Gen Katumba Wamala advocates for secure investment in government bonds

Minister of Works and Transport, Gen. Edward Katumba Wamala, has encouraged Ugandans to invest in government securities, such as Treasury bills and bonds, citing them as secure options amidst economic uncertainties.

He emphasised that, despite possible changes in government leadership, the stability of government-backed investments remains constant.

“The government will never go away. Yes, faces may change, but the government will be there,” Wamala stated during the 2024 Financial Reporting Awards organised by the Institute of Certified Public Accountants of Uganda (ICPAU).

He urged financial professionals to educate the public on the benefits of these safe investment options, noting that the Capital Markets Authority and Uganda Securities Exchange recently launched an e-purchase platform to make investing in government securities more accessible to Ugandans.

Wamala underscored Uganda’s commitment to an intermodal transport system integrating road, rail, water, and air, aimed at positioning the country as a regional logistics hub.

“We are trying to make our transport as cheap as possible,” he noted, outlining infrastructure projects such as the Standard Gauge Railway (SGR), set to launch in Tororo, and the nearly completed Kabaale Airport in Hoima.

These projects are expected to enhance Uganda’s trade links and connectivity with neighbouring countries like Kenya, Rwanda, and South Sudan.

Vice President of ICPAU, Ronald Mutumba, highlighted the importance of quality corporate reporting in achieving organisational success and sustainability.

“We are delighted to acknowledge the essential role that quality corporate reporting plays as a key indicator of organisational success and sustainability,” he said, noting the adoption of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards by ICPAU.

These standards aim to establish a cohesive framework for sustainability reporting, offering consistent and comparable disclosures on environmental, social, and governance (ESG) factors.

Mutumba urged CEOs and corporate leaders to support these standards’ implementation, as they will elevate the quality and uniformity of sustainability-related information, aligning Ugandan practices with global benchmarks.

FiRe Awards Committee Chair Stephen Ineget commended Uganda’s journey in financial reporting, noting that the Awards, now in their 14th year, align with the country’s adoption of IFRS through the Companies Act in 1998. This year’s theme, “Promoting Excellence in Corporate Reporting: Disclosing ESG Performance and Progress,” reinforced the importance of ESG in corporate disclosures.

“Our intention was to give participating organisations a chance to demonstrate progress in implementing feedback, especially in sustainability reporting,” Ineget stated.

He noted that ESG has been a focus over the past three years, allowing organisations to showcase their improvements in response to evaluator feedback.

The 2024 FiRe Awards attracted a record 108 participants, reflecting heightened interest in transparent financial reporting. Of these, 82 returned from last year, indicating a strong commitment to benchmarking annual reports against evolving reporting standards.

Participation remains free, requiring only the submission of annual reports, which are evaluated for compliance with frameworks.