President Museveni has addressed public concerns over the proposed Sovereignty Bill, dismissing claims that it seeks to restrict foreign investments, remittances, or financial flows into and out of Uganda.
In a statement, the Ugandan leader said the Bill has been misunderstood, stressing that its main objective is to protect Uganda’s independence in policy decision-making, not to interfere with economic freedoms.
Museveni said that over the past four decades, Uganda under the National Resistance Movement (NRM) has maintained a free-market economy, allowing the movement of capital without restrictions.
He noted that no government policy has blocked legally earned money from entering or leaving the country.
“The choices Ugandans have made on political, social, diplomatic, and economic issues do not include restrictions on remittances, church donations, or foreign investments,” he said. “We run a free economy where foreign exchange is traded through private forex bureaus.”
His remarks follow public debate suggesting the Bill could limit foreign direct investments (FDIs), religious funding from abroad, and diaspora remittances. Museveni rejected the claims, saying they do not reflect the intent of the proposed law.
He said the private sector has played a key role in sustaining Uganda’s economy, even amid challenges within public institutions.
According to the president, economic openness has allowed the country to continue growing despite cases of corruption and political opportunism.
“The freedom of the private sector compensates for the weaknesses of some public servants and opportunistic politicians,” he said.
Museveni also pointed to developments in the agricultural sector, citing the revival of Ankole cattle. He said earlier claims by foreign experts that the breed was not suitable for beef or milk had been disproved, with the cattle now gaining international recognition.
He acknowledged Cyril Ramaphosa for supporting efforts to promote the Ankole cattle, noting that South Africa acquired 43 cows from Kisozi.
On the legislative process, Museveni said he had engaged key government officials, including parliamentary committee leaders and Minister Hamson Obua, to ensure the Bill focuses on protecting Uganda’s sovereignty in decision-making.
He cautioned against expanding the Bill into areas that could affect private enterprise, especially financial transfers and investments.
“The Bill should not address issues of private money transfers or economic freedoms,” he said. “We cannot support any interference with the movement of capital.”
Museveni described sovereignty as the ability of Ugandans to make independent decisions on governance, social values, and economic direction without external influence. He said this principle has guided the country’s development over the years.
President Museveni's Press Statement
He also addressed concerns about foreign influence, urging individuals and organisations to rely on persuasion rather than coercion. Quoting the Bible, he said influence should come through example, not pressure.
The clarification comes as concerns had been raised by investors, religious organisations, and Ugandans abroad over possible policy changes.
Museveni’s remarks indicate that the government intends to maintain an open economy while keeping control over its policy decisions.