Apollo Munghinda

Sukuk financing instrument does not increase Debt-to-GDP ratio of a nation📌📌

GOVERNMENT OF UGANDA TO ISSUE INAUGURAL SOVEREIGN SUKUK: The Government of Uganda is in advanced stages of issuing the inaugural Sovereign Sukuk to finance 15% of the total cost of Euro 2.7 billion required for the construction of the Standard Gauge Railway (SGR). Cabinet approved the SGR financing structure in January 2025 reflecting the proportion and amounts to be mobilized. 60% of the Euro 2.7 billion will come from Export Credit Agencies (ECAs),15% from Sukuk and the balance of 25% will come from Development Finance Institutions (DFIs). The Deputy Secretary to the Treasury (DST), Patrick Ocailap is currently leading Uganda's delegation on a Sukuk Roadshow in the East African Community, specifically in Kenya, Tanzania and Zanzibar, to interest Investors to participate in the inaugural sovereign Sukuk Issuance on a date that will officially be announced. The other members of the delegation include; the Yusra Sukuk-lead arranger, Stanbic Bank Group,the Book Runners, Bank of Uganda, Standard Gauge Railway team, NS Kigozi Advocate- Sukuk Legal Advisor, Salaam Bank Uganda Limited the Receiving Bank and other staff in the Debt Policy and Issuance Department of MoFPED. The DST,Ocailap said the aim of the roadshow is market sounding, pricing discovery and building investor relations to ensure success of the planned Sovereign Sukuk Issuance. @mofpedU will in the coming days share detailed information with Ugandans about this kind of innovative financing and the significance of the upcoming Sovereign Sukuk Issuance. @newvisionwire @DailyMonitor @ubctvuganda @nbstv @ntvuganda @UgandaMediaCent @GCICUganda

CONGRATULATORY MESSAGE: On this day of Swearing-in and Inauguration of H.E President @KagutaMuseveni as the duly elected President of the Republic of Uganda (2026-2031),the @mofpedU family joins the rest of the country to heartly congratulate him upon this victory and historical milestone. #Swearingin #PresidentialInauguration #TenfoldGrowth

Ggoobi Appointed New EADB Board Chair as Regional Lender Announces $13m Fund for Youth and Women EADB has launched a $13 million fund to support youth and women-led businesses across East Africa, reinforcing its push for inclusive growth. The announcement coincided with the appointment of @rggoobi as chairperson of the @EADB_Official board, as the Bank posted a 51% increase in profitability. Read more 👉ceo.co.ug/ggoobi-elected…

PUBLIC PROCUREMENT IS A STRATEGIC TOOL FOR DELIVERING FAST GROWTH-GGOOBI The Permanent Secretary and Secretary to the Treasury, Dr. @rggoobi has said Uganda’s transformation goal under the NDP IV and the Tenfold Growth Strategy to grow our economy to USD 500 billion by 2040 will depend on how effectively public investments are executed. He said procurement is very central to this execution. The PSST made the remarks today while officiating at the PPDA Public Procurement Cadre Forum 2026 at Speke Resort Munyonyo. “Public procurement must therefore stop being viewed merely as a compliance process. It must become a strategic tool for delivering faster growth, better services, stronger local industries and value for money for Ugandans,” said Ggoobi, adding that procurement determines whether projects are delivered on time, within budget and to the required quality. The PSST however decried the persistent challenges including; lengthy procurement timelines, delayed projects, weak contract management, cost overruns, fragmented systems and corruption risks. He said these delays are costly to government, costly to taxpayers and costly to national development. He noted that Government is accelerating the rollout of e-Government procurement in Ministries,Departments & Agencies (MDAs) to improve transparency, efficiency, accountability & traceability, adding that the new reforms are now focused on reducing procurement lead times & unnecessary bureaucracy, standardising procurement processes, strengthening contract management and promoting local content. “We need a procurement system that is faster, cleaner, smarter and more professional. A system that delivers projects. A system that inspires public confidence. A system aligned to Uganda’s development agenda,” said the PSST. The Executive Director @PPDAUganda Canon Benson Turamye earlier in his remarks said effective and efficient public procurement can drive the national growth strategy, adding that there is need to transform public procurement in Uganda by focusing on practical implementable reforms. Turamye said 65% of the annual budget is spent through public procurement, adding that public procurement contributes about 15%-20% of GDP in Uganda.

DID YOU KNOW OUR KEY INFRASTRUCTURE PROJECTS & INVESTMENTS? #Enablers #TenfoldGrowth

STRONG & RESILIENT ECONOMY: Our economic fundamentals remain solid and our efforts to attract more investors is in high gear. #TenfoldGrowth #USD500BillionEconomy #DoingMore

Happy International Labour Day! #LabourDay2026

10 YEAR TAX HOLIDAY GENERATES POSITIVE NET BENEFITS -STUDY A study has been concluded by @mofpedU to determine whether Uganda’s 10-year tax holiday generates sufficient economic returns using basic cost–benefit analysis and causal analysis. Many stakeholders have been wondering whether these incentives generate sufficient economic returns to justify their fiscal cost and whether incentives contribute to Uganda’s broader structural transformation agenda. The findings from the study show that at the aggregate level, the tax holiday generates positive net benefits. For every UGX 1 revenue forgone on a firm under qualifying sector, a benefit of UGX 2.49 in benefits was generated. Similarly, for every UGX 1 of cost on an exporter, UGX 1.85 in benefits was generated. Qualifying sectors generate larger benefits and increase employment than exporters, although exporters still contribute meaningfully. Manufacturing and export agriculture yields strong returns, while other sectors show weak or negligible impact. Tax holidays boost sales and investment in strategic sectors but fall short in improving exports or local supply links. They also drive firm growth but yield limited and short-lived tax revenue gains, creating fiscal trade-offs. The study concludes that tax incentives help firms, but Uganda needs better targeting to achieve growth and revenue goals. Details👇👇👇 finance.go.ug/sites/default/…

PSST GGOOBI & UKEF CEO TIM REID DISCUSS PROJECT EXECUTION IN UGANDA: The PSST @rggoobi while in London last week met the United Kingdom Export Finance (UKEF) Chief Executive Officer, Tim Reid at the UK Treasury (HM Treasury) to discuss the implementation of UKEF funded projects in Uganda. UKEF is UK’s official Export Credit Agency that provides Government backed guarantees, Insurance and loans. Dr. Ggoobi was accompanied by the Uganda's High Commissioner in London, Nimisha Madhvani, Director Economic Affairs, Moses Kaggwa and the Director Debt and Cash Policy, Maris Wanyera. One of the key issues discussed at the meeting was the need to fast-track the sourcing of the contractor for the Kitgum-Kidepo road project by UKEF. Ggoobi said all the necessary steps must be taken before June 2026 to pave way for the implementation of this project which is expected to improve regional connectivity, promote tourism in the Kidepo valley national park and also promote trade and movement to South Sudan and Kenya. Other infrastructure projects funded by UKEF in Uganda include; the development of the Kampala Industrial and Business Park, Kabaale International Airport and Agricultural Modernization among others. UKEF is also being considered to finance the Kampala City Roads Rehabilitation and Bridges Upgrading Project. Regarding the impact of the conflict in the Middle East on Uganda, Dr Ggoobi said the country has not experienced major shocks but was carefully watching,adding that focus is on investing in resilience,wealth creation and growth of the economy. He said Uganda has no plans for subsidies, tax cuts and open social protection. The PSST and his delegation also had other meetings with UKEF and Export Credit Agent Banks - Standard Chartered and Citibank.

ANITE MEETS DELEGATION OF CHINESE INVESTORS: The State Minister for Privatization and Investment, @Anite__Evelyn today received a delegation of Chinese Investors led by Mrs. Wendi Shen, the President of the Chamber of Commerce in Henan Province in China. These investors are looking for investment opportunities in Uganda. The Minister thanked the leader of the delegation for mobilizing potential investors from China to Uganda, adding that they are particularly welcome to add value in the manufacturing sector. Anite said Uganda has a favorable investment climate and has worked on the fundamentals like transport infrastructure, power, peace and security, labor policies as well as harmonized investment policies. She also highlighted opportunities in minerals and mining sector, oil and gas, agro-industrialisation and pharmaceuticals industry. Mrs. Wendi thanked the Minister for promoting Uganda in China as one of the best investment destinations in Africa. She applauded Uganda for the peaceful investment environment and pledged to attract more investors to Uganda.

VARIATION BETWEEN ESTIMATED PROJECT COST AT FEASIBILITY STAGE AND ESTIMATED PROJECT COST AT PROCUREMENT INITIATION (TENDER ANNOUNCEMENT): The PSST @rggoobi has issued a circular to all Accounting Officers of @GovUganda to adhere to the approved scope and project cost estimates approved at the feasibility stage. Dr. Ggoobi said the variation between the estimated project cost at feasibility stage and at procurement initiation if neccesary shall not exceed 15% of the approved feasibility cost. "All variations must be fully justified in line with the PPDA Act,Cap 205," said the PSST,adding that Accounting Officers will be held personally accountable for any breach of these instructions. According to the instructions,design reviews shall only be taken where there is verifiable and justifiable need. For more details👇👇👇 finance.go.ug/sites/default/…

INDUCTION,ORIENTATION & 114TH MEETING OF THE AFRICAN PEER REVIEW PANEL OF EMINENT PERSONS: Speaking in Addis Ababa,Ethiopia today, on behalf of the Chairperson of African Peer Review (APR) Forum, President @KagutaMuseveni, the Minister of State for Planning @AmosLugoloobi said the induction marks the renewal of their commitment to African Peer Review Mechanism (APRM) core mandate of promoting good governance across Africa through an African-owned and African-led process. Hon.Lugoloobi is also the Chair of the APR Committee of APRM Focal Points. Kenyan Academic and former Vice-Chancellor of Kenyatta University Prof.Olive Mugenda is the new Chairperson of the APR Panel of Eminent Persons. "As custodians of the integrity, credibility, and independence of the Mechanism, your role is both strategic and normative. You are entrusted not merely with oversight, but with safeguarding the foundational principles upon which the APRM was established in 2003 as an African-owned instrument of self-assessment and peer learning," said Lugoloobi. He said Panel Members are responsible for championing strong political will and ensuring that the APRM process is fully owned by Member States,and its recommendations internalised and implemented within national development priorities. Panel Members must also uphold the highest standards of independence,objectivity and professionalism,in addition to promoting inclusive and meaningful participation of all stakeholders. "On behalf of the Chairperson of the APR Forum, I am confident, Your Excellencies and distinguished Panel Members, that you will leave your imprint on the APRM as we pursue our mandate to address governance bottlenecks," said the Minister. Over its 23 years of existence, the APRM has recorded significant achievements, including, among others, the realisation of 48 peer reviews and the accession of 45 Member States out of the 55 Member States of the African Union.

PARLIAMENT APPROVES NATIONAL BUDGET FOR FY 2026/27: Parliament has approved the Shs 84.39 trillion budget for FY 2026/27 out of which appropriation is Shs 47.16 trillion while statutory is Shs 37.23 trillion. The budget will be financed through domestic revenue of Shs 44.18 trillion,petroleum fund Shs 1.44 trillion,Budget support Shs 1.22 trillion,Domestic borrowing Shs 11.97 trillion,Project support Shs 11.27 trillion,domestic refinancing Shs 13.97 trillion & Local revenue from local governments Shs 339 billion. The theme of the budget for FY 2026/27 is: "Full Monetisation of Uganda's Economy through Commercial Agriculture,Industrialisation, Expanding and Broadening Services,Digital Transformation and Market Access." The Minister of State for Finance in charge of General Duties @henrymusasizi1 told @Parliament_Ug that FY 2026/27 will be the first year of implementing the @NRMOnline Manifesto for the period 2026-2031,adding that, it will also be the 2nd year of implementing the 4th National Development Plan (NDP IV),which is also the first plan to deliver the Tenfold Growth Strategy aimed at expanding the size of the economy to USD 500 billion by 2040. Musasizi also told @Parliament_Ug that the budget for FY 2026/27 will focus on consolidating the gains so far achieved,adding that priority will be given to implementing the ATMS and the Enablers.

UGANDA'S ECONOMY PROJECTED TO KEEP GROWING: While meeting the @Parliament_Ug Budget Committee this week,the Minister of State for General Duties @henrymusasizi1 said economic growth is expected to accelerate to 7 percent this FY 2025/26 rising from 6.3 percent in FY 2024/25. Accompanied by @mofpedU technical team,the Minister said once oil production begin later this year,double digit growth is projected,adding that in FY 2026/27 GDP is projected to grow by 10.4 percent increasing the size of the economy to USD 80.8 billion (Shs 291.4 trillion). @henrymusasizi1 also informed theBudget Committee that by end of Jine 2026,the size of Uganda's Economy is projected to expand to USD 68.4 billion (Shs 251.4 trillion).This is equivalent to USD 194.2 billion in purchasing power parity terms. GDP per capita is projected to increase to USD 1,399 (equivalent to Shs 5.03 million) this financial year.

UGANDA'S ECONOMY IS GROWING & RESILIENT: These are some of key facts about Uganda's economy the PSST @rggoobi shared with prospective investors at the Standard Chartered Bank in London,United Kingdom this week. #Diversified #Resilient #StrongFDIinflows #StrongFXreserves

PSST GGOOBI MEETS PROSPECTIVE DEVELOPMENT PARTNERS IN UK: The Permanent Secretary and Secretary to the Treasury (PSST),@rggoobi has given assurance to prospective development partners in the United Kingdom that Uganda has a stable and well managed macroeconomy with significant growth potential over the long term. He said the relative macroeconomic stability is anchored by a prudent monetary policy, adding that the robust foreign exchange reserves provide a strong buffer against external shocks. The PSST made the remarks today at Standard Chartered Bank headquarters in London, during an engagement with Insurers, Banks and Investors on Uganda’s economic update and the strategic priorities to build a 500 billion-dollar-economy by 2040 under the Tenfold growth strategy. “Favourable terms of trade, alongside strong portfolio flows and foreign direct investment have helped boost Uganda's foreign exchange reserves to an all-time high,” said the PSST. Ggoobi said real GDP growth is projected to rise above 7% in 2026, driven by the oil-sector developments, adding that oil production is expected to begin in the 4th quarter of 2026 and peak at 230,000 barrels per day around 2028, lifting growth to around 9%.

The Chief Executive Officer,Standard Chartered Bank Uganda,Mr.Sanjay Rughani said this was a great opportunity for Uganda to strengthen dialogue with the UK Investors,adding that the Bank fully supports Uganda's Tenfold growth Strategy.

PSST GGOOBI WOOS MORE UK INVESTORS TO UGANDA: PSST @rggoobi has asked UK investors to focus on bringing technical know-how (practical knowledge & skills) and capital to Uganda. Dr.Ggoobi made the remarks while meeting investors under the Westminster Africa Business Association and the Eastern Africa Association at the Uganda High Commission in London. The PSST said Uganda is targeting to create 500,000 jobs per year for the next five years,adding that Uganda needs to partner with investors to implement the tenfold growth strategy to build USD 500 billion economy by 2040. The key areas include: Agro-industrialisation, Tourism development,minerals development including oil and gas as well as science,technology & innovation including ICT and creative arts. The Uganda High Commissioner in London,Nimisha Madhvani said she will continue encouraging investors to explore the abundant investment opportunities in Uganda the Pearl of Africa.

PIMPLUS OPERATIONS STEERING COMMITTEE INAUGURATED: The Public Investment Management PLUS (PIMPLUS) Operations Steering Committee (OSC) has today been inaugurated and inducted by the Permanent Secretary and Secretary to the Treasury (PS/ST) who was represented at the event by the Deputy Secretary to the Treasury (DST), Mr. Patrick Ocailap. The OSC serves as the apex governance and oversight body for the PIMPLUS operation, providing overall policy and strategic guidance through the Operation Technical Committee (OTC).  The PIMPLUS operation is aligned to the Public Finance Management (PFM) Strategy 2025–2030, which aims to deliver “PFM for Growth and Improved Service Delivery” in support of Uganda’s Tenfold Growth ambition.  The PIMPLUS is a results based operation that is meant to respond to the demand for prudent resource allocation, transparency, and accountability in public investment while strengthening Public Investment Management and enhancing the efficiency and effectiveness of Government spending.  In line with the same effort, the PS/ST has committed to finding money for the physical plans that are required to support the clean up under the Ten-fold growth strategy. In his remarks, Ocailap tasked the OSC to ensure that the PIMPLUS operation delivers measureable results and value for money.  Speaking at the same event, the Lead Governance Specialist with World Bank, Ms Verena Fritz said the Uganda Public Investment Management reforms have the potential of setting an example for the region. She added that PIM reforms are a collective effort and the OSC needs to play a role in coordinating across ministerial and programme boundaries.   In his remarks, the Director Budget at the Ministry of Finance, Hannington Ashaba  said the PIMPLUS operation is now well positioned to deliver. “What is required now is disciplined execution,timely decision making, and sustained commitment across all institutions to ensure that these investments translate into tangible outcomes for national development,” he said. He also urged the OSC to actively support and drive MDAs to deliver on their PIMPLUS operation targets.