Uganda’s capital markets are expected to play a bigger role in financing the country’s economic transformation as the government pursues an ambitious target of building a US$500 billion economy by 2040.

The call was made as the Capital Markets Authority (CMA) launched its 30th-anniversary celebrations at the Uganda Media Centre, marking three decades of regulating, developing and promoting Uganda’s capital markets.

The anniversary is being celebrated under the theme “Reimagining Uganda’s Capital Markets for a Sustainable Future.”

Finance, Planning and Economic Development Minister Henry Musasizi said Uganda’s economic ambitions cannot be financed through government expenditure and commercial bank lending alone.

He called for deeper and more effective capital markets capable of mobilising the long-term financing required for major investments in infrastructure, industrialisation, agriculture, tourism, energy, technology and Ugandan businesses.

Uganda’s long-term development agenda includes expanding productive sectors and increasing private-sector participation, making the availability of patient domestic and international capital increasingly important.

CMA Chief Executive Officer Josephine Okui Ossiya said Uganda’s capital markets have undergone significant growth since the Authority was established in 1996.

Collective Investment Scheme (CIS) assets under management have reached UGX 7.06 trillion, while domestic market capitalisation on the Uganda Securities Exchange has surpassed UGX 15 trillion.

The Authority also reported that total funds mobilised through Uganda’s capital markets have reached UGX 23.4 trillion.

The figures point to the expanding role of capital markets in mobilising savings and directing funds towards investment.

Ossiya said CMA's next phase will focus on bringing more Ugandans into the investment ecosystem while encouraging businesses to use the capital markets to raise funds for expansion.

One of the Authority’s major targets for the next five years is to increase the number of funded Collective Investment Scheme accounts to one million.

CMA currently has more than 220,000 funded CIS accounts, according to figures presented during the anniversary launch.

Ossiya said the target is intended to represent more than an increase in account numbers. It is part of a broader effort to expand financial participation and give more Ugandans access to formal investment opportunities.

The Authority also wants to see greater participation in shares and more Ugandan companies accessing the securities market to raise growth capital.

The strategy is expected to be supported by greater use of digital platforms, financial technology and initiatives aimed at making investment products easier for ordinary Ugandans to understand and access.

CMA Board Chair Saul Sseremba said the Authority’s three-decade journey has been centred on building Uganda’s capital markets and creating a stronger foundation for investment.

As the market enters its next phase, he emphasised the importance of increasing participation, strengthening investor confidence and widening access to capital markets.

The focus, therefore, is shifting beyond the establishment of institutions and market infrastructure towards ensuring that more households, businesses and investors actively participate in the market.

The anniversary launch also brought together former CMA chief executives Japheth Katto and Keith Kalyegira, who reflected on the development of Uganda’s capital markets.

Katto, who served as the Authority’s founding chief executive, said one of the key achievements of the early years was demonstrating that capital markets could operate successfully in Uganda.

He described the transition from building a regulatory institution to developing a functioning and expanding market as a major milestone.

Kalyegira, who later led the Authority, urged the sector to look beyond simply increasing the number of companies listed on the exchange.

He called for greater emphasis on mobilising capital for productive economic activity, widening participation and making capital markets a stronger contributor to Uganda’s economic growth.

CMA’s 30th anniversary comes at a time when the Authority is seeking to make investment more accessible to a wider section of the population.

Collective Investment Schemes provide individuals with an avenue to invest collectively, while the securities market offers companies an alternative source of financing beyond traditional bank borrowing.

The Authority’s planned expansion of financial literacy activities is intended to help bridge the gap between awareness of investment products and actual participation.

CMA plans to conduct nationwide financial literacy campaigns, youth outreach programmes and university challenges as part of the anniversary activities.

The initiatives are aimed at simplifying investment concepts and encouraging more young people and members of the public to engage with Uganda’s capital markets.

The government’s push for deeper capital markets reflects the need for financing that can support projects and businesses over longer periods.

While commercial banks remain an important part of Uganda’s financial system, capital markets can provide alternative sources of long-term funding through instruments such as shares and collective investment products.

For Uganda’s economic transformation agenda, stronger capital markets could therefore help connect domestic savings with businesses and projects requiring substantial and patient capital.

The challenge for the sector now is to translate the growth recorded over the past 30 years into wider participation, stronger investor confidence and greater mobilisation of productive capital.

The 30th-anniversary programme will continue with activities across the country aimed at increasing public awareness of capital markets and investment.

The celebrations will culminate in the National Capital Markets Symposium and Awards on 8 October 2026 at Kampala Serena Hotel.

As it marks three decades since its establishment, CMA is positioning the next chapter around greater inclusion, technology-driven access, investor protection and the mobilisation of capital to support Uganda’s long-term economic ambitions.

With the government targeting a US$500 billion economy by 2040, the Authority faces a new challenge: ensuring Uganda’s capital markets grow not only in size, but also in their ability to channel investment into productive economic activity.