a middle income country, we must expand the size of the modern business sector many times. the fact that the modern business sector has remained a relatively small part of the overall economy despite a quarter of a century of consistently robust real economic growth indicates that there are major barriers to investment by this sector. the 2017 global competitiveness report, published by the african development bank, the world economic forum and the world bank, lists some of the factors which impede the competitiveness of the ugandan economy. these include some aspects of the institutional environment, especially pertaining to public administration, poor infrastructure, higher education and training, and technological readiness. the long term prospects for our economy depend on creating a business environment which is conducive to attracting investment by mid - sized companies on a large scale. if this sector is to expand to command a much larger share of the uganda economy, which is necessary if per capita incomes are to rise substantially ; thousands of new mid - sized companies will have to invest in uganda. the factors needed to attract private investment on such a scale include prospects for strong long term growth in markets for goods and services, macroeconomic stability and a competitively priced workforce. they also include a clear and transparent institutional environment with clear rules and regulations which are implemented fairly to create a level playing field for all investors and which protect the legitimate rights of businesses. to strengthen the business climate in uganda, the business community should play a more prominent role, through its collective institutions such as the private sector foundation and the uganda manufacturers ’ association, in identifying and highlighting obstacles to investment and business expansion and lobbying for economic and institutional reforms to remove or mitigate these obstacles. there are many important public policy debates in this country, about for example the appropriate level of tax rates and import tariffs, the types of skills needed in the labour force, the type of infrastructure that is required, and the importance of regional integration, which would benefit from the collective voice of the business community. i hope that events such as this gala awards dinner can help to stimulate the debate that is needed in uganda to strengthen the business environment and attract much more private investment. finally, i congratulate all the entrepreneurs here tonight, especially those that have received awards, and encourage them to use their experience to nurture and mentor other aspiring entrepreneurs, so that we can collectively expand the formal business sector in this country - that is vital for employment generation. thank you for listening.

michael atingi - ego : absa economic outlook and 2023 africa financial markets index keynote speech by mr michael atingi - ego, deputy governor of the bank of uganda, at the absa economic outlook forum and 2023 africa financial markets index presentation, kampala, 6 february 2024. * * * mr. ramathan ggoobi, ps / st, mofped mr. mumba kalifungwa, managing director, absa bank uganda. all protocol observed ladies and gentlemen good morning to you all. thank you very much for inviting me to the economic outlook forum and presentation of the 2023 africa financial markets index ( afmi ). it is always an honour for the bank of uganda to participate in this event, which has proven to be a valuable platform to highlight developments in the african financial markets. the absa financial markets index continues to gain traction on the continent, now covering 28 african countries, up from 17 in 2017 and representing approximately 80 % of the continent's gdp. in this seventh year of the index's existence, i am pleased that uganda has maintained its ranking of being first in the region and fourth in africa. this is commendable, considering that our economy, like many others, was adversely affected by the covid pandemic and the effects of the russia - ukraine war. the resulting global supply chain shocks put pressure on domestic inflation in the second half of 2022, and the higher interest rates caused liquidity tightness, effectively disrupting access to financial resources. however, the bank of uganda's decisive macroeconomic and macroprudential policy measures have helped to shield the domestic economy and financial system from the complete pass - through of various external shocks. the initiatives we are undertaking to deepen our financial markets, which i will expound on in a moment, have contributed to curbing exchange rate volatility and lowering inflation. real gdp growth for the quarter ended september 2023 was 5. 3 %, and the economy is projected to grow at 6 % in the financial year 2023 / 24. inflation moderated towards the end of 2022, and the outlook is for inflation to remain below 5 % in the near term. the ugandan banking system remains resilient, supported by a strong supervision and regulation framework which has enabled banks to lower their exposure to systemic risks and build sufficient capital buffers. the implementation of the basel ii international capital framework that commenced in march 2023 has added