The Bank of Uganda kept its benchmark lending rate at 9.75% for the fifth consecutive meeting to contain inflation while supporting economic growth. Core inflation fell to 3.4% in October, prompting the bank to revise its 2025/26 forecast down to 4%–4.5%. The central bank now projects economic growth of 6.5%–7%, up from the earlier estimate of 6%–6.5%, as consumer prices remain relatively subdued in the country.

Uganda is advancing its $4 billion oil refinery project, aiming to take a final investment decision by July 2026. The 60,000-barrels-per-day facility will be developed by Kabaale Refinery Company Limited, a partnership between Uganda National Oil Company (40%) and Alpha MBM Investments (60%) of the UAE. Front-end engineering design and environmental studies are set to start in November 2025. The refinery aims to process crude from Tilenga and Kingfisher fields, creating jobs, boosting GDP, and reducing fuel imports by 2030.

Experts project that Uganda could generate 1.8 million jobs and $4 billion in revenue by 2030 through digital expansion. Analysts emphasize that implementing AI skills training, improving internet affordability, increasing investment, and expanding coverage are key to realizing this growth. While 75 % of Ugandans have mobile coverage, many remain offline due to cost, energy, and skill gaps. Policy reforms and targeted digital initiatives are crucial to unlocking the country’s economic potential.

Uganda’s second-hand clothing sector supports millions of jobs, especially among youth, while providing affordable apparel amid high poverty and unemployment. Educated entrepreneurs dominate the trade, which generated $95.9 million in imports in 2023 and $87 million in tax revenue in 2022/23. However, government policies, including high import duties and a per-kilogram tax system, threaten the sector and violate East African Community rules. Experts call for phased industrial support, fair taxation, and formal integration of traders.

MTN Uganda Brand Manager Catherine Mulanghi encouraged young Ugandans to leverage local identity to build strong professional brands at a Makerere University Business School marketing roundtable. She highlighted MTN’s youth initiatives, including MTN Pulse and MTN Changemakers, as platforms for talent development and market engagement. Mulanghi emphasized research, cultural understanding, digital tools, and continuous learning, urging students to strengthen their personal and professional brands to compete nationally and internationally.

The Institute of Certified Public Accountants of Uganda (ICPAU) announced that Uganda will adopt the IFRS Sustainability Disclosure Standards, IFRS S1 and S2, to improve transparency and comparability in climate and sustainability reporting. Early adoption starts January 2026, with full compliance by 2028. The announcement was made at the 15th Financial Reporting (FiRe) Awards in Kampala, which recognized organizations including MTN Uganda, NSSF, and Bank of Uganda for excellence in financial reporting, governance, and sustainability.