# Uganda Turns Years of Political Stability Into an Investment Pitch

> With growth holding at 6.3 percent, a $550 million steel plant underway and its financial markets ranking jumping from 10th to 3rd in Africa since 2017, Uganda is leaning on stability as its main selling point to investors.

- Source: African Economy
- Canonical URL: https://africaneconomy.net/article/uganda-stability-investable-growth
- Author: African Economy Staff
- Section: Trade & Investment
- Published: 2026-10-21T11:20:00.000Z
- Updated: 2026-10-21T11:20:00.000Z
- Tags: Uganda, investment, economic growth, steel, financial markets

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Uganda's economy expanded 6.3 percent in the 2024/25 fiscal year and has held that pace through the first three quarters of the current fiscal year, with the country positioning political stability as its central pitch to investors ahead of expected first oil production, according to a report by Forbes Africa. Uganda's ranking on the Absa Africa Financial Markets Index climbed from 10th place in 2017 to 3rd in 2025, a jump officials point to as evidence the country's investment case has moved well beyond reputation repair.

Electricity demand is growing roughly 8 percent a year, and new industrial investment is following it: Devki Group is putting $550 million into a steel plant with an 800,000-metric-ton annual capacity, aimed at displacing a share of the roughly $500 million in steel products Uganda currently imports every year. In agriculture, Nile Breweries sources from 20,000 farmers and spends around $26 million annually doing so, an example officials cite of how large companies are increasingly building supply chains around smallholder producers rather than around them.

Presidential CEO Forum chief executive Irene Birungi Mugisha said Uganda has moved a long way past being known mainly as an unstable country, while Absa Bank Uganda managing director David Wandera said policy, capital and opportunity are now converging in a way that wasn't true a decade ago. Simba Cement general manager Srikant Swaminathan pointed to stability and peace as one of Uganda's biggest advantages over regional competitors, and Fortune Energy chairman George Michael Mukula stressed the importance of African-led investment under the country's Tenfold Growth Strategy, which targets agro-processing, manufacturing, tourism, minerals and infrastructure as priority sectors.

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Originally published by African Economy. Free to cite with attribution and a link to https://africaneconomy.net/article/uganda-stability-investable-growth.