Thread by @Jude_Mugabi

What are the findings from the @Absa Financial Markets Index Report? If interested in the insights & outlook for the economy, follow this link for the unveiling:
#AFMIndex2021

“For the 5th year running, @AbsaUganda has been organizing the Financial Markets Index Forum. As we delve deeper into the report, we’ll assess the economy & what needs to be done for further economic growth.” - @MumbaKalifungwa
#AFMIndex2021

“One of the best things to come out of the pandemic is that Uganda ranks 1st in East Africa & 5th in Africa up from 10th last year according to #AFMIndex2021. We must prove that the jump in the ranking wasn’t a fluke.” - @BOU_Official Deputy Governor, Michael Atingi-Ego

“Uganda was one of the four countries to post an improved score in the #AFMIndex2021.” - @BOU_Official Deputy Governor, Michael Atingi-Ego

.@BOU_Official’s Deputy Governor says the banking system has weathered the effects of the #Covid19 pandemic well so far. The national foreign exchange reserves grew by 13.1% which gives foreign investors more confidence in the economy.
#AFMIndex2021

@BOU_Official’s Michael Atingi-Ego reveals that are also plans to build a national payments switch for interoperability which will reduce the cost of transaction.

#AFMIndex2021

On the oil & gas sector, @BOU_Official Deputy Governor says we may not have the privilege of leaving our oil in the ground for a full green economy but we must ensure stability.

#AFMIndex2021

@mofpedU Permanent Secretary/Secretary to the Treasury @rggoobi says that government doesn’t intend to increase the current tax rates but adds that focus will be more on compliance.

#AFMIndex2021

“The rise in the prices has caused some anxiety but it is a temporary shock & more so an external shock due to disruptions in the global supply chain.” - @mofpedU PS/ST @rggoobi commenting on the rising prices.

#AFMIndex2021

“The depth and liquidity of capital markets is fundamental to economic growth.” - @rggoobi commenting on the importance of the #AFMIndex2021 findings

@rggoobi says government’s economic strategy has 3 objectives for the next financial year & in the medium term:
- Mitigate the impact of the pandemic
- Speed up economic transformation
- Sustaining both security & macroeconomic stability

#AFMIndex2021

“There are some elements in our tax we can improve on. For example our tax on dividends from securities is the highest in the region.” - David Wandera (@AbsaUganda Head of Markets)
#AFMIndex2021

“The goal of government right now to reduce budget deficits & debt sustainability. What we’ve seen across the continent is countries moving in the wrong direction & Uganda is part of that movement.” - Jeff Gable, @Absa Group's Chief Economist

#AFMIndex2021

“The thing about debt is that it is not about the size of the debt but the ability to service the debt.” - @samuelsejjaaka

#AFMIndex2021

“We have not grown the pension sector because the reforms have not been holistic.” - @CmaUganda Director of Legal & Board Affairs, Miriam Ekirapa Musaali

#AFMIndex2021