Uganda has maintained its fourth-place ranking in the Absa Africa Financial Markets Index.
The financial index by Absa evaluates financial market development in 23 countries and highlights economies with the most supportive environment for effective markets.
The index assesses countries according to market depth; access to foreign exchange; market transparency, tax, and regulatory environment; capacity of local investors; macroeconomic opportunity; and enforceability of financial contracts, collateral positions, and insolvency frameworks.
In the 2024 index, Uganda registered a slight increase in the score from 62 to 63 in fourth position, below South Africa, Mauritius and Nigeria in the first, second and third positions respectively.
“Uganda’s rise from ninth place in 2017 to fourth today is a testament to our progress. While we celebrate these achievements, we recognize there is still work to be done. Developing our financial markets further requires ongoing collaboration between government, regulators, and the private sector,” said David Wandera, Interim Managing Director of Absa Uganda.
Uganda performed best in macroeconomic environment and transparency where it came second to Namibia but also excelled in terms of legal standards and enforceability which saw the East African nation score 85, in fifth position below Mauritius, South Africa, Ghana and Nigeria.
