Uganda ranks fourth in Absa’s markets index, held back by pensions and depth

What the report says

Uganda Business News reports that Uganda placed fourth out of 29 African countries in the 2026 Absa Africa Financial Markets Index, but its overall score has barely improved in five years and now trails countries that have gained ground more quickly. The index, produced by OMFIF with Absa, gave Uganda 68 out of 100, slightly below its restated 2022 level, making it the only country among those compared over that period to slip back. The report says Uganda had earlier held third place in the restated series before being overtaken by Namibia, while Kenya and Ghana have also moved up.

The article says Uganda’s strongest results were in macroeconomic conditions and access to foreign exchange. Bank of Uganda governor Michael Atingi-Ego said the ranking reflects a market-based foreign exchange regime and broader financial market development. The piece also notes that foreign reserves have risen since 2022, according to central bank data.

Uganda’s weaker areas were market depth and pension fund development, both of which the report says limit the market’s size, liquidity and variety. The index also flagged a drop in legal standards after changing one indicator related to close-out netting. The article adds that some pension data were missing, and that the report itself does not fully explain why depth declined. Overall, the ranking suggests Uganda has made progress in policy and macroeconomic stability, but not enough in the market infrastructure needed to deepen capital markets.