President Yoweri Kaguta Museveni has raised alarm over what he described as “unpleasant global developments” that are fueling uncertainty in global investment, trade and development financing.
In a statement delivered on his behalf by Finance Minister Matia Kasaija at the 4th International Conference on Financing for Development in Seville, Spain, Museveni pointed to a range of challenges, including armed conflicts, trade wars and renewed global competition for natural resources.
“Unjustified wars in different parts of the world including the Israel-Palestine conflict, the Russia-Ukraine war and now tensions involving Iran combined with skyrocketing tariffs, non-trade barriers, protectionist policies and regional military threats in Africa, are all creating uncertainty for global trade and investment,” Museveni stated.
The President also criticized the misuse of global financial institutions, arguing that their original development-oriented purpose is being compromised.
“Multilateral financial institutions such as the World Bank and IMF need to refocus on their original mandate of development and refrain from being used as tools for geopolitical objectives of some countries,” he said.
Museveni called for a renewal of the global cooperation structures established after World War II, which he credited with helping to maintain peace and facilitate free trade.
“We should reform and preserve the multilateral frameworks which have sustained global peace since World War II and promoted free trade under World Trade Organisation trade rules,” he noted.
He emphasized that Africa, in particular, needs stability and equitable access to global markets in order to advance economically.
“This is the reason why in Africa we are prioritizing strengthening regional markets and intra-Africa trade to be able to expand the markets for exports,” Museveni said.
Rejecting dependency on aid, Museveni instead advocated for value addition to Africa’s natural wealth.
“We are not looking for grants or donations, we are talking about mechanisms where Africa can benefit by adding value to its abundant resources, through accessing technologies, affordable financing and access to markets of our manufactured products,” he noted.
