Category: Daily Monitor

For years, East Africa’s financial story has been dominated by scale: Kenya’s deep capital markets, Ethiopia’s bold forex reforms, and Rwanda’s rapid institutional experimentation.

Yet the Absa Africa Financial Markets Index released yesterday reveals a quieter but more disruptive shift.

Uganda has emerged as East Africa’s strongest all-round performer, ranking fourth overall in Africa, ahead of Kenya and Tanzania, and behind only South Africa, Mauritius, and Nigeria.

The rise reflects a combination of macroeconomic stability, legal certainty, and policy predictability, attributes investors increasingly prize in an era of global financial volatility. While several countries have pursued rapid liberalization, Uganda has quietly built credibility through consistency.

Within East Africa, Uganda now outperforms its peers on overall financial market quality. Kenya remains the region’s most liquid and sophisticated capital market, but trails Uganda on macroeconomic stability and legal enforceability.

Tanzania has made steady progress but continues to lag in transparency and market sophistication, while Rwanda has advanced in ESG integration, but its financial ecosystem remains comparatively narrow.

The index indicates that Uganda ranks highly in Africa for macroeconomic stability and transparency, and has avoided boom-and-bust cycles, contained inflation, and maintained fiscal discipline.

This stability has been reinforced by relative foreign exchange resilience at a time when currency volatility has emerged as a major risk facing investors across Africa.

While Ethiopia and Nigeria have implemented sweeping currency reforms, Kenya has faced reserve pressure, and Egypt has undergone sharp devaluations; Uganda has avoided forex shortages and shocks.

The index also highlights Uganda’s institutional and legal strength, placing the country among Africa’s top performers for legal standards.

It also notes that the launch of TradeClear in 2024 has enabled repurchase agreements and derivatives under internationally recognised frameworks, aligning Uganda’s markets more closely with global norms.

Speaking at the launch of the index in Kampala, Secretary to the Treasury Ramathan Ggoobi said Uganda’s improved ranking reflects deliberate policy choices, but warned that structural weaknesses remain.

‘To move Uganda further up the index and deepen our markets, we [need] to expand long-term debt and equity financing for small and medium enterprises, attract venture capital, and lower collateral,’ he said, noting that when the index was first published in 2018, Uganda ranked 10th with a score of 50.

Since then, he noted, improvements in these areas have lifted the country into the top tier of African markets.

Absa acting head of financial markets, Catherine Kijjaggulwe, said Uganda recorded notable gains in domestic investor participation, particularly through pension funds.

The country’s score on the domestic investor pillar rose by seven points, driven by increased pension fund investment in locally listed assets, although she noted that significant room for improvement remains.

NSSF deputy managing director Gerald Paul Kasaato said the pension sector has grown rapidly, with NSSF’s portfolio now standing at Shs28.8 trillion and membership at 3.4 million, though only about 800,000 members are active contributors.

Low capital markets participation

However, he acknowledged that the capital market remains small, limiting meaningful participation by pension funds and other institutional investors.

Despite Uganda’s strengths, the index notes that market depth and liquidity remain shallow, listings are limited, and secondary market activity is thin, well behind Kenya and far below Africa’s heavyweights such as South Africa and Mauritius.

As a result, Uganda attracts conservative capital such as development finance institutions, sovereign investors, and long-term bondholders, but struggles to draw equity investors, venture capital, and higher-risk portfolio flows.

Thus, the challenge remains in converting stability into deeper, broader, and scalable markets that support long-term growth.

The government is looking for relatives of a Ugandan who was pronounced dead in a hospital in Kigali, Rwanda, where he was taken after he suffered health challenges while the plane was en route to Uganda from South Africa.

The deceased, identified as Ali Mubiru, was travelling on RwandAir when he suffered health issues. He was carrying a Ugandan passport number B148502.

A Ugandan diplomat in Kigali confirmed the death of the Ugandan, but he referred us to his superior in Kampala for an official comment.

‘It is true we have lost one of the nationals. The details are with the Ministry of Foreign Affairs in Kampala,’ the diplomat said on Wednesday.

However, both the Rwandan and Ugandan authorities haven’t yet located any of the deceased’s relatives.

In the Ugandan community social media groups, the members sought help from the members of the public to locate his relatives to enable the repatriation of the body to Uganda.

‘In light of this, we kindly request that anyone with information regarding the deceased’s family members contact the High Commission in Kigali at their earliest convenience. This will help us to urgently facilitate the necessary arrangements for the repatriation of his remains and prevent the ongoing accumulation of hospital-related expenses,’ a statement from one social media group reads.

President Yoweri Museveni is set to preside over the election of the 10-army representatives in Parliament at a function scheduled at the UPDF Land Forces Headquarters in Luweero District today.

The 10-UPDF representatives elected through the Army Council meeting and managed by the Electoral Commission are conducted in line with the regulations that guide the election of Special Interest Groups.

The elected representatives join the Members directly elected to represent constituencies including a Woman District representative from each of the districts in Uganda.

The other special interest groups include the workers, youth and Persons with Disabilities that will constitute the 12th Parliament after the official swearing in ceremony in May 2026.

Unlike the elections for directly elected MPs and the other special interest groups conducted in public spaces, the UPDF election is conducted under an internal Army process where the Commander -in- Chief and President of Uganda chairs the Army Council meeting. The composition of the army representatives must have at least 2 female representatives.

In 2021, the 10-elected UPDF representatives at the 11th Parliament included Gen Edward Katumba Wamala, Gen David Muhoozi, Lt Gen Wilson Mbadi, Lt Gen Peter Elweru, Lt Gen James Mugira, Maj Gen Sam Kavuma, Maj Gen Henry Matsiko, Col Dr Victor Nekesa (female) representative, Lt Col Charity Bainababo (Female) representative and Maj Dr Jennifer Alanyo.

The Army representatives are elected in line with the 1995 Constitution that allocated 10 seats in the Uganda Parliament reserved for the UPDF.

This publication could not independently verify if any of the names officers representing at the 11th Parliament will find their respective names back in Parliament after the election process conducted at the Land Forces Headquarters in Bombo, Luweero District on January 28, 2026.

Uganda’s television industry is facing a significant regulatory shift after the Uganda Communications Commission (UCC) ruled that split-screen advertising, including the popular “squeeze back” format, is prohibited during news and current affairs programs.

The decision, delivered by UCC Executive Director, Mr Nyombi Thembo, means broadcasters can no longer run commercial visuals alongside live or recorded news content, forcing stations to separate editorial programming from advertising.

The ruling stems from a complaint filed by Adlegal International Limited against one of the local Television Stations, which had argued that squeeze backs were less intrusive and didn’t pose a risk of biased reporting.

However, UCC rejected this distinction, citing the Advertising Standards 2019, which define split-screen advertising as “the simultaneous presentation of editorial content and commercial information on the same screen.”

The regulator concluded that the law doesn’t recognise a meaningful difference between squeeze backs and split-screen advertising, emphasising that what matters is the viewer’s experience.

The decision is expected to have far-reaching commercial implications, as news and current affairs programs are some of the most valuable items on the Ugandan television.

Broadcasters will need to adjust production workflows, sales strategies, and sponsor expectations to maintain a strict separation between editorial and advertising content in restricted programs.

Mr Aziz Kitaka, Adlegal’s founder, argues that the decision protects viewers from distraction and maintains editorial integrity.

“As a matter of law, current affairs programs provide sensitive information nationals so badly want and they benefit them a lot,” he said. “Broadcasters should not exploit this content commercially because doing so divides viewers’ attention and may cause them to miss critical information.”

UCC has directed all television stations in Uganda to align their operations and immediately stop the practice, transforming the ruling into an industry-wide compliance benchmark.

The commission’s stance is consistent with international best practices, reflecting principles found in jurisdictions such as the UK, the US, Kenya, and parts of Europe.

The regulator acknowledged the economic pressures facing broadcasters but emphasized that it is bound to apply the law “as it is today, and not how it ought to be.”

The decision is likely to reignite debate over whether the Advertising Standards should be reviewed to reflect changing commercial realities.

US President Donald Trump urged Iran on Wednesday to come to the table and make a deal on nuclear weapons or the next US attack would be far worse.

“Hopefully Iran will quickly ‘Come to the Table’ and negotiate a fair and equitable deal – NO NUCLEAR WEAPONS – one that is good for all parties. Time is running out, it is truly of the essence!” Trump wrote in a social media post.

The Republican US president, who pulled out of a 2015 multination nuclear deal with Tehran during his first White House term, noted that his last warning to Iran was followed by a military strike.

“The next attack will be far worse! Don’t make that happen again,” Trump wrote. He also said another “armada” is floating toward Iran.

Iranian Foreign Minister Abbas Araqchi said he had not been in contact with US special envoy Steve Witkoff in recent days or requesting negotiations, state media reported earlier on Wednesday.

Wakiso District tally centre once again exploded into chaos on Wednesday as some of the contestants for divisional council positions accused the returning officer, Mr Tolbert Musinguzi, of reading falsified results.

Tension started when some candidates, especially from the opposition realized their opponents in the ruling National Resistance Movement (NRM) party were reportedly being allocated votes they had not gotten at polling centres, mainly from Nabweru Division.

The complainants also accused Mr Musinguzi of ignoring their pleas to have a look at their Declaration of Results (DR) forms from polling stations to verify the results he was reading.

Ms Immaculate Namanda, the National Unity Platform (NUP) flagbearer in the race for Wamala ward Woman councilor, confronted the returning officer contesting the results he was reading. She said Mr Musinguzi’s results had been inflated in favour of her competitor and the NRM’s Annet Kobusingye, yet she (Namanda) had reportedly garnered more votes at the disputed polling stations.

Subsequently, police and military officers swiftly responded and evacuated her from the tally centre in a scuffle that almost left her undressed.

In a similar incident, Mr Emmanuel Kiyingi, another NUP candidate, contested results of Wamala ward where he vied to represent the people of that area at Nansana Municipality.

He claimed his competitor had since vowed he would be declared the winner regardless of how many votes he got.

“Mr Tolbert (Returning Officer), you are going to cause bloodshed in our villages. When we left there, the communities were celebrating our wins. I had a landslide win,” he said.

Another NUP candidate, Mr Hamuza Kasozi questioned why Mr Musinguzi had ignored their pleas to verify the results he was reading.

“Give us a chance we present our DR forms and our opponents also do the same to observe transparency,” he said, before the returning officer ordered all candidates to first step out of the tally centre and sort themselves out.

“Let’s handle these issues with civility. It’s not my fault because I read the results I have been given,” Mr Musinguzi said.

Similar scenes were witnessed last week during declaration of results for LCV chairperson.

LCV candidate Nasiif Najja compiled figures from DR forms collected by his agents and calculated a lead of about four thousand votes. When the official declaration came, NRM’s Ian Kyeyune was announced the winner, leaving Najja and his supporters questioning the process.

The Chief Justice of Kenya, Martha K Koome, has joined a chorus of others to congratulate Justice Flavian Zeija upon his appointment as the next Chief Justice of Uganda.

In her congratulatory message dated January 26, Chief Justice Koome described Justice Zeija’s recent appointment as ‘a fitting recognition of a distinguished judicial career’.

‘On behalf of the Judiciary of Kenya, the Supreme Court, and on my own behalf, I extend my warmest congratulations to you on your appointment as the Chief Justice of the Republic of Uganda,’ reads in part the congratulatory message by Kenya’s CJ.

Adding, ‘Your appointment is a fitting recognition of a distinguished judicial career marked by intellectual rigour, principled leadership, and unwavering commitment to constitutionalism, the rule of law, and fair administration of justice. I’m confident that under your stewardship, the Judiciary of Uganda will continue to strengthen judicial independence, institutional integrity, and public confidence in the justice system.’

Last week, President Museveni appointed Justice Zeija as the next Chief Justice of the country, replacing retired Chief Justice Alfonse Owiny-Dollo, who had clocked the retirement age of 70 on January 18.

Following his appointment, his name was swiftly forwarded to Parliament for vetting. A day later, he took oath before President Museveni’s private residence in Kisozi in Gomba District.

Other congratulatory messages to the new Chief Justice came from the Uganda Christian University Law Society, Makerere University Business School (Mubs), where he was a former lecturer and head of the Business Law department, University of Dar es Salaam, where he studied for his PhD, and the Rotary District 9213.

Before he was nominated Chief Justice, Justice Zeija, 57, had served as Deputy Chief Justice for less than a year, having previously held the position of Principal Judge.

Dr Zeija (PhD) is a seasoned legal professional with extensive experience at both the Bar and the Bench. He is also an academic and legal consultant.

His immediate task is to preside over a presidential election petition challenging the re-election of President Museveni.

This is not merely a residential building; it is a sophisticated ecosystem under one roof, a self-contained vertical village masterfully designed to balance private luxury with compelling investment yield. On a 100-by-50-foot plot, the project achieves a rare trifecta; it is a serene family penthouse, a portfolio of premium rental apartments, and a boutique hotel, all fused into a single, elegant three-story form. It represents a bold answer to the modern demand for versatile, income-generating real estate that does not compromise on design or personal amenity.

The perfect locale

Construction expert Simon Peter Kazibwe notes that for a project of this ambition, location is the primary driver of its financial architecture. The complex is designed for the most prestigious and dynamic neighbourhoods, where its unique value proposition can achieve maximum profitability. The premier locations are the established, leafy enclaves of Nakasero Hill and Upper Kololo. These areas command the highest rental yields in the city, directly enabling the project’s targeted daily earnings of Shs2.5m. Their resident base; a stable mix of senior diplomatic staff, multinational corporate executives, and high-net-worth individuals, provides a constant, high-spending demand for both long-term luxury leases and short-term boutique hotel stays.

The supporting infrastructure of reliable power backup, premium security, and high-speed connectivity is already embedded in the fabric of these neighbourhoods, reducing operational overhead and meeting tenant expectations.

However, the project’s adaptable design also makes it a compelling proposition for high-growth, gentrifying corridors. The Ntinda and Kyanja areas, for instance, represent the bustling engine of Kampala’s professional class. Characterised by rapid development, excellent accessibility, and a younger demographic of entrepreneurs and mid-level expatriates, these suburbs offer a powerful alternative of potentially lower land acquisition costs coupled with exceptionally high rental demand and impressive annual capital appreciation.

Here, the project’s modern studios and one-bedroom apartments would cater perfectly to the thriving market of young professionals, while the penthouse offers a secluded urban retreat. Similarly, the planned, modern vibe of Upper Naguru presents another strategic canvas. Its newer apartment blocks attract business consultants and corporate tenants seeking contemporary amenities, making it an ideal location where the project’s mix of hotel rooms and furnished apartments would see consistently high occupancy. The choice of neighbourhood ultimately tailors the project’s financial model; opting for the premium, assured returns of Kololo or the high-yield, growth-oriented potential of Ntinda, but in each case, the design is calibrated to become a landmark property that defines its locale.

The vertical business model

The genius of the complex lies in its stratified program, which creates distinct revenue streams while ensuring operational harmony. The ground and second floors are dedicated to hospitality and high-value rentals.

Here, 24 deluxe hotel rooms cater to short-term guests, supported by two furnished studio and two one-bedroom apartments ideal for longer-term executive stays or premium Airbnb listings. This configuration allows the owner to tap into multiple market segments simultaneously, from the business traveler to the relocated professional.

Ascending via a central service lift, the third floor unfolds as a world apart: a breathtaking residential penthouse. This sanctuary is designed as a complete home in the sky. It features two self-contained bedrooms, an open-plan kitchen, pantry, dining, and lounge area that flows onto two generous terraces, one perfectly arranged for outdoor dining against a panoramic urban backdrop. The master suite is a realm of its own, complete with a walk-in closet, a lavish bathroom suite anchored by a Jacuzzi, and a private terrace. Thoughtful additions such as a general laundry and optional servant quarters underscore a commitment to effortless living. This floor is a testament to the idea that an investment property can also be a primary residence of uncompromising quality and privacy, separated from the commercial activity below.

Strategic design for maximum efficiency and appeal

Every design decision is calculated to enhance both the user experience and the financial performance. The dual-gate entrance and exit system ensures smooth, separate circulation for residents, hotel guests, and service traffic, preserving the penthouse’s exclusivity. The inclusion of an optional general kitchen for hotel operations, along with dedicated laundry facilities, allows for streamlined, cost-effective management.

The building’s aesthetic, is driven by pragmatism; durable, low-maintenance materials, efficient floor plans that maximise natural light and spatial perception, and terraces that provide valuable outdoor space without sacrificing built area.

This revenue model transforms the property from a passive asset into an active business, offering a compelling hedge and a pathway to significant wealth generation. The penthouse, meanwhile, represents both a saved cost on luxury living and an appreciating capital asset.

This Kampala complex is more than a building; it is a forward-looking proposition. It responds acutely to urban land scarcity by stacking programs vertically. It meets the growing desire for assets that work as hard as their owners. And it proves that investment-grade real estate can be synonymous with architectural ambition and residential delight. It is a landmark not just in the cityscape, but in the evolution of how we conceive of urban property itself.

Revenues

The underlying power of this project is its robust financial architecture. Based on current Kampala premium rental and hotel rates, the income potential is striking:

Studio apartments: Estimated at Shs200,000 per day.

Deluxe hotel rooms: A dynamic range from Shs1.2m to Shs2m per day.

Monthly potential: Aggregating to an estimated Shs75m per month.

Renowned seasoned lawyer and human rights activist Sarah Bireete has been granted bail after spending nearly a month in prison on charges of unlawfully obtaining or disclosing personal data (specifically, National Voter’s Information).

The Executive Director for the Centre for Constitutional Governance (CCG) was on Wednesday granted a cash bail of Shs1 million and ordered to deposit her passport with the court.

She was also ordered not to leave Uganda without the permission of the court.

“The accused is granted a cash bill in the sum of Uganda Shs1 million. The sureties shall be bound in the amount of Shs10 million each, not cash.

The accused is not to leave the country without leave of this court.

The passport should be deposited with the court as a conditional precedent,” said Buganda Road Court Principal Grade One Magistrate Winnie Nankya Jatiko in her bail ruling before fixing the case for hearing on February 27, 2026.

The magistrate also asked the prosecution to disclose to the defence lawyers the evidence they intend to rely on to prosecute Ms Bireete, before the hearing date.

Ms Bireete was arrested on December 30, 2025 and subsequently remanded to prison, where she has been since.

Her earlier attempts to secure bail had been denied.

The prosecution alleges that Bireete, together with others still at large, between January 2025 and December 2025, at various locations within Uganda including Kampala, Mukono and Wakiso districts, unlawfully obtained or disclosed National Voters’ Information.

The data is said to be controlled or processed by the Electoral Commission and was allegedly accessed or shared without the commission’s prior consent.

Who is Bireete?

Bireete has been outspoken on the human rights violations inflicted on Ugandans and the misuse of public funds. She is a founding partner and executive director for Center for Constitutional Governance (CCG), a Uganda constitutional watchdog (non-governmental organisation) based in Kampala.

Previously, she was the deputy executive director of the same NGO from 2011 to 2019. Prior to 2011, she was working as a public defender at the Public Defenders Association of Uganda.

A lawyer by profession, the human rights activist is a member of several boards of organisations, as well as governing committees of schools and students bodies.

Bireete also chairs national coalitions, including the national coalition on civic space in Uganda, and she is the coordinator of the international human rights defenders group known as Vuka Allies, for Uganda.

She has enriched knowledge and understanding of governance issues, especially in areas of constitutionalism, human rights, civic space, electoral democracy, land rights, research and advocacy, public interest litigation, as well as conflict transformation.

The Intergovernmental Authority on Development (IGAD) Executive Secretary, H.E. Dr. Workneh Gebeyehu, has revealed that Somalia’s ratification of the IGAD Treaty is set to advance regional unity and cooperation.

In a statement released by the authority, Dr. Workneh said the Federal Republic of Somalia’s ratification of the Treaty will strengthen the foundation for deeper regional integration and trade.

“As IGAD marks its 40th Anniversary, the ratification by the Federal Republic of Somalia helps us reach the required two-thirds threshold, strengthening the legal foundation for deeper regional integration and more coordinated action in trade, peace, and sustainable development across the Horn of Africa,” he said.

Dr. Workneh stated that by working together, IGAD member states will build a stronger, more united, and resilient region for the citizens.

“With two-thirds of IGAD Member States now having ratified the Treaty, the region moves closer to operationalising this renewed framework and strengthening collective action in support of regional priorities,” he added.

Somalia’s ratification reaffirms its support for the collective aspirations of the region and the principles of mutual respect, partnership, and sustainable development that underpin the IGAD framework.

Somalia joins Djibouti, Ethiopia, South Sudan, and Kenya in ratifying the new IGAD Treaty.

The 1996 agreement establishing IGAD has undergone a revitalisation process, providing the legal and institutional foundation to strengthen collaboration in peace and security, climate resilience, infrastructure, health, trade, and social development among the Member States.

The agreement will now be replaced by the IGAD Treaty of 2023, enabling regional member states to advance the Treaty’s implementation and promote regional integration for a peaceful, resilient, and prosperous region.

Following the endorsement of the ratification by the Federal Parliament through the House of The People, Somalia joined Kenya, Ethiopia, Djibouti, and South Sudan that already renewed their commitment to regional cooperation.