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Banks and pension funds feast on gov’t securities gravy train as businesses get more starved of credit and choked by high interest rates.

Muhereza Kyamutetera Muhereza Kyamutetera

Patrick Ayota, the NSSF Uganda Managing Director (left) and Dr. Michael Atingi-Ego the Bank of Uganda Deputy Governor, at the just-ended 2024 Absa Economic Outlook Forum. They both believe in an urgent need for pension reforms to allow for redirection of investments into the real sector.

The government of Uganda’s continued uncontrolled borrowing from commercial banks via government securities and at anti-market rates to the detriment of the private sector dominated the greater part of the…

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