LONDON – The Deputy Governor of the Bank of Uganda, Professor Augustus Nuwagaba, has presented a clear plan to grow the country’s economy by updating its financial systems and attracting more private investment.
Thank you for reading this post, don't forget to subscribe!Speaking at the UK-Africa Summit, the Deputy Governor detailed the central bank’s strategic approach to managing macroeconomic risks while simultaneously creating a more attractive and efficient environment for investors.
Professor Nuwagaba pointed out significant opportunities in Uganda’s oil and gas, agriculture, infrastructure, and climate-friendly projects, promising they are secure investments due to stable government policies and reforms.
He said the government should remove taxes that hurt business, simplify the tax payment process, and offer special tax breaks for investors in priority sectors.
He added that Uganda needs better roads and reliable electricity to lower business costs and supports green incentives and high environmental standards to attract modern investors to sectors like farming, manufacturing, and renewable energy.
To make investing easier, Professor Nuwagaba called for a reduction in bureaucracy and delays and recommended creating a one-stop shop for investors run by the Uganda Investment Authority (UIA).
He argued for rule changes to allow the freer movement of capital and foreign ownership in key industries, stressing that fair competition and transparency are needed to prevent unethical business practices.
The address presented a cohesive strategy linking financial modernization, targeted incentives, robust infrastructure, and regulatory reforms to unlock Uganda’s economic potential and attract high-quality investment.
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