Global investors are hesitant to invest in Africa due to concerns over political instability, Winnie Byanyima has said.
Speaking at a press conference in Kasangati, Byanyima, the wife of opposition leader Col. Dr. Kizza Besigye, noted that Uganda is among the countries missing out on major international investments because of governance challenges.
Byanyima recently attended a high-level economic meeting that brought together global investors and central bank governors.
She revealed that during the discussions, only a few African countries, including South Africa, Ethiopia, Rwanda, and Kenya, were highlighted as favorable investment destinations. Unfortunately, Uganda was not mentioned.
"Investors are looking for stability, security, and predictable policies. When they do not see that, they take their money elsewhere," Byanyima said.
She emphasized that Uganda's exclusion from such discussions is a clear indication that political uncertainty is driving away potential investors.
She further stressed that for any country to attract global investors, it must guarantee peace and security.
"No serious investor will risk putting their money in a country where the political environment is unpredictable and where leaders use force instead of dialogue," she stated.
Byanyima linked these concerns to the ongoing legal troubles of her husband, Col. Besigye, who is facing charges of illegal possession of firearms. She argued that the persecution of opposition figures only worsens Uganda’s international reputation and discourages investment.
"The arrest and detention of political leaders send a worrying signal to the international community," she added.
She urged Ugandan authorities to prioritize good governance, respect for human rights, and fair political competition as key pillars for attracting foreign investment.
"We need to create an environment where investors feel confident that their investments are safe," she said.
Byanyima called on citizens to demand accountability and push for reforms that would restore investor confidence in Uganda.
"If we do not address these issues, we will continue to lag behind while our neighbors benefit from global investments," she concluded.
The 2024 World Investment Report by the United Nations Conference on Trade and Development (UNCTAD) indicated that Uganda was among the top 10 Foreign Direct Investment destinations in Africa.
The report highlighted that Uganda attracted an impressive Shs10 trillion in foreign investments in 2023, significantly outpacing Kenya, which garnered Ksh193 billion (about Shs5 trillion).
UNCTAD attributed Uganda’s attractiveness to its investor-friendly environment, particularly the ease of establishing businesses.