Trust, governance at the heart of Uganda’s $500 billion goal

What the report says

The Independent Uganda reported that policymakers, accountants, investors and development specialists used the 14th CPA Economic Forum in Entebbe to argue that Uganda’s ambition to grow its economy to about $500 billion by 2040 will require more than investment and industrial expansion. The forum, organised by the Institute of Certified Public Accountants of Uganda from July 15 to 17, drew 785 participants and focused on how the accounting profession can support national priorities including agro-industrialisation, tourism, mineral-based industrialisation, and science, technology and innovation.

According to the report, Joseph Enyimu, Commissioner for Economic Development Policy and Research at the Ministry of Finance, said institutional trust, ethical conduct and credible financial systems are central to lowering business risks and attracting investment. Speakers linked accountants’ roles to public confidence, governance, transparency and investment decision-making. The forum’s recommendations are expected to be submitted to the Ministry of Finance, Planning and Economic Development as input into preparations for the 2026/27 national budget.

The discussions also covered risks to Uganda’s growth plans, including climate change, demographic pressures, technological disruption and geopolitical uncertainty. Agriculture was identified as a major opportunity, but participants said it needs more commercialisation, research, skills development, irrigation, improved inputs and technology. Victoria Sekitoleko of the Uganda Agribusiness Alliance stressed the need to build knowledge and innovation in the sector.

The Independent also reported that capital markets were a major theme, with Capital Markets Authority chief executive Josephine Okui Ossiya saying many family-owned firms remain reluctant to list. Participants proposed stronger incentives for listings and broader financing tools such as infrastructure bonds, diaspora bonds, Sukuk and digital instruments. The wider message was that Uganda’s long-term development agenda depends on governance, deeper finance, skilled people and accountable institutions.