Uganda has been ranked the third-best-performing country in Africa on the Absa Africa Financial Markets Index, underscoring the country’s progress in strengthening financial markets and maintaining macroeconomic stability.
The Permanent Secretary and Secretary to the Treasury (PSST), Dr Ramathan Ggoobi, welcomed the ranking, saying it reflects Uganda’s sustained reforms and resilience amid global economic uncertainty.
Dr Ggoobi made the remarks on January 27 while officiating as the chief guest at the Absa Africa Financial Markets Index and Economic Outlook Forum held at the Sheraton Kampala Hotel.
“Globally, economies are adjusting to tighter financial conditions, geopolitical tensions and shifting trade dynamics. In this uncertainty lie opportunities, especially for African economies that have invested in stability, reformed institutions, and deepened markets,” Dr Ggoobi said, adding that Uganda is determined to remain among such economies.
Despite global headwinds and the fact that 2026 is an election year, Dr Ggoobi said Uganda’s economy is projected to grow between 6.5 and 7 per cent.
“Uganda is ranked among the fastest-growing economies not just in the region but in the world, and is expected to remain so in the medium term,” he said.
According to the PSST, prudent macroeconomic management and sustained structural reforms—particularly in financial markets and regulatory frameworks—have yielded positive results. These include the expansion of nominal GDP to about USD 68.4 billion by June 2026 and a projected income per capita of over USD 1,399.
He further cited controlled inflation averaging 3.5 per cent, a stable Uganda shilling, rising export earnings, and growth in foreign direct investment, tourism receipts and remittances as key indicators of economic strength.
Dr Ggoobi outlined several priorities for Uganda’s financial sector, including rebuilding capital markets to provide long-term debt and equity financing, attracting venture capital to support higher-risk innovation, and exploring the establishment of a small and medium enterprise-focused stock exchange for firms that do not yet meet main-board listing requirements.
He also emphasised the need to further capitalise the Uganda Development Bank to meet growing demand for long-term, affordable financing.
“We are working on a mission to build a 500 billion-dollar economy by 2040, and our strategic bets are the ATMS and enablers,” Dr Ggoobi said.
On financial inclusion, he noted that the Parish Development Model (PDM) has demonstrated what is possible, with more than USD 1 billion digitally delivered to citizens previously considered unreachable by traditional financial systems.
“My message today is simple: Uganda’s economic fundamentals are strong, our policy direction is clear, and our opportunities are expanding,” Dr Ggoobi said. “The task ahead is to deepen financial markets and sustain momentum through continued reforms and partnerships.”
He thanked Absa Group and its partners for providing a platform that brings together policymakers, regulators and market leaders to reflect on Africa’s financial progress and future direction.
