Absa Africa Financial Markets Index Report
Absa Bank Uganda has presented 2022 edition of the Absa Economic Outlook and Africa Financial Marketing Index report. It shows that Uganda performed well but some indices are still poor and need a refocus.
This was 6th edition of the Absa Africa Financial Markets Index considered six major pillars: Market depth, access to foreign exchange, market transparency and tax regulatory environment as well as the capacity of local investors.
The 6th Edition of the Absa Africa Financial Markets Index report has insights into how to harness the power of the African Community. One of the guest speakers at the presentation in Kampala was the Deputy Governor of Bank of Uganda Dr. Michael Atingi-Ego.
He said that the annual African Financial Markets Index is vital for different stakeholders in the private sector to learn from challenges as they develop both nationally and internationally.
He urged the players in the financial market to help trigger more investments from the improvements registered previously. He encouraged the stakeholders not to relax as there are many impediments in the development process.
The Permanent Secretary in the ministry of Finance and Economic Planning, Ramathan Ggoobi thanked Absa for the practical initiative that is working to enhance economic development in Africa. He noted that Uganda performed well in the 2022 indices but some indices are still poor and need a refocus. He cited inadequate capital is one of the key impediments to good performance.
Ggoobi explained that the government has put efforts to support local investments and there is hope that the approach will be effective.
The Executive Director and Head of Markets at Absa Bank Uganda, David Wandera said there is need to ponder on the sustainability of local investments and each stakeholder has a role to play to ensure success.
The Chairperson National Planning Authority, Prof. Pamela Mbabazi, said that there has been improvement in aligning the budget to the development plans though there is till need for sectors to coordinate better and operate as one.
