforts to enhance Uganda’s fixed-income markets and the critical need for reforms to attract both local and international investors. The forum, she noted, serves as a strategic platform to align the private and public sectors towards common economic goals.

*Keynote Address by Mr. Bola Onadele Koko: Learning from Nigeria’s FMDQ Model*

The keynote address by Mr. Bola Onadele Koko, CEO of Nigeria’s FMDQ Group, presented a transformative vision for Uganda’s economic growth. Drawing on Nigeria’s experience, Mr. Koko outlined a three-pronged approach—philosophy, architecture, and leadership—as essential pillars for developing robust financial markets.

He urged stakeholders to view financial markets not as alternatives, but as fundamental engines for sustainable development. Emphasizing the importance of sectors such as agriculture, tourism, minerals, and technology (ATMs), Mr. Koko illustrated how capital markets could unlock long-term funding to support infrastructure, foster innovation, and create value.

"Financial markets are not just alternatives; they are essential engines of sustainable development," Mr. Koko stated. "By adopting a bold strategy, fostering collaboration, and laying a solid foundation, Uganda is well-positioned to become a model for economic transformation across Africa."

Mr. Koko shared insights from the FMDQ Group model, showcasing how Nigeria successfully leveraged financial markets to mobilize patient capital and drive sectoral development. He expressed confidence in Uganda’s potential to replicate similar success through decisive reforms and strategic investments in its capital markets infrastructure.

The forum also included high-level deliberations on critical reforms required to develop Uganda’s fixed-income and broader capital markets. Stakeholders examined innovative approaches to capital mobilization, with a focus on creating a conducive environment for private sector investment.

Among the key takeaways were:

Strengthening regulatory frameworks to build investor confidence.

Leveraging technology to enhance market accessibility and efficiency.

Aligning capital market initiatives with national development priorities, including agro-industrialization, infrastructure development, and digital innovation.

The 2024 Capital Markets Forum underscored the transformative potential of financial markets in achieving Uganda’s ambitious economic goals. With bold leadership, strong collaboration, and strategic policy reforms, Uganda can position itself as a leader in economic transformation across Africa.

As Hon. Musasizi aptly noted, "The journey towards achieving Uganda’s tenfold growth strategy demands collaboration, innovation, and bold leadership."

The insights and commitments shared at the forum pave the way for a future where financial markets serve as a cornerstone for sustainable, inclusive development, ensuring that no citizen is left behind.