The Deputy Governor of the Bank of Uganda, Prof. Augustus Nuwagaba, has outlined Uganda’s ambitious plans to strengthen its investment climate and attract private capital during the UK-Africa Summit in London.
In his address, Prof. Nuwagaba highlighted how the Bank of Uganda is driving financial modernization, managing macroeconomic risks, and opening new avenues for private investment.
He pointed to strategic opportunities in oil, agro-industry, infrastructure, and climate-aligned initiatives, areas he said are underpinned by policy stability and ongoing institutional reforms.
Prof. Nuwagaba stressed the importance of tax reforms to spur investment growth. He called for the reduction of harmful taxes, simplification of tax payment processes, and targeted tax incentives in priority sectors.
He added that lowering operational costs through reliable economic infrastructure and incorporating Environmental, Social, and Governance (ESG) standards, alongside green investment incentives, would be key in attracting responsible investors, especially in agriculture, manufacturing, and renewable energy.
On regulatory reforms, the Deputy Governor emphasized the urgency of streamlining investment procedures.
He urged the reduction of bureaucratic red tape and delays in licensing and permits, citing the establishment of a one-stop investment center under the Uganda Investment Authority (UIA) as a game-changer.
He further advocated for the liberalization of capital and financial accounts to ease the movement of private capital, the permitting of foreign ownership in strategic sectors, and the promotion of transparency and fair competition to curb monopolistic practices and unethical business conduct.
Prof. Nuwagaba concluded by reaffirming Uganda’s commitment to creating an enabling environment for investors through institutional reforms, sustainable investment policies, and openness to private capital.
