Musasizi Urges Financial Sector to Cut Cost of Credit as Uganda Targets $500bn Economy

What the report says

Uganda’s Finance Minister Henry Musasizi has called on banks and other financial institutions to make borrowing cheaper and provide more long-term capital as part of the country’s push toward a $500 billion economy by 2040, according to Nile Post. He said the financial sector should go beyond standard lending and design products that better support businesses and other productive parts of the economy.

Musasizi made the remarks on Friday in Kampala at the second Annual Research Conference organised by the Uganda Institute of Banking and Financial Services. The event focused on research as a tool for Uganda’s ten-fold growth agenda. He linked the goal to broader policy priorities, including inclusive growth, stronger domestic resource mobilisation and careful management of expected oil revenue.

He also urged attention to budget discipline as the government seeks more domestic financing for its programmes. In his comments, Musasizi asked the institute to study ways to build patient capital, deepen financial inclusion and reduce the cost of credit. He said government is prepared to use research evidence in policymaking and asked financial institutions to prioritise lending to the real economy.

The conference also coincided with the launch of a new research hub and agenda at UIBFS. More broadly, the minister’s remarks reflect ongoing debate in Uganda about how to widen access to finance, support private-sector activity and sustain long-term economic growth.