Kampala, Uganda – In a press briefing on Tuesday, Finance Minister Dr. Matia Kasaija called on commercial banks to lower their lending rates in order to stimulate private sector investment and revive economic growth. The minister cited recent data showing a slowdown in capital‑intensive projects, particularly in manufacturing and infrastructure, due to high borrowing costs. He urged the Bank of Uganda to consider policy adjustments that would encourage banks to offer more competitive rates, especially for small and medium‑sized enterprises (SMEs). Banking Association President Michael Okwir responded that while banks are monitoring the situation, they must balance rate cuts with risk management and capital adequacy requirements.
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