Economists and key players in the private sector have advised government to prioritise investment in private sector including, capital markets, as a way of boosting Uganda’s economy.
Uganda’s GDP stands at $35 billion although government hopes that investments in energy, oil and infrastructure will catapult the country into middle income status.
According to the chief executive officer of the Capital Markets Authority (CMA), Keith Kalyegira, prioritising the capital markets will not only help to recapitalise the economy but also support essential companies to remain productive and continue employing more people.
Kalyegira advised that the government should invest in capital markets if it is to boost the economy.
He said Uganda ranks second in Africa in terms of access to foreign exchange therefore government should try to set linkages on the price indices if it is to boost the economy.
Richard Byarugaba, the managing director of the National Social Security Fund that government should support key private sectors especially those that produce essential goods in the markets to boost the economy.
Fred Muhumuza, an economist, said that heavy investment in infrastructure does not solely attract investors but Uganda should think about developing human resource.