Experts Advocate Cross-Border Trading of T-Bills and Bonds in East Africa

Financial experts are accelerating efforts to introduce cross-border trading of government securities across East Africa. Uganda’s Capital Markets Authority (CMA) is leading calls for partner states to adopt global standards and reduce bureaucratic hurdles for investors.

Dickson Ssembuya, CMA Uganda’s Director of Research and Market Development, chaired a key meeting in Kigali from April 20-24, 2026. He emphasized that free capital movement is a core commitment under the EAC Common Market Protocol, urging the region to draw lessons from successful international blocs.

The gathering included representatives from ministries of finance, central banks, capital markets authorities, securities exchanges, and the EAC Secretariat. They focused on enabling investors to buy and sell treasury bills—short-term instruments maturing in under a year—and longer-term bonds with periodic interest payments.

Dr. Moise Bigirimana, from Rwanda’s National Bank, opened the session by stressing the need for a coordinated approach. He called for full implementation of existing EAC Council Directives and ongoing peer learning through the Regional Technical Working Group.

Experts reviewed five key directives gazetted between 2015 and 2017, covering areas like secondary exchange trading, public debt offers, regional listings, central depositories, and securities exchanges. Recommendations aim to enhance legal clarity, regulatory harmony, and market integration amid evolving technology and practices.

The group’s findings will go to high-level EAC committees for approval. Once updated, the Secretariat will guide implementation to facilitate efficient trading, expand investor bases, cut borrowing costs, and fulfill regional integration goals.

Source: Daily Monitor (Uganda)