The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | Submissions for the 2025 Financial Reporting (FiRe) Awards are officially open and will run until September 30, 2025. This announcement marked the culmination of a high-impact press conference held by the Institute of Certified Public Accountants of Uganda (ICPAU) on June 18 at the Millennium Terrace Hotel in Kampala, reaffirming its commitment to improving transparency, accountability, and governance across all sectors of Uganda’s economy.
The launch of the 2025 FiRe Awards drew attention from Uganda’s financial ecosystem, spotlighting the transformative potential of credible and forward-looking reporting. CPA Stephen Ineget, Chairperson of the FiRe Awards Committee, reminded attendees that the initiative is not simply about rewarding financial reports—it is about instilling a culture of integrity. “The FiRe Awards were created to promote accountability, not just to reward reports, but to inspire a culture of integrity and governance across Uganda. Every entity that participates benefits, whether through recognition or expert feedback,” he said. He pointed to PostBank and DFCU as standout examples of institutions that have strengthened their public credibility through their participation in the awards.
Reinforcing the Awards’ broader vision, CPA Charles Lutimba, ICPAU’s Director of Standards and Regulation, urged organizations to embrace a holistic approach to reporting—one that balances profit, community impact, and competitiveness. He said strong reporting should reflect the essence of an organization’s value to its stakeholders and guide future decision- making.
The collaborative nature of the FiRe Awards was evident in remarks from Lyn Tukei, PR & Communications Manager at the Capital Markets Authority (CMA). Tukei emphasized that formalization—especially for Uganda’s many family-run and informal businesses—is key to attracting investment. “FiRe Awards and CMA programs like the Deal Flow Facility are here to help businesses become investment-ready. We’re not just regulators—we’re enablers,” she said. She added that formalizing a business should be seen as a gateway to capital and credibility, not a loss of control.
From the capital markets angle, John Were of the Uganda Securities Exchange (USE) championed transparency as the first step to growth and capital access. “At the USE, we see the FiRe Awards as more than recognition—they’re a gateway to readiness,” he said. Were encouraged entities to consider listing through platforms like the USE Edaala or participate in knowledge-building through the USE Academy. “Owning 100% of a small business is less powerful than owning 20% of a thriving one,” he remarked.
CPA Margaret Saano of Vision Group reinforced the media’s role in relaying accurate financial and non-financial data to the public. “The public deserves to know how entities perform financially and beyond. Informed reporting builds informed investment,” she said.
She called on entities to bridge the information gap by engaging with the media and being proactive in disclosure. Saano also emphasized that modern investors are equally concerned with values, impact, and sustainability—elements that are now central to the FiRe Awards.
Adding to the testimonials, PostBank’s Chief Finance Officer, Peter Ssenyange, shared how participation in the FiRe Awards had helped the bank evolve its annual reports into powerful storytelling tools. “Sustainability can’t be imported. It must be defined by context, culture, and purpose,” he said. “At PostBank, we tell a Ugandan story—about people, governance, and prosperity. FiRe helped us shape it through integrated reporting.” He concluded that their reporting is now forward-looking, giving stakeholders insight into where the institution is headed over the next decade.
With entries now open, ICPAU and its partners are calling on public, private, and not-for- profit organizations to take advantage of this platform to not only gain recognition but also to improve their governance practices and build investor confidence. The 2025 FiRe Awards are poised once again to be a beacon of accountability and financial excellence in Uganda.
