Business
Explain trading of shares - minister Kiwanuka
Publish Date: Jan 22, 2014
Explain trading of shares - minister Kiwanuka
Finance minister Maria Kiwanuka
  • mail
  • img
newvision

By John Odyek

Finance minister Maria Kiwanuka has asked the leaders of the Capital Markets Authority and the Uganda Securities Exchange to demystify the trading of shares and bonds for Ugandans to gain interest in the business.


The minister was speaking at a farewell function for Japheth Kato, who retired as chief executive officer for the Capital Markets Authority after 16 years of service at Speke Resort Hotel Munyonyo. Kiwanuka commended Kato for setting the right foundation for capital markets in Uganda and asked the new leadership to bring the market closer to Ugandans.

The minister said more local companies should be encouraged to list on the Uganda Securities Exchange.

“Uganda Securities Exchange must be a normal thing to Ugandans. Capital markets should be like mobile phones which are found in everyone’s house. We should make capital markets an everyday thing,” she said.

Kiwanuka urged the private sector to take charge of capital markets saying the emerging petroleum sector, the liberalisation of the pension sector and the regional integration will present many opportunities.

Kato attributed his success at the capital markets to the team he was leading.

“If you are digging and the soil is still soft, you reach a point and say I must stop. A person must leave a good job in a good way and do something else,” he said.

He cited lack of funds and the difficult procurement procedures as some of the problems facing the authority.

Keith Kalyegira, who is taking over from Kato, was head of the Parastatal Monitoring Unit and Privatisation Utility Sector Reform Project under the finance ministry.

He also worked as the chief investment officer at National Social Security Fund.

Kalyegira is a member of the Institute of Chartered Secretaries and Administrators. He has also served on the Uganda Securities Exchange governing council and worked at Shell as an aviation commercial manager in charge of South and East Africa.

Kato with his wife (left) Kiwanuka (second right) and the CMA chairman Grace Kavuma (right) during the ceremony. Photo by John Odyek
 
 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Inflation rises to 1.4%
Consumers paid sh1.4 more for manufactured goods in October compared to the same period in 2013 as the sector struggled to recover from the lag-effects of the 2011 economic challenges, amid volatilities in foreign exchange....
Kukustar: New vaccine against newcastle to empower farmers
It was the welcoming smiles. Not the long distance from Mbale town. Not the shrubby path to Mary Goretti Mboizi’s humble home in Bunamwera village, Kibuku district that struck me as I settled down to listen to her story....
Uganda is debt sustainable, says finance ministry
By March, China had lent Uganda over $336m (8% of the total debt) while India had lent over $50m (under 2%)....
Partnership seeks to boost television penetration
PCS and a regional pay television service provider enter a partnership expected to boost television penetration in areas without access to hydroelectricity....
Govt allocates sh20b for restocking
THE Government has allocated sh20b for livestock restocking in West Nile, Acholi, Lango and Teso sub-regions in the 2014/15 financial year...
Power extended to Masaka sub-counties
The sub-counties benefiting from the project are Kyesiga, Lwankoni, Kyanamukaka and Kabira with a total population of about 60,000 people...
Do you agree with the ban on the export of maids?
Yes
No
Can't Say
follow us
subscribe to our news letter