The self-styled ‘Pearl of Africa’ has lost its lustre. In a move that smacks of banana republic theatrics, Uganda’s army chief, General Muhoozi Kainerugaba, has ordered the shutdown of multiple media outlets. The British government, in a rare flash of diplomatic spine, has condemned the assault on press freedom.
But let’s not pretend this is a surprise. Markets abhor uncertainty, and Uganda’s sovereign risk profile just took another hit. The shilling will feel the heat, capital flight will accelerate, and the country’s already precarious fiscal position may wobble.
The Commonwealth, that club of former colonies, looks ever more like a talking shop. When the guns talk, the editors walk. The bottom line: freedom of the press is not a luxury good; it is the bedrock of institutional credibility.
Without it, investors rightly demand a larger risk premium. Uganda’s bond yields may soon reflect that reality.
