The Capital Markets Authority (CMA) has appealed for an increased budgetary allocation to enhance its ability to mobilize long-term funding for infrastructure, industrialisation, and private sector growth. The call was made during the launch of CMA’s five-year strategic plan, which sets out ambitious targets aligned to Uganda’s broader economic transformation agenda.
Paul Sseremba, the Board Chairperson of CMA, highlighted that while the authority is strategically positioned to complement the banking sector in financing transformative sectors, it faces a serious resource gap. Currently, CMA receives about Shs 9 billion annually, yet its five-year plan requires Shs 171 billion, leaving a funding shortfall of over Shs 105 billion. Sseremba warned that without adequate funding, the authority risks falling short of its targets.
He stressed that a well-funded CMA is not a cost to government but an investment in mobilizing domestic and foreign capital. To deliver on its mandate, CMA must strengthen institutional capacity through staff retention, adoption of new technologies, and enhanced supervisory capabilities. These improvements, he noted, are crucial in positioning CMA to support Uganda’s National Development Plan IV and drive long-term financing for infrastructure and industrial growth.
In response, Finance Minister Henry Musasizi pledged government’s support for the strategic plan, themed Catalysing Participation and Harnessing the Capital Markets. He emphasized that Uganda’s goal of expanding its economy from USD 50 billion to USD 500 billion by 2040 cannot be achieved by public resources alone. Instead, Musasizi noted, private capital must be fully leveraged, and capital markets are central to mobilizing “patient capital” for infrastructure, innovation, SMEs, and green growth initiatives.
According to the minister, the new plan offers a clear roadmap for harnessing capital markets to finance Uganda’s economic transformation. He underscored the indispensable role of capital markets in bridging funding gaps that the government budget cannot cover.
Josephine Ossiya, CMA’s Chief Executive Officer, added that the strategic plan is designed to foster widespread participation in Uganda’s capital markets. She explained that CMA aims to build awareness, confidence, and opportunities for Ugandans, thereby unlocking the country’s full economic potential.
The authority’s leaders reiterated that with proper funding and implementation of its strategic plan, CMA can mobilize long-term resources essential for infrastructure, private sector expansion, and sustainable economic growth.
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