It would have been a surprise if Bank of Uganda had moved the Central Bank rate lower than the current 9.5% but they set it at that rate. The reason was; there were certain indicators like people borrowing and the availability of food seemed to be improving even though necessarily slower. “Growth has not been even across all sectors, in addition, the cost of credit is high and non-performing loans remain relatively high with a possibility that this will constrain credit extension.” Said, Louis Kasekende – Deputy Governor, Bank of Uganda.

A real noticeable growth that would be felt by many was expected in not less than 3 to 5 years. “In the medium term, the economy is expected to expand at a faster pace boosted by public investments, growth in consumption and the current Stimulatory Monitory Policy.”

When the Deputy Governor was asked about the possible impact of the current political dynamics in the country and their impact on the economy, he answered economically. “Unfortunately I don’t have an instrument to control political activity. I only wish that whatever they do at the end of the day will also be supportive of the economic activity.” It was too early to write home any real changes in the economy but the economic managers for Uganda were optimistic and hopeful.