Museveni clarifies Sovereignty Bill, rules out limits on investment and remittances

President Yoweri Museveni has moved to calm growing public concern over Uganda’s proposed Sovereignty Bill, stating that the legislation will not restrict foreign direct investment, remittances, or financial support to religious institutions, as widely speculated.

In a public address, Museveni dismissed what he described as “noise” surrounding the Bill, clarifying that the proposal he initiated is focused solely on protecting Uganda’s independence in policy decision-making rather than interfering with private capital flows. He emphasized that the legislation aims to safeguard the country’s right to determine its political, economic, social, and diplomatic direction without external influence.

“The Bill is about sovereignty in decision-making—on political issues, social values, economic policies, and diplomatic positions,” Museveni said, adding that Uganda’s constitutional framework already anchors this sovereignty through elections and referenda.

The President was categorical that Uganda will maintain its open economic framework, including the free movement of capital. He noted that foreign exchange transactions remain privately managed and that remittances from Ugandans abroad, as well as external funding to religious organizations, will not be affected.

Uganda’s liberal economic policy, Museveni argued, has been central to the country’s resilience and growth, particularly in offsetting inefficiencies within the public sector. He pointed to the private sector’s role in driving economic transformation, citing examples such as the revival and global promotion of Ankole cattle.

Museveni also revealed that he has engaged parliamentary leaders, including Government Chief Whip Hon. Hamson Obua, to ensure the Bill remains narrowly focused on sovereignty in governance and avoids provisions that could disrupt private enterprise or financial flows.

The clarification comes amid heightened debate over the potential economic implications of the proposed law, with analysts warning that any restrictions on capital movement could undermine investor confidence. Museveni’s remarks are likely to reassure both domestic and international stakeholders that Uganda remains committed to an open, market-driven economy.

He concluded by urging both domestic and foreign actors to respect Uganda’s autonomy, stressing that influence should be exercised through example rather than coercion or financial leverage.