Bridging Saving and Ambition: CMA Marks 30 Years with Bold Plan to Connect UGX 45 Trillion Savings Pool to Uganda’s Tenfold Growth Strategy

KAMPALA, UGANDA – October 8, 2026 – At the CMA@30 Capital Markets Symposium held today at the Kampala Serena Hotel, Mrs. Josephine Okui Ossiya, Chief Executive Officer of the Capital Markets Authority (CMA), unveiled a comprehensive 10-year strategy designed to transform Uganda’s financial landscape and help drive the nation’s ambitious USD 500 billion economy by 2040 target.

Joseph Enyimu, Commissioner for Economic Development Policy and Research, represented the Minister of Finance, Henry Musasizi.  

“As we work to meet the goal of expanding our economy to $500 billion, capital markets remain a priority for Government,” he said.

He listed five measures: encouraging public enterprises to raise long term finance in the markets and ease pressure on the Consolidated Fund; using capital markets to finance infrastructure; deepening the government securities market; reviewing tax and regulatory measures to encourage long term investment; and working with pension-sector stakeholders so funds can hold a larger share of assets in long-dated Ugandan securities, within prudent limits.

Josephine Ossiya

Josephine Okui Ossiya, CMA chief executive, anchored the anniversary in the institution’s origins. “Thirty years ago, a small team began building that possibility,” she said.

She credited successive boards, staff, market participants and partners, and said the journey had been one of growth, resilience, innovation and shared commitment.

“As we celebrate this milestone, we honour the past, celebrate the present and look ahead to an even stronger and more vibrant future for Uganda’s capital markets,” she said.

Addressing an audience of government officials, regulatory leaders, and financial sector stakeholders, Mrs. Ossiya emphasized the critical need to transition Uganda's substantial long-term savings—which currently exceed UGX 45 trillion across pension funds, insurance companies, and collective investment schemes—away from short-term concentrations and into patient, long-term development capital.

To bridge the gap between local savings and national ambition, the CMA outlined five strategic priority areas for the industry including: Expanding Issuers through actively engaging state-owned enterprises for potential listings and bonds, while reviewing entry requirements to make raising capital more accessible and affordable for private, family-owned firms, diversifying Market Instruments by Introducing a broader array of products to finance growth sectors, including infrastructure bonds, green bonds, Real Estate Investment Trusts (REITs), and supporting the government, driving Mass Financial Inclusion by targeting the creation of 1 million funded collective investment scheme (CIS) accounts within five years through simplified digital onboarding, lower costs, and expanded reach to ordinary investors outside Kampala aming others.

"Someone’s sitting in the shade today because someone planted a tree a long time ago," said Mrs. Ossiya, quoting Warren Buffett to emphasize the importance of long-term planning. "Our task is to plant those trees now: to build institutions, products, and confidence that will serve investors and businesses for many years to come."

The outlined priorities will form the foundation of the second Capital Markets Development Master Plan, a 10-year roadmap linking specific market actions directly to national growth metrics. The CMA will publish annual progress reports to ensure absolute transparency and accountability.

Mrs. Ossiya concluded with a call to action for the government, private corporations, fund managers, and the public to collaborate actively with the CMA, noting that the next chapter of Uganda's capital markets must prove its ability to finance a more productive, inclusive, and resilient economy.

 Capital Markets Authority (CMA):

Established 30 years ago, the Capital Markets Authority is the statutory body responsible for regulating, promoting, and developing a robust, safe, and transparent capital markets industry in Uganda.