The Central Bank was of the view that the country’s financial sector might require structural reforms in-order to stabilize credit markets and spark growth. “In terms of a four double creditor, I will have to talk to her to find out what it actually means; whether it is zero interest rate or ten or twenty but we can always talk. But I think we need a further structural change in the financial sector in order to deliver more efficiency and support growth and development.” Said, Dr. Louis Kasekende – Deputy Governor, Bank of Uganda.
The high-level Economic Growth Forum convened by the Ministry of Finance, Planning and Economic Development equally noted that fiscal discipline would remain critical for meaningful recovery. “The question which I asked for the last four years where Ugandans must ask, okay if it were external factors, they also affected Kenya, they affected Ethiopia, Rwanda. Why did they achieve higher GDP higher than us? And I think that’s where the cracks of the issue are which we need to answer and I think we shouldn’t be diverted.” Said, Keith Muhakanizi – Secretary to the Treasury.
While decrying fundamental challenges within the economy in its present state, Private Sector players too warned that without better fiduciary conduct by the government, the buy Uganda build Uganda campaign would collapse. “I think everybody knows; they take too long to pay and with our margins that we are working with and with our interest rates that we have in the banks it then makes a bit of the problem. So what we would like to say; buy Uganda build Uganda is fantastic but let’s also balance it with payment when this actually happens.” Said, Barbara Mulwana – Chair, Manufacturers’ Association.
The Prime Minister Dr. Ruhakana Rugunda offered the keynote address giving assurance that an effort and first tracking the country’s oil production could generate more momentum for growth. “The government has given priority to the commercial production of oil and gas in the western parts of the country. This includes investments in roads, power, water and related infrastructure such as the pipeline and the refinery in order to facilitate oil production by 2020.” Said the Prime Minister.
