VOA News | Saturday, October 28, 2023 
Ugandan Economists Say Country Still Investment Destination Despite US Advisory

KAMPALA, UGANDA — Ugandan economists and officials expressed confidence in the country’s economy and urged investors to ignore a U.S. government advisory about risks they may face if they conduct business there. The advisory, in the U.S. 2023 Investment Climate Statements, warned of the financial and reputational risks posed by endemic corruption in Uganda. The statement also noted Uganda’s enactment of the Anti-Homosexuality Act in May, a move condemned by LGBTQ+ advocates worldwide. Morrison Rwakakamba, chairperson of the Uganda Investment Authority, a government arm mandated with promoting investment in the country, told VOA that organizations such as the Oxford University Center of African Economies have ranked Uganda as one of the least risky economies on the continent. The African Development Bank’s 2023 report also ranked Uganda among the top investment destinations in East Africa. According to the African Development Bank, Uganda’s gross domestic product is projected to grow 6.5% in 2023 and 6.7% in 2024..Read more