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NSSF stake in MTN Uganda shoots to Shs1.23t in less than a month

MTN-Uganda board chairman, Charles Mbire, and NSSF Managing Director, Patrick Ayota.

MTN Uganda’s strong rally on the Uganda Securities Exchange (USE) continues to create significant wealth for its largest local shareholders, with the telecom’s share price climbing steadily from Shs312 in November 2025 to Shs428 in February 2026, and now reaching Shs470 in March. 

The steady upward movement reflects sustained investor confidence in one of the most dominant counters on the local bourse. 

From Shs312 to Shs428 

Between November and early February, MTN Uganda’s share price rose by Shs116, moving from Shs312 to Shs428.  

That initial surge delivered substantial gains for major shareholders, including the National Social Security Fund (NSSF) and businessman Charles Mbire. 

From Shs428 to Shs470 

The rally did not stop there. By March, the share price had climbed further to Shs470, extending the bullish run and reinforcing MTN Uganda’s position as one of the strongest-performing stocks on the USE. 

Total Gain Since November: Shs158 Per Share 

Overall, the stock has gained Shs158 per share from November’s Shs312 to the current Shs470 — a remarkable appreciation in just a few months. 

NSSF’s Stake Surges Above Shs1.236 trillion

NSSF, which holds a 10.7 percent stake equivalent to 2,629,607,810 shares, has seen the value of its investment rise sharply alongside the stock. 

At the current price of Shs470 per share, the Fund’s total MTN Uganda holding is now valued at: Shs1,235,915,713,700 (approximately $347.12 million) 

From November’s Shs312 to March’s Shs470, the Shs158 increase per share has generated a total gain of: Shs415,478,034,980 (approximately $116.96 million) 

The development pushes NSSF’s MTN investment firmly above Shs1.236 trillion, strengthening its standing as the telecom’s largest local institutional shareholder. 

*Mbire’s stake Climbs to Nearly $118 Million* 

MTN Uganda board chairman Charles Mbire, who owns a 4 percent stake amounting to 895,561,810 shares, has equally benefited from the rally. 

At Shs470 per share, the total value of his stake now stands at: Shs420,392,050,700 (approximately $117.97 million) 

The Shs158 per share gain since November has increased the value of Mbire’s holding by: Shs141,498,765,980 (approximately $39.74 million) 

*Strong Momentum on the USE* 

The rise from Shs312 in November to Shs470 in March underscores MTN Uganda’s growing strength on the USE. For both institutional investors like NSSF and influential shareholders such as Mbire, the sustained rally highlights how quickly value can expand when market confidence remains strong.

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Uganda, DRC accelerate strategic cross border road project linking Mpondwe, Beni and Butembo

Dott Services is constructing DRC roads.

Uganda and the Democratic Republic of Congo have renewed joint supervision and technical engagement on the strategic Mpondwe–Kasindi to Beni and Beni to Butembo road corridor in order to improve trade and connectivity between the two neighbouring states.

A high-level delegation from Uganda’s Ministry of Works and Transport, led by Ambassador Farid Kaliisa, this week commenced an on-ground inspection of the phased regional road project, beginning at the Mpondwe–Kasindi border and proceeding into North Kivu Province. The mission culminated in a final briefing and high-level engagement with North Kivu Governor, H.E. Evariste Somo Kakule, to assess progress and address emerging implementation challenges.

The project is anchored in commitments made under the Common Market for Eastern and Southern Africa, where both Uganda and the Democratic Republic of Congo are member states. Under the regional framework, the two countries pledged to promote joint development, raise living standards, foster closer relations, and create an enabling environment for cross-border and domestic investment.

In line with these commitments, Kampala and Kinshasa agreed to jointly construct and upgrade key roads linking the two countries to ease business movement, strengthen people to people connectivity, enhance security cooperation and expand trade and investment opportunities in the wider region.

Two corridors were designated as priority projects. These include the 133 kilometre Mpondwe–Kasindi–Beni–Butembo road and the 89 kilometre Bunagana–Rutshuru–Goma road.

The 80-kilometre Mpondwe–Kasindi to Beni stretch begins at the Uganda–DRC border in North Kivu Province. On the Ugandan side, it connects to the Kikorongo–Bwera–Mpondwe highway, a paved route that is scheduled for rehabilitation. The Government of Uganda funded the construction of the Mpondwe–Kasindi Bridge, which is now substantially complete and expected to further streamline cross-border movement.

At Beni, the road links to the vital Beni–Komanda–Kisangani corridor. Contractors, including DOTT Services, have already established significant earthworks along sections of the route and identified sources for asphalt as works progress towards upgrading the road to bituminous standard.

The second section, covering 54 kilometres from Beni to Butembo, connects two of North Kivu’s major commercial centres, both home to vibrant markets and airports. At Butembo, the road joins the Butembo–Goma main corridor, reinforcing its strategic importance in linking eastern DRC to Uganda and the broader region.

Officials said the phased design and build approach prioritises emergency interventions to ease the movement of goods and traffic. The broader programme provides for upgrading 223 kilometres of roads to all weather gravel standard, complete with proper drainage systems and associated bridges designed to support staged construction.

Delegates from both countries have since convened at the Commonwealth Convention Centre in Munyonyo, Kampala, for further technical follow up meetings aimed at identifying bottlenecks and conducting a comprehensive situation analysis of progress made so far.

The upgraded corridors are meant to reduce transport costs, improve trade flows, strengthen security coordination and deepen economic integration between Uganda and the Democratic Republic of Congo, cementing the two countries’ growing infrastructure partnership.

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National Lotteries and Gaming Board cracks down on money laundering ahead of 2028 global review

The National Lotteries and Gaming Regulatory Board has intensified efforts to strengthen compliance within Uganda’s casino sector, holding a high-level stakeholder engagement aimed at reinforcing operators’ obligations under the Anti Money Laundering Act.

Earlier today, the Board’s Regulatory Compliance team convened casino operators for a comprehensive retraining session focused on Anti-Money Laundering standards and statutory responsibilities. The engagement comes as Uganda prepares for the 2028 mutual evaluation, a key international assessment of the country’s anti-money-laundering and counterterrorism financing framework.

According to the Board, the session was designed to deepen operators’ understanding of their legal obligations under the Anti Money Laundering Act, Cap 118, and to highlight the consequences of non-compliance.

During the meeting, officials stressed that casino operators play a critical role in safeguarding Uganda’s financial system from abuse.

“The upcoming 2028 mutual evaluation requires collective responsibility from all reporting entities, including casinos. Compliance is not optional but a statutory obligation,” the Board noted during the engagement.

The regulator further underscored the importance of maintaining Uganda’s standing in the global financial system, warning that failure to meet international standards could expose the country to increased scrutiny.

“The gaming sector must play its part in ensuring that Uganda remains off the grey list. This requires strict adherence to Anti Money Laundering regulations and proactive reporting of suspicious transactions,” officials emphasized.

Operators were urged to fully comply with directives issued by the Financial Intelligence Authority as well as guidance from the Board to ensure the sector achieves the highest level of AML compliance.

The National Lotteries and Gaming Regulatory Board has, in recent years, stepped up supervision of the gaming industry, positioning compliance and transparency at the center of its regulatory agenda as Uganda aligns itself with international best practices in combating financial crimes.

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Uganda targets Algerian market to boost exports through standards and partnerships

Minister of State for Cooperatives, Fred Gume, Executive Director of Uganda National Bureau of Standards, Eng. James Kasigwa and their guest.

Uganda has intensified efforts to expand market access for its products by positioning local enterprises to tap into the Algerian market, as the government pushes to strengthen export competitiveness through standards compliance and strategic trade partnerships.

The renewed push was unveiled during a consultative meeting on trade arrangements between Uganda and Algeria held at the headquarters of the Uganda National Bureau of Standards in Bweyogerere.

Speaking at the meeting, the Minister of State for Cooperatives, Fred Gume, said Uganda is prioritizing value addition and adherence to standards as key pillars in expanding its export footprint.

He emphasized that building strong partnerships with international markets such as Algeria is vital for improving Uganda’s trade performance and ensuring local products meet global requirements.

Officials noted that aligning Ugandan goods with internationally recognized standards will not only enhance product quality but also reduce trade barriers that often limit access to foreign markets.

The Executive Director of Uganda National Bureau of Standards, Eng. James Kasigwa, reaffirmed the Bureau’s commitment to strengthening the competitiveness of Ugandan enterprises through certification and standards development.

“Once a product is certified by UNBS using harmonized standards and supported by mutual recognition trade agreements, there is no need for multiple testing requirements, which significantly reduces export costs and delays,” Eng. Kasigwa said.

He explained that standards act as a catalyst for quality driven growth, enabling businesses to move from informal and low quality production systems into competitive players within both domestic and global value chains.

Uganda’s Ambassador to Algeria, Alintuma Nsambu, underscored the significant opportunities available in the North African country and encouraged Ugandan businesses to position themselves strategically to take advantage of the emerging trade prospects.

UNBS certification is central to facilitating access for Ugandan products not only within the country but also in regional and international markets. Certified products gain easier entry into the East African Community and benefit from continental frameworks such as the African Continental Free Trade Area, as well as other global markets.

Currently, UNBS offers both product and systems certification services, including internationally recognized standards such as Good Manufacturing Practices, Hazard Analysis and Critical Control Point, and ISO management systems. These certifications enhance the credibility of Ugandan products and increase their acceptance in premium international markets.

The consultative meeting brought together key stakeholders including the Chief Executive Officer of World Trade Solutions, Mr. Abdenour Seba, Ms. Anna Bachurina, Business Director at SERCONS Certification Authority, Dr. Tibursious Ssendawula, Director of Wendi Farms Uganda, and officials from UNBS, reflecting growing collaboration between government, private sector players and international partners in expanding Uganda’s export reach.

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Police to take lion’s share in Shs72.429b meant for internet services

The Ministry of Finance, Planning and Economic Development has revealed that government plans to spend Shs72.429 billion on internet services in the Financial Year 2026/27, with the Uganda Police Force taking the lion share of the allocation.

Details contained in the Second Budget Call Circular issued last week by the Secretary to Treasury, Ramathan Ggoobi, show that the Police is projected to spend Shs42.036 billion on internet services, largely for internet, dark fibre and leased lines.

The circular guides Accounting Officers of Ministries, Departments, and Agencies on priority areas in the forthcoming national budget and provides estimates of annual internet consumption across government institutions.

According to the document, the Ministry of Defence and Veteran Affairs is expected to spend Shs3.260 billion, while the Judiciary has a projected internet budget of Shs3.181 billion.

Other major spenders include the Ministry of Works and Transport, which has earmarked Shs2.269 billion, and the National Information Technology Authority Uganda with a budget of Shs2.267 billion. The Uganda Revenue Authority has allocated Shs901.3 million towards internet consumption.

An annex detailing estimated annual internet services consumption for FY 2026/27 further shows that the National Citizenship and Immigration Control will spend Shs715.6 million, while the Ministry of Gender, Labour and Social Development has budgeted Shs512.9 million.

The Ministry of ICT and National Guidance is projected to spend Shs563.8 million, the Office of the President Shs412.5 million and State House of Uganda Shs211.8 million on internet services.

The annex also indicates that the Parliamentary Commission will spend Shs394 million, the Directorate of Public Prosecutions Shs613.9 million and the Ministry of Finance, Planning and Economic Development itself Shs795.1 million.

Other notable allocations include Shs470.1 million for the Ministry of Water and Environment, Shs359.5 million for the Uganda Registration Services Bureau, Shs320.1 million for the Financial Intelligence Authority, Shs292.7 million for the Ministry of Energy and Mineral Development and Shs333.9 million for Mbarara University of Science and Technology.

The Ministry of Agriculture, Animal Industry and Fisheries has allocated Shs292.8 million, while the Ministry of Lands, Housing and Urban Development is set to spend Shs500.9 million. The Uganda Industrial Research Institute will spend Shs204.8 million and the Ministry of Trade, Industry and Cooperatives Shs192.3 million.

At the lower end of the spending scale, Nebbi General Hospital has budgeted Shs1.78 million, Kyenjojo Hospital Shs1.80 million, and the Uganda Development Corporation Shs1.99 million for internet services.

The projected expenditure shows the much resilience on digital infrastructure across government institutions, with security, justice and revenue collection agencies accounting for a bigger portion of the internet services budget in the coming financial year.

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UCU student found safe in Mukono after days of missing 

UCU student, Nathan Tuwandike, who was reported to have gone missing, has been found alive in Mukono District.

Police in Mukono District have successfully recovered a 25-year-old student of Uganda Christian University who had been reported missing, bringing relief to his family, friends and the university community.

The student, identified as Nathan Tuwandike had earlier been declared missing after he disappeared under unclear circumstances, prompting police to launch investigations and appeal to the public for information regarding his whereabouts.

In a statement, Kampala Metropolitan Police Deputy Spokesperson Luke Owoyesigyire confirmed that officers acted swiftly after receiving a tip-off from members of the public.

“On 2nd March 2026 at about 1400 hours, Police received information from members of the public that the victim had been seen roaming around Mukono Town,” he said. “Officers immediately responded and were able to locate and safely recover him.”

According to police, Tuwandike was last seen in Mukono Town on February 25. Concern grew after his mobile phone and personal belongings were reportedly found at his hostel, raising fears about his safety. His family and colleagues subsequently reported the matter to police, triggering a search operation.

Owoyesigyire said police had earlier called upon anyone with information about the student’s whereabouts to come forward as investigations commenced.

“He is currently in safe custody as further assessments are being conducted,” he added.

Police thanked members of the public whose vigilance and cooperation led to the positive outcome.

“We thank the members of the public for their vigilance and cooperation, which greatly contributed to this positive outcome. Further details will be communicated in due course,” the statement read.

The development has brought relief to the university community, where fellow students had expressed concern and shared appeals on social media seeking help in tracing him. Investigations into the circumstances surrounding his disappearance are ongoing.

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Uganda begins repatriation of students from Iran as first group arrives tonight

Students who are to be repatriated back home.

The Government of Uganda has commenced the repatriation of Ugandan students who were studying in the Islamic Republic of Iran, with the first group expected to arrive in Kampala this evening at 6:00 PM aboard Ethiopian Airlines.

In a statement, the State Minister for Youth and Children Affairs, Balaam Barugahara Ateenyi, extended gratitude to President Yoweri Kaguta Museveni and government institutions that coordinated the evacuation exercise.

“I extend my sincere appreciation to H.E. the President of Uganda Yoweri Kaguta Museveni, through the Office of the Permanent Secretary of the Ministry of Foreign Affairs, and our Embassies in Iran and Turkey for successfully facilitating the return of our young people who were studying at Ahlul Bayt International University,” Barugahara said.

He added that the operation reflects the government’s commitment to safeguarding Ugandan citizens abroad.

“The first group is expected to arrive this evening at 6:00 PM aboard Ethiopian Airlines. Efforts are ongoing to repatriate the remaining 53 students currently studying at QOM University in Iran,” he noted.

The minister further applauded the coordination between the Ministry of Foreign Affairs and Uganda’s diplomatic missions in Tehran and Ankara, describing the exercise as a demonstration of effective diplomacy and leadership.

“Thank you once again, Mr. President, the Ministry of Foreign Affairs, and all our embassy staff in Iran and Turkey for your dedication and coordination in this important operation. Viva President of Uganda,” he stated.

Among the students expected to arrive this evening are Kimobwa Sharif, Twimomujuni Danson, Mbajja Brenda, Nasasire Denis, Kiremire Nickson Baryayebwa, Ssali Edison, Dukundane Christine, Namuddu Waldha, Nabwe Patricia Grace, Ntege Jonathan, Sebanakita Muhamood Africa, Itungo Sam, Muramuzi Crisphol, Namilo Nakanwagi Sharitah, Kafuuma Peter, Nimwesiga Isaac, Nakalyango Aisha, Lukwago Eric, Nanjego Shamirah, Nabbala Godfrey, Ssegawa Aloysious, Kankya Davis, Bogere Musa Missongo, Nkaijagye Chrispus, Ssemakula Musa, Rutabora Samwel, Nyegyema Oscar, Eling Isac, Nakabulwa Bashiira, Wandwasi Emmanuel, Namnyonga Lighton, Gumoshabe Jonan, Muhwezi Andrew, Bashaaga Jovanese, Nabukenya Hawa, Muhoozi Innocent, Wampamba Alexandria, Mayanja Sarah, Twiine Sharon, Katamba Samwel, Namugosa Sarah Gesa, Mukyala Babra and Akampa Newton.

The additional updates will be provided regarding the remaining students still in Iran as arrangements for their safe return continue.

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US sanctions Rwanda Defence Force, four senior commanders over supporting M23 in Eastern DRC conflict

Maj. Gen. Ruki Karusisi

The United States has announced sanctions against the Rwanda Defence Force and four of its senior commanders, accusing the force of directly supporting the rebel group March 23 Movement in eastern Democratic Republic of the Congo due to serious breach of ongoing peace efforts.

In a detailed statement issued on March 2, the U.S. Department of the Treasury said its Office of Foreign Assets Control had designated the RDF and its top officials for backing M23 operations that have led to territorial seizures, civilian displacement and widespread instability in eastern Congo.

“M23’s offensives would not have been possible without the active support and complicity of the Rwanda Defence Force and key senior officials,” the Treasury said. 

The Treasury accused the Rwandan military of providing operational assistance, advanced equipment and direct combat support to the rebel movement.

The sanctions follow a high-level diplomatic meeting in Washington where US President Donald J. Trump hosted Congolese President Felix Tshisekedi and Rwandan President Paul Kagame for the signing of the Joint Declaration on the Washington Accords for Peace and Prosperity, an agreement intended to calm tensions and restore stability in the Great Lakes region.

Just days after the signing, however, M23 fighters captured the strategic border town of Uvira along the DRC Burundi frontier, forcing thousands of civilians to flee and heightening fears of a broader regional confrontation.

“President Trump is the Peace President, and Treasury will use all tools at its disposal to ensure that the parties to the Washington Accords uphold their obligations. We expect the immediate withdrawal of Rwanda Defence Force troops, weapons and equipment,”Treasury Secretary Scott Bessent said.

According to Washington, thousands of RDF troops are currently deployed across eastern Congo where they are said to be actively engaging in combat and facilitating M23’s control of territory, including the provincial capitals of Goma and Bukavu and several strategic mining sites.

“The Rwanda Defence Force has provided direct operational support to M23 and its affiliates. The RDF has introduced advanced military equipment to the battlefield in eastern DRC, including GPS jamming systems, air defence equipment, drones and additional materiel,”the statement reads.

The Treasury further alleges that RDF personnel have trained M23 fighters at Rwandan military facilities and supported recruitment efforts, including among refugee populations.

“With support from the RDF, M23 has engaged in extrajudicial killings, arbitrary arrests and torture,” the statement adds, pointing to escalating humanitarian concerns in eastern Congo.

The sanctions also target senior commanders Vincent Nyakarundi, Ruki Karusisi, Mubarakh Muganga and Stanislas Gashugi, who US authorities describe as key figures in planning and overseeing RDF operations linked to M23 activities.

Under the sanctions regime, all property and interests in property of the designated individuals and entities within the United States or under the control of US persons are blocked. American citizens and institutions are generally prohibited from conducting transactions involving the sanctioned parties.

“Violations of US sanctions may result in the imposition of civil or criminal penalties on US and foreign persons,” the Treasury warned.

The Treasury added that non US persons could also face consequences for facilitating prohibited transactions.

US officials stressed that the objective of the sanctions is not punitive but corrective.

“The ultimate goal of sanctions is not to punish, but to bring about a positive behavior change,” the statement said, noting that designated individuals may seek removal from the sanctions list if they demonstrate compliance and a commitment to peace.

For Uganda and the wider Great Lakes region, the renewed tensions carry significant implications. Kampala shares deep security and economic interests with eastern Congo and has previously deployed troops in parts of the region under bilateral arrangements with Kinshasa to combat armed groups.

Sanctioned army officers

Vincent Nyakarundi (Nyakarundi), a Rwandan national, is the Army Chief of Staff of the RDF.  Nyakarundi is a senior commander of the Rwandan Army’s land forces, which have conducted military operations in support of M23. 

Ruki Karusisi (Karusisi), a Rwandan national, is a major general and commander of the RDF’s 5th Infantry Division.  He was previously a Special Operations Force Commander and oversaw military operations in support of M23. 

Mubarakh Muganga (Muganga), a Rwandan national, is the RDF’s Chief of Defence Staff.  Before being appointed to this role in June 2023, Muganga served as the RDF’s Army Chief of Staff, during which time he played a key role in planning operations and commanding RDF forces in eastern DRC.   

Stanislas Gashugi (Gashugi), a Rwandan national, was appointed as the RDF’s Special Operations Force Commander on March 15, 2025, replacing Karusisi. 

The RDF is being designated pursuant to Executive Order (E.O.) 13413, as amended by E.O. 13671, for being responsible for or complicit in, or having engaged in, directly or indirectly, actions or policies that threaten the peace, security, or stability of the DRC; and for having materially assisted, sponsored, or provided financial, material, logistical, or technological support for, or goods or services in support of M23.  Nyakarundi, Karusisi, Muganga, and Gashugi are being designated pursuant to E.O. 13413, as amended, for being leaders of the RDF, an entity that has, or whose members have, been responsible for or complicit in, or have engaged in, directly or indirectly, actions or policies that threaten the peace, security, or stability of the DRC.

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Ruparelia Group to unveil classical Kabira Country Club expansion

New look of Kabira County Club.

The Ruparelia Group is set to unveil an expansion of Kabira Country Club, a landmark development that is poised to elevate the standards of luxury hospitality and executive living in the capital.

Rising prominently in Bukoto, the new multi level complex represents one of the most ambitious upgrades in the club’s history. Long known as a premier destination for leisure, fitness and accommodation, Kabira is now positioning itself as a fully integrated lifestyle and business hub designed to meet the demands of a growing high end market.

The striking structure features bold geometric lines, expansive glass façades and terraced balconies that blend contemporary design with a relaxed tropical setting. The architecture maximizes natural light while offering sweeping views of Kampala’s greenery, reinforcing the resort inspired identity that has defined the property for years.

According to sources familiar with the project, construction has entered its final phase, with interior finishing works and landscaping progressing ahead of an official launch expected soon.

The expansion will introduce premium serviced apartments, executive suites, enhanced wellness facilities and upgraded conference amenities tailored to corporate clients, expatriates and long stay business travelers. By combining residential comfort with hotel grade services, the development is expected to strengthen Kampala’s position as a regional destination for conferences, investment and tourism.

Industry analysts say the move aligns with the Ruparelia Group’s continued investment in Uganda’s real estate and hospitality sectors, where demand for upscale accommodation and mixed use leisure facilities remains strong. The project is also anticipated to create employment opportunities and stimulate economic activity within the surrounding community.

As final touches are applied, anticipation is mounting among stakeholders eager to witness the official unveiling. With completion now imminent, Kabira Country Club stands ready to enter a new chapter defined by modern architecture, strategic expansion and renewed confidence in Kampala’s luxury hospitality landscape.

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Finance Ministry reports improved economic activity as commercial case backlog rises

Ministry of Finance, Planning and, Economic Development.

The Ministry of Finance, Planning and Economic Development has reported a steady improvement in economic activity and business conditions in January 2026, even as commercial case backlogs and formal employment figures registered notable shifts.

In its January 2026 Microeconomic Indicators and Developments Update, the Ministry said economic activity continued on a positive trajectory, supported by improved business sentiment and rising consumer demand.

“Economic activity continued to improve in January 2026 on account of improvements in business conditions and increased consumer demand. Business sentiments also showed a positive trajectory, pointing to a brighter microeconomic outlook in the medium term,” the report states.

The report shows that formal employment, as captured under the PAYE register, declined by 23.3 percent from 776,825 employees in December 2025 to 596,194 in January 2026. Similarly, the number of migrant workers recorded by the Immigration Department reduced by 12.1 percent from 3,932 in December to 3,455 in January.

On living standards, monthly inflation for food and non-alcoholic beverages eased by 0.1 percent in January 2026, compared to a 0.5 percent increase in December 2025. Energy, fuels, and utilities inflation remained unchanged during the month. Meanwhile, household expenditure increased significantly by 32 percent from Shs32,748 billion in the fourth quarter of FY2024/25 to Shs43,102 billion in the first quarter of FY2025/26.

Under equity and economic inclusion, financial sector outreach expanded. The number of branches for commercial banks, credit institutions, and microfinance deposit-taking institutions increased by 2.4 percent from 715 branches in September 2024 to 732 in September 2025. Automated teller machines also rose by 4.5 percent from 994 to 1,039 over the same period.

Environmental indicators for Kampala showed slight improvement. “Air quality in Kampala registered a slight improvement, with particulate matter dropping by 20.7 percent from 37.2 micrograms per cubic meter in December 2025 to 29.5 micrograms per cubic meter in January 2026,” the Ministry noted. Noise pollution in the capital also reduced marginally from 64.66 decibels to 64.17 decibels.

However, malaria prevalence increased significantly, rising from 1.2 deaths per 1,000 persons in December 2025 to 2.3 deaths per 1,000 persons in January 2026, signaling emerging public health concerns that could affect productivity.

On competitiveness, liquid energy fuels inflation increased by 0.3 percent in January 2026, mainly driven by a 0.5 percent rise in petrol prices. Export earnings, according to the report, reduced by 7.8 percent between the fourth quarter of FY2024/25 and the first quarter of FY2025/26, even as the monthly trade deficit narrowed by 11.1 percent from $232.3 million in November 2025 to $206.4 million in December 2025. The improvement in the trade balance was largely attributed to higher gold export receipts.

The report also highlights mounting pressure within the justice system. Commercial case backlog increased by 29.8 percent from 1,645 cases in FY2023/24 to 2,135 in FY2024/25. The number of pending commercial cases at the High Court rose by 34 percent, while total pending cases across courts increased by 17.9 percent to 190,793.

To address the growing backlog, government interventions under the Fourth National Development Plan are being intensified. “Government has continued to promote the use of Alternative Dispute Resolution such as mediation and plea bargaining,” the Ministry said, noting that 3,760 cases were completed through plea bargaining in FY2024/25, while 6,803 cases were concluded through mediation.

The Judiciary has also accelerated automation through the Electronic Court Case Management Information System, rolled out in 23 out of 236 court stations, and expanded digital court recording systems to improve efficiency and transparency.

On financial markets, the Uganda Securities Exchange All Share Price Index increased by 6.1 percent from 1,559.97 in December 2025 to 1,655.60 in January 2026. Uganda also scored 66 points in the 2025 Africa Financial Markets Index, ranking third on the continent behind South Africa and Mauritius, reflecting improved investor confidence.

Despite a reduction of 8.7 percent in new business registrations in January, the Ministry maintains that the overall outlook remains positive.

“The thematic focus on competitiveness, particularly reducing commercial case backlogs, is central to strengthening Uganda’s business environment and unlocking growth,” the report emphasizes.

The Ministry reaffirmed its commitment to implementing policy measures aimed at improving access to justice, enhancing productivity, and sustaining macroeconomic stability in the medium term.

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