Uganda’s President Yoweri Kaguta Museveni today called for a paradigm shift in Africa’s development finance, emphasizing the need for vision, integrity, and patient capital to drive economic transformation.
He made the remarks while opening the Uganda Development Finance Summit 2025 at Speke Resort Munyonyo, accompanied by First Lady and Minister of Education, Janet Museveni.
Addressing policymakers, development finance experts, and private sector leaders, Museveni highlighted the pivotal role of development finance institutions (DFIs) in fostering sustainable growth.
“Development finance is not just about funding projects; it is about investing in our people, creating jobs, and integrating millions of Ugandans into the economy,” he said.
The President stressed the importance of saving and capital accumulation, noting that meaningful economic transformation requires long-term planning and sacrifice.
“We must prioritise vision, integrity, and patient capital to transform Africa,” Museveni added.
In a pointed critique of commercial banks, Museveni said their high lending rates were undermining economic progress.
“With inflation below 5%, lending at 22% is unjustifiable. These rates hold the economy hostage and make it impossible for ordinary Ugandans and businesses to access affordable credit,” he said.
He argued that the current banking system stifles entrepreneurship and slows industrialization efforts, calling for reforms to align banking practices with national development goals.
The summit comes at a critical time as Uganda seeks to accelerate its industrialization agenda and attract both domestic and foreign investment. Delegates discussed innovative financing mechanisms, including blended finance, concessional loans, and public-private partnerships, to bridge the gap between available capital and investment needs.
Observers say Museveni’s remarks indicate a stronger push for development-oriented financial policies, with potential implications for the regulation of commercial banks and interest rate policies.
Analysts also note that Uganda’s industrialization and infrastructure programs could benefit significantly if more affordable credit becomes available to small and medium enterprises.
The Uganda Development Finance Summit 2025 serves as a platform to bring together government agencies, private sector players, and development partners to explore strategies that balance high-impact infrastructure investment with inclusive economic growth.
