Capital Market Development in Uganda

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Bank of Uganda – German Technical Co-operation Financial System Development (FSD) Project

CAPITAL MARKET DEVELOPMENT IN UGANDA PRIVATE SECTOR OPINIONS ON LISTING

Andrea Bohnstedt Alfred Hannig Ralph P. Odendall

FSD Series No. 2

CAPITAL MARKET DEVELOPMENT IN UGANDA PRIVATE SECTOR OPINIONS ON LISTING

Andrea Bohnstedt Alfred Hannig Ralph P. Odendall

FSD Series No. 2

 Financial Systems Development (FSD) Project 2000 Responsible: A. Hannig Publisher: Bank of Uganda – German Technical Co-operation Financial System Development (FSD) Project 37/43 Kampala Road P.O. Box 27650 Kampala, Uganda Printer: Graphics Systems (U) Ltd. 8, Buvuma Road, Luzira, Port Bell P.O. Box 22631, Kampala

Private Sector Opinions on Listing

Contents Annexes........................................................................................ ii Abbreviations............................................................................... ii Preface......................................................................................... iii Executive Summary.................................................................... iv 1 Introduction ...................................................................................1 1.1 1.2 2 3 Background ...........................................................................1 Structure and Methodology...................................................3

Capital Markets in Sub-Saharan Africa.......................................5 Uganda: Country Background ...................................................11 3.1 3.2 3.3 3.4 3.5 Macro-Economic Environment............................................11 The Fiscal Environment ......................................................12 The Legal Environment.......................................................14 The Banking Sector ............................................................15 The Capital Market..............................................................16 Capital Markets Authority (CMA) ........................................19 Uganda Securities Exchange (USE)...................................20 Regional Integration of the Capital Markets in East Africa .21 General Economic, Fiscal and Legal Environment.............23 Corporate Finance ..............................................................26 Awareness Levels about Capital Markets in Uganda .........28 Listing Requirements ..........................................................31 Market Extent and Participants ...........................................33 i

4

Institutional Infrastructure .........................................................19 4.1 4.2 4.3

5

Private Sector Opinions on Capital Market Development ......23 5.1 5.2 5.3 5.4 5.5

Capital Markets Development in Uganda

Private Sector Opinions on Listing

6 7

Conclusions: Impediments and Potentials .............................. 37 Recommendations...................................................................... 41 7.1 7.2 7.3 Creating an Enabling Environment..................................... 41 Actively Encouraging Listings ............................................. 42 Actively Encouraging Shareholding .................................... 43

8

References................................................................................... 45

Annexes Annex 1: Annex 2: Annex 3: Annex 4: List of interviewees Cover letter and questionnaire Keynote by Prof. Dr. Siebel at the Dialogue Seminar in February 1999 Summary of discussions of the Capital Markets Panel at the Dialogue Seminar in February 1999

ii

Capital Markets Development in Uganda

Private Sector Opinions on Listing

Abbreviations ASEA BoU CDS CEO CMA EADB EASRA ERP FDI FSA FIS GDP GSE GTZ IMF IOSCO LuSE MOFPED NSE NSE PTA SEC SEM UMFSA African Stock Exchanges Association Bank of Uganda Central Depository System Chief Executive Officer Capital Markets Authority East African Development...
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