Ms. Sylvia Mulinge-hide

Uganda enjoyed macroeconomic stability in 2025 despite ongoing global geopolitical and financial tensions. According to Bank of Uganda’s state ofthe economy report, Uganda’s economy grew by 6.3% in FY 2024/25 up from 6.1% in FY 2023/24, supported by strong performance in agriculture, industry, services, consumption, and investment. This growth is projected to increase to 6.5% – 7.0% in FY 2025/26.

Inflation was steady with headline and core inflation averaging 3.6% and 3.9% respectively, while the Uganda Shilling appreciated against the US Dollar by 5.5% YoY on the back of increased export receipts and stable interbank foreign exchange liquidity. This currency strength is expected to hold, although potential headwinds from the regional trade flows and corporate demands could drive short-term variations.