Private sector must take lead in Uganda’s economic transformation
The role of financial institutions is very significant in simplifying access to financial services, walking hand-in-hand with medium small and micro enterprises (MSME), as they make that leap.
Yassine Samir - Executive Director of Bank of Africa Uganda
By Admin .
Journalists @New Vision
By Samir Yassine
The FY 2025/26 national budget sends a powerful signal that Uganda is open for business, and this time, the private sector is not just participating but leading the transformation.
The allocation of Sh3.5tn to the private sector development and trade facilitation marks a pivotal shift in our economic trajectory. It is not only the scale of the investment that stands out, but the direction: targeted incentives for startups, agribusinesses, and exporters underscore a deep understanding of where Uganda’s growth potential truly lies.
From income tax exemptions for emerging enterprises to waivers on contract and mortgage stamp duties, and a renewed focus on value addition, the budget aligns well with what businesses have been advocating for, an enabling environment that rewards innovation, formalisation, and productivity.
At Bank of Africa Uganda, we view this budget as a catalyst for inclusion. It offers an open door to small and medium enterprises, especially those in the informal space, to step into formality and reap the tangible benefits of government support, access to affordable credit, and global trade opportunities.
However, this transformation will require a shared effort. Formalization, while necessary, should not be viewed as a burden but rather as a bridge to larger markets, stronger financing options, and long-term sustainability.
The role of financial institutions is very significant in simplifying access to financial services, walking hand-in-hand with medium small and micro enterprises (MSME), as they make that leap.
The emphasis on agribusiness and export-led industrialisation also reflects the kind of strategic thinking that moves economies forward.
Uganda’s competitive advantage lies in its resources, youthful population, and geographic location. What we now need is to align policy, financing, and entrepreneurship to unlock these advantages fully.
As a bank, we are prepared to scale up our partnerships with both the public and private sectors to ensure that the spirit of this budget translates into real impact, more jobs, more resilient businesses, and a more competitive economy.
One thing is clear: Uganda’s growth story is being rewritten, with the private sector at the centre, and that to me, is a cause for optimism.
The writer is the Executive Director of Bank of Africa Uganda