The pain of loans visited on the many is signed in secret by a few

Uganda’s Capital Markets Authority is reviewing state enterprises to identify those that could be listed on the stock exchange. Columnist Joachim Buwembo argues that citizens should be able to own projects before governments take on new loans. He cites Mozambique, where state-controlled companies secretly borrowed about $2 billion in 2013 and 2014 for a tuna fleet and maritime security vessels. The debt came to light in 2016, prompting donors to withdraw, the currency to collapse and the country to default; an independent audit found $500 million diverted or unaccounted for.