The Capital Markets Authority (CMA) is well on track to achieving the objectives set out in its 10-Year Capital Markets Development General Plan—two years ahead of its 2027 deadline, according to a recent review.
Launched in June 2017, the General Plan is periodically reviewed by the Capital Markets Development Steering Committee to monitor progress in strengthening Uganda’s capital markets.
In its latest review, the CMA was commended for significant achievements in enhancing issuer access to non-bank, market-based financing, improving service quality within the capital markets ecosystem, and expanding formal savings and investment avenues across the economy.
Other key objectives of the plan include increasing access to long-term financing for both public and private sectors, deepening and broadening securities markets, promoting regulatory efficiency, and expanding market intermediation services.
One notable success highlighted in the review is the recent gazetting of regulations on the Offer of Securities. These provisions allow for restricted issuance of securities and differentiate between private placements and public offerings. They also create space for innovative financial instruments such as green bonds, municipal bonds, and other specialized securities.
The review also noted the introduction of updated Licensing and Approval Regulations, which streamline the process for recognizing Self-Regulatory Organizations and regulating commodities exchanges, private equity, and venture capital firms.
Additional progress includes the development of the Uganda Registration Services Bureau’s Partnership Regulations, designed to operationalize the Partnership Act. This legislation is particularly relevant to the capital markets, as Limited Liability Partnerships (LLPs) can serve as vehicles for raising capital and participating in market activities.
Another milestone was Parliament’s passage of the Public Service Pension Fund Bill, 2024, mandating that public servants contribute 5 percent of their salaries to the pension sector—further strengthening long-term domestic savings.
As Uganda eyes a tenfold expansion of its economy by 2040, capital markets are poised to play a vital role in mobilizing long-term financing for national development.
“At CMA, we believe that well-functioning capital markets are essential drivers of socio-economic transformation,” the Authority noted in a statement accompanying the review. “By broadening access and reducing over-reliance on traditional financing, we create sustainable pathways for inclusive economic growth.”
The CMA’s core mandate includes licensing and regulating a wide range of capital markets intermediaries, such as securities exchanges, central securities depositories, listed firms, stockbrokers, dealers, investment advisers, fund managers, and trustees of collective investment schemes.