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 chie
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
Explain trading of shares - minister Kiwanuka