General
H.E Ssekandi launches Prof. Suruma Book on Advancing Ugandan Economy
![[Front-Row]Assoc.Prof. Okello Ogwang welcoming H.E Edward Kiwanuka Ssekandi, Prof. Ezra Suruma and Mr. Edward Gaamuwa](https://news.mak.ac.ug/wp-content/uploads/2019/12/field_image_welcoming-suruma.jpg)
At the climax of the historic book launch held on Tuesday 23rd September 2014, the audience comprising people with different political ideologies, public, business and private sectors, development partners, the academia, students and the media applauded the author-Professor Ezra Sabiti Suruma for presenting to Ugandans and the world at large, a well written and researched political history and economic evolution of Uganda.
This audience that filled the renowned Makerere University Main Hall and Gallery to capacity was nothing short of spectacular. They upheld the author’s point of view that there was a strong correlation between political stability and the rate of economic growth. They agreed with the author that foreign aid would never lead to the development of Uganda; appreciated the author for reiterating the need to involve the communities in the implementation of the rural development strategy; thanked the author for giving direction on a reformed pension and social security sector; and together with the author wished for a well managed oil sector that would lead to job creation and prosperity for all.
In his book, Advancing the Ugandan Economy: A Personal Account published by Brookings Institution Press, Washington, D.C,2014, Professor Ezra Sabiti Suruma, an accomplished academician who served government diligently, highlights that it is because of the transformed political environment that Uganda has experienced stability and growth. He also shares very difficult times in Uganda’s history and the reforms that followed, identifies problems in various sectors and proposes viable solutions given his research background and wealth of experience. Professor Suruma remains optimistic that as the democratic environment evolves, Uganda will become more stable; and emphasizes that good governance is critical in a country’s social and economic transformation.
In his 197-page book, Professor Ezra Sabiti Suruma, a former Senior Lecturer of Economics at Makerere University; former Director of Research in Bank of Uganda; Minister of Finance from 2005 to 2009; and Senior Presidential Adviser on Finance and Planning in Uganda-not only provides an insider’s account of dramatic policy shifts in Uganda leading to stability and growth, but also expresses hope for a better Uganda. This distinguished son of Africa was also a visiting fellow at Brookings with the Africa Growth Initiative from 2010 to 2011.
In the foreword, Henry Krabbendam, a Professor Emeritus, Covenant College Georgia and Founder, Africa Christian Training Institute-Uganda states that the book gives Professor Suruma’s account of the remarkable policy changes that occurred in Uganda from 1986-2012 as well as his vision for the future of his country. He notes that the primary purpose of the book is to demonstrate that African countries can achieve economic stability and sustain rapid growth when they meet at least two interdependent conditions. He however emphasizes that they must establish a stable and secure political framework, rooted in moral integrity, as well as unleash the entrepreneurialism of the populace, facilitated by a free and democratic society.
Focusing on a better Uganda, the hopeful Professor Ezra Sabiti Suruma, a respected economist and academician who served the government diligently decries the growing unemployment levels, but envisions Uganda at full employment. His philosophy of full employment is premised on a well managed oil sector and its correlation with job creation and socio-economic transformation.
“…I continue to believe that the country cannot and should not try to sweep the problem of unemployment under the carpet. With the impending oil wealth, I believe that the country really can afford to pursue full employment. Uganda needs to address the needs of its expanding youth population for adequate housing and decent jobs,” further reads the extract on page 194.
Officiating at the launch of this admirably well-written and researched book, the Vice President of the Republic of Uganda, H.E Edward Kiwanuka Ssekandi congratulated Prof. Ezra Sabiti Suruma upon extending the boundaries of knowledge in economics and politics, and equally commended him for not only awakening Ugandans to social, political and economic issues of our time but also providing solutions these problems.
“I have the pleasure to officially launch Prof. Ezra Sabiti Suruma’s book-Advancing the Ugandan Economy: A Personal Account. I commend it to all Ugandans as a prescription that will save Uganda and take it to greater heights,” said the Vice President of Uganda, H.E Edward Kiwanuka Ssekandi amidst applause from a captivated audience.
At the memorable book launch Pastor Laban Jjumba who was invited to say a prayer thanked the Almighty God for blessing the author with the gift of life and wisdom. He also gave God the glory for His Servant’s book launch as hosted by Makerere University.
In the same spirit, the Vice Chair, Uganda Debt Network, Ms. Christine Nantongo said that the organisation was proud to be associated with the Prof. Suruma’s publication. “We are aware of the compelling content in this publication and its potential to contribute to Uganda and Africa’s social and economic transformation.”
The Acting Vice Chancellor of Makerere University, Associate Professor Ernest Okello Ogwang welcomed the audience to Makerere University and commended them for filling up the Main Hall and the Gallery to capacity as Professor Ezra Sabiti Suruma, a distinguished leader and a former Senior Lecturer of Economics at Makerere University (1973-75 and 1979-81) launched his publication.
“Makerere University is indeed proud that you chose this Hall as the venue for the launch of your book Advancing the Ugandan Economy – A Personal Account for if its walls would speak, it would tell many a tale. We are also proud that the narrative of this book had its origins in Makerere University, during your tenure as Senior Lecturer at Makerere University. We warmly congratulate you and take great pride in your achievement, and commend you for literally bringing it home,” remarked Associate Prof. Okello Ogwang.
Assoc. Prof. Okello Ogwang, Deputy Vice Chancellor (Academic Affairs)represented the Vice Chancellor.
He applauded the author, Professor Ezra Sabiti Suruma (an insider) for taking a bold step to dedicate time and resources to share with Ugandans and the world at large an insider’s account of dramatic policy shifts in Uganda that led to stability. He then encouraged other insiders who were in attendance to share their own accounts with Ugandans and the world at large.
The Ag. Vice Chancellor also thanked the discussants namely Hon. Dr. Mary Mugyenyi, Gen. Salim Saleh Akandwanaho, Mr. Andrew Rugasira, Hon. Nandala Mafabi, and Mr. Edward Gaamuwa for accepting to be part of the intellectual discourse so that the current political and economic reforms in the quest for economic independence seek to build upon the demands in an interrelated, interconnected and global environment.
At 2:30pm, the author- Professor Ezra Sabiti Suruma took to the podium to address eagerly expectant audience comprising several dignitaries, Senior citizens, Ministers, Members of Parliament, intellectuals – both young and old, students and the media.
“The Financial Sector Reform: Negotiating with the Bretton Woods Institutions, I believe is one of the most interesting chapters for students and professors. As the Vice Chancellor said, I am speaking from firsthand experience,” remarked Prof. Suruma in reference to chapter nine of his book.
With nostalgia, Prof. Suruma thanked Makerere University for welcoming him, and allowing him to launch his book, in the very institution where the journey started in 1979 when he was Senior Lecturer in the then Department of Economics. He informed the audience that the organizers had proposed to launch his book in a different location, but by God’s providence, he was equally happy that they were all gathered in the Makerere University Main Hall.
Prof. Ezra Sabiti Suruma
Recalling their boldness and how their decision to form a 3rd force impacted on the transformation of Uganda, Professor Suruma advised the youths and students to remain focused and determined.
“Then we were young people and a laughing stock. People said that they had dominant political parties, and that we as young people could not do anything. One of the main points, I want to put forward is that when we entered politics, we were responding to a difficult environment. Although they considered us hopeless, we had remarkable achievements. I encourage you, young people to know that ideas are powerful,” he said.
The author pointed out that he escaped death narrowly when soldiers came looking for him, but surprisingly a voice responded that he was not in the area, and by God’s grace the soldiers did not bother to check. Professor Suruma will remain eternally grateful to the person who chose to inform the soldiers that he was not in the area, although the person has never revealed his identity to date.
“To the young people, If God determines that you will live, you will live. Do not fear to organize,” he emphasized amidst applause from the audience.
In his hypothesis, it is because of the transformed political environment that Uganda has experienced stability and growth. In the last 27 years, the country has been going forward because there is a remarkable correlation between the type of government and the rate of economic growth. Although the history of economic growth is attributed to macro-economic principles, Professor Suruma argues that more attention should be given to political stability. The transformation in political stability made it possible to pursue major financial reforms in Uganda.
“Looking at the data on page 22, with Uganda’s economic growth rate rising to 3.6%, there is no doubt in my mind that the increase in economic growth is correlated with good governance,” he emphasized.
Being a key figure in the economic and political transformation of Uganda, Professor Suruma is delighted with the reforms that resulted into the liberalization of the foreign exchange sector. He also encountered serious challenges during his tenure at Bank of Uganda including lack of capacity and accountability as well as independence of the Central Bank and the Ministry of Finance. He also shared a scenario where some key government officials wondered why the Bank of Uganda would require a budget! Professor Suruma is equally glad that they took bold decisions that resulted into a reformed banking sector and an independent Bank of Uganda.
He highlighted the struggle for the Uganda Commercial Bank. He referred to it as a bank without money, with the most pressing problem being illiquidity of the bank. Realising that the people would deposit money, but encountered a lot of difficulty in withdrawing, Professor Suruma considered the problem and tried to find out where the money was going.
“I found out that branch managers were lending independently of the centre. Top managers did not know what the branch managers were doing, the latter were practically autonomous. Worse still, the branch managers were lending money but not recovering much of it. That was the ultimate source of the disaster, “he said.
Professor Suruma made an incredible decision, and the bank was liquid within a week, a milestone that his colleagues referred to as the “Suruma Effect.” Listening to his presentation, it was crystal clear that Professor Suruma who had ensured that the Uganda Commercial Bank was profitable as of 1996, did not support the World Bank position of privatizing the bank, but he later realized that he could not win.
The author received around of applause from the audience when he pointed out that the pension and social security reforms are a societal obligation. “I appeal to our citizens to struggle for a time when every Ugandan citizen will afford basic needs and be respected regardless of their economic status,” he said.
In his book, the optimistic Professor Suruma tackles the promising oil sector and its effect on job creation and the social and economic wellbeing of Ugandans. “Chapter 21: Job Creation and Housing Demand in Uganda-An Innovative Synergy is my small contribution to the debate on creating employment,” remarked the author.
The author dedicated the book to his father, Sulumani Barilanwa who made sure that he went to school-even though their village had no school to go to; his mother Esiteri Keiganiza whose unflinching disciplinary rigor set him on the straight path toward good; and to the martyrs and fighters for human freedom and justice everywhere.
To the Vice Chancellor of Makerere University, Professor John Ddumba-Ssentamu who was out of the country on official duty, the author, Professor Ezra Sabiti Suruma presented an autographed complimentary book with a special message.
“ To Prof. and Vice Chancellor, Dr. Ddumba Ssentamu, in remembrance of our time together at Makerere University, 1979 -1981.Thank you for your friendship.”
Discussants:
Hon. Mary Mugyenyi, Patron, Joshua Mugyenyi Foundation said that she could identify with what the author had written especially the history and economics of this country. She however pointed out that although decentralization had taken services to the people, it had shortfalls which should be addressed. She also observed that privatization though good had shortfalls such as the prioritization of foreign firms over local ones. She also noted although SACCOs are good, there is an urgent need to regulate them so as to guarantee the safety of their members’ savings. She emphasized that corruption in Uganda is not caused by poverty and appealed to Makerere University to conduct an informed study on who is corrupt and why they are corrupt.
Gen. Salim Saleh Akandwanaho, Presidential Advisor on Security, and formerly, Minister of State for Microfinance thanked the author for according
him the honour of discussing his rural development strategy and its impact on Uganda, which he; Gen. Salim Saleh has been implementing as a loyal officer. He noted that community information systems and access to finances were crucial in advancing the rural development strategy and also saluted H.E President Yoweri Kaguta Museveni for re-enforcing the military in the rural development strategy. Gen. Salim Saleh appreciated the title of the book, especially its faith in the future. He nevertheless drew applause from the audience when he emphasized that his dealings in the privatization of the Uganda Commercial Bank were only influenced by the desire to “Ugandanise” the bank. He asked that authors to publish more books on the economy, politics, and environment so that Uganda continues to move forward.
Mr. Edward Gaamuwa, Chief Executive Director-ACLAIM Africa Limited.
Mr. Edward Gaamuwa, Chief Executive Director-ACLAIM Africa Limited congratulated Dr. Suruma for his incisive and sometimes blunt book and for being bold to call a spade a spade. He appreciated the author for pointing out that Ministers and people in high places had succumbed to corruption. He however disagreed with the author that corruption was a result of income insecurity but was rather convinced that corruption is a result of greed. The discussant decried the “short termism” in managing pension funds and emphasized the need for a long term approach. He added that social security is not a luxury, but a key factor in sustainable development.
Hon. Nandala Mafabi, formerly Leader of Opposition in Parliament reminded the audience that during his tenure, privatization had indeed put the President and Parliament on a collision course as Dr. Suruma correctly pointed out in his book on page 73. Hon. Nandala recalled that he moved the motion in the House not to Hon. Nandala Mafabi, former Chair, Public Accounts Committee.
Mr. Andrew Rugasira, Chief Executive Officer, Good African Coffee Ltd appealed to the youth and students to read the book and fashion their ideologies around it. He detested the high rate of borrowing and its adverse effects on investment and development. He noted that access to capital was a major problem whereby young people have ideas, but very few have access to capital. He stressed that our hope in economic transformation was within our midst, and further encouraged young people to come up with innovative strategies.
Mr. Andrew Rugasira,Chief Executive Officer, Good African Coffee Ltd
Wrapping up, Professor Suruma thanked the congregation for sparing their valuable time to participate in the book launch. “I have been humbled by your presence and contributions.”
Professor Augustus Nuwagaba, who moderated the discussion, thanked Makerere University for producing Professor Suruma – a wonderful son of Africa. He equally congratulated the Vice Chancellor and staff of Makerere University for producing products that can effect change the world over.
The Uganda Debt Network, which envisions a prosperous Uganda with sustainable, equitable development and high quality of life of the people, sponsored the book launch.
Written by: Ritah Namisango, Makerere University
Makerere University Retirement Benefits Scheme (MURBS) has hit a historic UGX 547 billion valuation following an impressive 15.4% growth in the 2025/2026 financial year.
During a review meeting of the MURBS performance held at Makerere University Main Administrative Building on October 27 2026, ahead of its 16th Annual General Meeting (AGM), the scheme revealed the booming portfolio will directly benefit its close to 8,000 members.
This presentation primes the upcoming October 29 AGM, where MURBS will officially declare this year’s highly anticipated interest rate to the general members.
Chairperson’s Statement on the Scheme’s Performance FY 2025/2026
Dr. Michael Kizito, Chairperson MURBS Board of Trustees, presented the scheme’s success, noting it is rooted in a deep sense of responsibility. He said “prudent stewardship guides our (MURBS) actions, and every contribution invested to MURBS carries an expectation of future security.”
MURBS’ commitment to members is further checked in the scheme’s transition in sync with statutory regulations, and ensuring fairness and transparency for all. In line with this, Dr. Kizito discussed pro rata interest calculation methodology as the new trend for MURBS. Pro rata key features include; contributions earning interest from time of receipt, interest compounding and stopping at exit.
Demonstrating a clear focus on maximising member yields, Dr. Kizito also discussed operational expenditure saying even with an increase in the administrative costs, they have kept below the budgeted percentage.
Going past the balance sheets, Dr. Kizito echoed MURBS’ dedication to the over 3,000 active members building their dreams and the close to 5,000 retired members enjoying the fruits of their long service.
At the back of MURBS dedication, he recognised the ambassadorial framework that was designed to support incoming trustees and the proactive efforts to reach members.
As Dr. Kizito concluded, he expressed gratitude for support and reception from University Council, Management, URBRA Uganda, Trustees, Ambassadors and MURBS members.
He reiterated the scheme’s focus remains on innovation, governance, and growth which will continue to be achieved through digital transformation to improve service delivery and ensuring every member’s records are up to date.
All this is done in effort of ensuring that when the time comes for a member to retire, they do so with confidence and financial peace of mind.
MURBS Evolution From High Risk to a Benchmark Scheme
Ms. Daisy Lynda Nabakooza, Chief Manager Supervision and Market Conduct at Uganda Retirement Benefits Regulatory Authority (URBRA) recognised MURBS success saying it “comes from the good working relationship” between its trustees and experts, and that “the MURBS trustees usually have the information on hand,” which “is a plus.”
On the status/impression of the fund, Ms. Nabakooza revealed that ten or so years ago, when she had just joined URBRA, MURBS was one of those schemes that was “high risk” due to “unremitted contributions.” Thankfully, “the sponsor Makerere University has since embarked on having these unremitted contributions, remitted over a period of time.”
Now, “MURBS has become a benchmark for many schemes.” Ms. Nabakooza said as a regulator, they “really commend MURBS on the work done in terms of compliance.”
Ensuring a Dignified Retirement for Staff through MURBS
Professor Henry Alinaitwe, representing the Vice Chancellor emphasised the ultimate goal is the well-being of the university community during and after service. He referenced a local proverb, saying, “Buto n’ekorera bukuru,” explaining that “when we are here, and still young and working, what we are able to do and put aside will help us in the future.”
He expressed the University’s strong commitment to staff welfare, saying, “we do not want to see ourselves or fraternity really suffering when they are leaving university or when they have since left the university. We want to see people living well and prospering even in their retirement.”
Professor Alinaitwe acknowledged the work done by MURBS team in growing the scheme noting that since 2021, the fund has more than doubled raising from UGX 225 Billion to over UGX 500 Billion. The Vice Chancellor concluded his message by pledging Makerere University‘s good will to ensure sustenance of the fund for a dignified future of its staff.
The Chairperson of Council Dr. Lorna Magara in her message delivered by Hon. Daniel Fred Kidega expressed genuine satisfaction with the current trajectory of the retirement scheme, noting, “I want to congratulate the trustees, the management of MURBS, for maintaining a healthy organisation. When I was looking through the figures, I felt very happy.”
This financial health is not just a statistic but a foundation for the staff’s future. The Chairperson urged the leadership to “maintain the good health of the scheme and let members enjoy their savings.”
Beyond the numbers, the Chairperson Makerere University Council made a heartfelt plea to the board on human impact of the scheme, stating, “I plead with the board of trustees, to avoid delays when it involves the living families of members who are no longer there in service; dead or retired.”
Ultimately, as shared by Hon. Kidega and Professor Alinaitwe, the University vision is ambitious, it involves making MURBS one of the best retirement schemes on the continent and in the world where even those still in service can access resources and make their life better.
About MURBS
Makerere University Retirement Benefits Scheme (MURBS) is a mandatory employer scheme for Makerere University staff, established by the university under an irrevocable trust. On 23 April 2010, MURBS was registered as a corporate body under the Trustees Incorporation Act, CAP. 165, and it commenced operations on July 1 2010.
Following the enactment of the Uganda Retirement Benefits Regulatory Authority Act, 2011, MURBS was established as a voluntary occupational scheme under the new law. The scheme is licensed by URBRA (License Number RBS.0005).
On 21 June 2021, the Minister responsible for Finance, Planning and Economic Development exercised his powers under the law to approve MURBS as a superannuation scheme in the “Exempted Employment” category under the NSSF Act.
The two-week training programme aims to equip government officers with practical skills to assess project viability, manage investment risks and ensure public resources deliver value for money.
The Public Investment Management Centre of Excellence (PIM CoE) is strengthening the capacity of government officers to undertake financial appraisal and risk analysis of public investment projects through a two-week training programme designed to improve the quality of project preparation, appraisal and decision-making in Uganda.
The training, which started in Fort Portal on October 19, 2026, brought together participants from various government ministries, departments and agencies (MDAs), alongside facilitators from Makerere University, the Ministry of Finance, Planning and Economic Development, Cambridge Resources International (CRI), the National Planning Authority and the Uganda Development Bank.
Officially opening the training on behalf of the Permanent Secretary/Secretary to the Treasury, Ms Esther Ayebare, Acting Assistant Commissioner in the Project Analysis and Public Investment Department of the Ministry of Finance, Planning and Economic Development, emphasised the importance of rigorous project appraisal in strengthening Uganda’s public investment management system.
She noted that projects admitted into the public investment plan must be aligned with national priorities, technically sound, financially viable and capable of delivering value for money.
“Government must be able to compare investment alternatives and ensure that only viable projects proceed through the public investment process,” she emphasised.
Ms Ayebare explained that sound appraisal enables government to make informed investment decisions, maximise returns on public expenditure and ensure that limited public resources are directed towards projects with the greatest potential to deliver development outcomes.
Building practical skills for better investment decisions
The training builds on the Public Investment Management course conducted in June, which introduced participants to Uganda’s public investment management framework, including project conceptualisation, stakeholder analysis, project costing, implementation action plans, the Integrated Bank of Projects, and monitoring and evaluation of public investment reforms.
The current programme advances this foundation by equipping participants with technical competencies in financial appraisal, financial modelling and risk analysis.
Participants will explore integrated investment appraisal, alternative investment criteria, cash-flow statements, inflation and exchange-rate movements, asset valuation, project financing, project scale and timing, risk-sharing arrangements and cost-effectiveness analysis.
Through practical exercises and case studies, participants will apply these concepts to investment scenarios in sectors such as roads, health, education and water. The programme will also examine how climate change, social considerations and other risks can be integrated into project preparation and appraisal.
Ms Ayebare encouraged participants to engage actively with the facilitators, question the practical application of the tools and consider how the skills acquired could improve investment decisions within their respective institutions.
She also reminded participants that the programme includes an examination and that certification requires more than attendance. Participants are expected to demonstrate an understanding of the concepts and acquire practical skills that they can apply in their work.
Reducing dependence on externally prepared studies
A key objective of the training is to strengthen the ability of government institutions to undertake high-quality project appraisal studies using their own technical teams.
Ms Ayebare observed that many studies submitted to the Development Committee have traditionally been prepared by external consultants, often at considerable cost. Building the capacity of public officers to conduct these studies independently can help institutions strengthen their technical expertise and improve the quality of project proposals presented for consideration.
She urged participants to take full advantage of the facilitators’ expertise and return to their institutions equipped to undertake sound financial appraisals and provide evidence-based advice to decision-makers.
She further emphasised that project approval requires thorough preparation, analysis and justification, rather than simply identifying available funding and proposing a project to utilise it.
Strengthening public investment management through capacity development
In his remarks, Prof. Edward Bbaale, Director of the PIM CoE, thanked the Ministry of Finance for its financial support and for identifying participants from government institutions. He also recognised the contributions of the facilitators and partner institutions in delivering the programme.
Prof. Bbaale noted that the Centre’s work extends beyond training to include research and advisory services aimed at improving public investment management practices. He encouraged continued collaboration with government institutions and other partners to advance research, knowledge sharing and capacity development.
Speaking during the training, Dr John Sseruyange, Manager of the PIM CoE, highlighted the importance of commitment, active participation and punctuality throughout the programme. He encouraged participants to engage with the facilitators, ask questions and apply the knowledge gained to the projects they support.
Dr Sseruyange also acknowledged the Government of Uganda, through the Ministry of Finance, Planning and Economic Development, for financing the training, and appreciated Cambridge Resources International for its continued support towards improving public investment preparation and analysis in Uganda.
The training reflects ongoing efforts to strengthen Uganda’s public investment management system by equipping public officers with the knowledge and practical competencies needed to assess projects rigorously, identify potential risks and make informed investment decisions.
By developing in-house expertise across government institutions, the programme seeks to contribute to better-prepared projects, more efficient use of public resources and improved delivery of Uganda’s development priorities.
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