General
Top Economists call for more local investments
The Deputy Governor Bank of Uganda, Dr. Louis Kasekende has called for strengthening of the private sector to fill the gaps in Uganda’s economy and witness higher economic growth. Dr. Kasekende was giving a key note address at a high level policy dialogue on Uganda’s economy at Makerere University on 3rd Nov. 2015. The highly interactive dialogue was organized by the School of Economics (College of Business and Management Sciences), Ministry of Finance, Planning and Economic Development (MoFPED) and United Nations Development Programme. It drew participants from the industry, academia, policy makers and the international community.
Dr. Kasekende appreciated the private sector for the aggressiveness in investing but noted that it is high time investments by the private sector were rechanneled to more pressing areas of the economy. “Most private investment is in shopping malls and residential homes not employment industries. We need to invest in goods too,” he advised.
He noted that current account and trade deficits have widened over the last decade, with the trade deficit close to $3 billion for the financial year 2014/15. He pointed out that exports of goods and services stagnated in the last 2 years. To reduce trade deficits, Dr. Kasekende argued that a substantial share of output growth over the medium term must comprise of traded goods, exports and import substitutes. He castigated the long held dream that Uganda’s oil will be a magic solution to all the country’s pressing financial needs. “Uganda cannot rely on oil alone to close its trade deficits, because export revenues are highly uncertain. Uganda must expand non oil export industries to ensure a sustainable balance of payments over the long term,” he asserted.
The call for enhanced investments was shared by Dr. Joseph Muvawala, the Executive Director Uganda Planning Authority, who observed that the country is doomed if it does not prioritize strategic investments. The Permanent Secretary/Secretary to the Treasury, Ministry of Finance, Planning and Economic Development, Keith Muhakanizi, observed that Uganda’s per capita income has not increased despite an increase in economic growth, thus the need for major structural changes in face of the depreciating shilling.
Almaz Gebru, the Country Director, United Nations Development Programme, argued that holistic strategies ought to be adopted in addressing the question on improving Uganda’s economy. “We should embark on strategies for full integration of the academia and its visibility beyond teaching, into institutions we can rely on for best policy research and advocacy. UNDP is committed to scaling up partnership with academia and institutions engaged in private and public policy issues, such as governance, economic management, and human development,” she said.
“At the macroeconomic level, we need to ask ourselves how we can enhance macroeconomic and financial stability in the face of the weakening shilling and the likely decline in investor confidence. How can we support growth in ways that complement achievement on all other dimensions of sustainable development? Yes, the economy has been growing, but we need to put a human face to this growth. How can we make it equitable to ensure that prosperity is shared?” she wondered.
Gebru called for strategies to widen the tax base, significantly reduce tax evasion and tackle resource leakages. She added that those entrusted with managing resources ought to do so transparently and account to the taxpayers through better service delivery.
According to the Makerere University Vice Chancellor, Prof. John Ddumba-Ssentamu, Uganda is reported to be among the fastest growing economies in the world having registered an average GDP growth rate of 7% over the course of the past two decades. “This is quite impressive. However, there is still need for broader understanding of the macro-economic dynamics and socio-economic factors shaping Uganda’s development agenda, which remains critical. As the nation struggles to achieve the desired Vision 2040, there is urgency in the need and demand for evidence-based research that informs formulation of pro-poor policies. This is the kind of research that will promote sustainable human development in Uganda, he asserted.
Assoc. Prof. Eria Hisali, the Principal- College of Business and Management Sciences – CoBAMS, observed that all citizenry, have a role in shaping the country’s future. “We have noted that, as a country, we need to make careful fiscal choices, and we also need to follow up our plans with real action in terms of implementation,” he said.
The Dean School of Economics, Dr. Edward Bbaale, observed that the dialogue was timely in discussing Uganda’s situation. "There couldn’t have been any other time than now to discuss direction, prospects and challenges from the perspective of the overarching strategic direction of the country; the National Development Plan II," he said.
The proceedings of this high level policy dialogue will be compiled into a report and shared by the College of Business and Management Sciences, Makerere University.
Article by Marion Alina
The Third Deputy Prime Minister and Minister without Portfolio, Right Honourable Lukia Isanga Nakadama, has commended Makerere University for crafting a policy aimed at creating a safe, inclusive, and respectful environment for all members of the University community.
Speaking at the Launch of the Safeguarding Policy today (Friday, April 4,2025) at Makerere University, Rt. Hon. Nakadama, noted that the policy is more than just a document, it represents a commitment to change, a pledge to protect, and a foundation for the future.
“I applaud the Makerere University Council and Management for the openness to acknowledge the existence of safeguarding risks within the institution, and the commitment to enhance the safety and well-being of all Students, Staff and associated stakeholders,” remarked Rt. Hon. Nakadama.
In her speech, the Minister emphasized the government’s commitment to fostering safer learning spaces in higher education institutions.
“We must collaborate to ensure its (the Safeguarding Policy’s) implementation and effectiveness. I urge all stakeholders, students, staff, Administrators, Partners and Government officials to engage in creating and maintaining a safe University Environment,” Rt. Hon. Nakadama, observed.
Makerere University has a duty of care to do no harm and promote the wellbeing of all students, staff, and other University community stakeholders. It seeks to enhance the learning environment to make it more secure, inclusive, and ethically sound for all stakeholders. In this quest, a comprehensive Safeguarding Policy was developed and approved by the University Council in April 2024.
The Policy is designed to detect, and swiftly act on safeguarding risks; prevent the occurrence of harm; provide mechanisms for reporting all allegations or incidents that have occurred; respond appropriately to all reported incidences; and, continuously monitor, evaluate and learn from practices and experiences of managing safeguarding concerns.
The University Council Chairperson, Mrs. Lorna Magara, pledged total commitment to make sure that the policy does not remain on paper.
“With this policy we reinforce our zero-tolerance stance on abuse and commit to building a community where equality and respect thrive, and where every individual feels seen, supported and secure. Today marks a new chapter. We expect Management to ensure that every Campus member understands and lives out these principles. Violations will be met with strong disciplinary and legal action and survivors will receive the support, care and justice they deserve,” Mrs. Magara, said.
Addressing guests, Prof. Barnabas Nawangwe, the Vice-Chancellor, reassured that the launch of the Policy is not just a ceremonial event but a call to action. He called upon staff and students to ensure that every member of the University community knows their rights and has access to channels where they can report cases without fear of retaliation.
“Makerere is an equal opportunities institution and we are intentional in maintaining a safe environment for our students, staff and visitors. On the African continent, we are pioneers in establishing the gender mainstreaming policy, the anti-sexual harassment policy, the policy on students with disabilities and others, and I want to assure you Your Excellency Mr. Ssentamu that this policy will be implemented,” Prof. Nawangwe pledged.
In his address prior to the Vice Chancellor’s remarks, H.E. Churchill James Ssentamu, the 91st Guild President had appealed to the University Management, to ensure that the policy does not remain in the filing cabinet but is put into practice. He had also requested Management to use the policy to guide in decision-making, disciplinary action, staff training, and student orientation. Prof. Nawangwe’s response therefore sought to promptly address the Student Guild’s prayer.
H.E. Ssentamu equally lauded the University Management, for developing a policy that aspires to create a safe space for everyone, especially women, students with disabilities, international students, and other vulnerable groups.
“This policy is a bold declaration that enough is enough. That silence is not an option. That every student matters. That every complaint will be taken seriously. That perpetrators will be held accountable regardless of title, status, or office,” His Excellency, Ssentamu, noted.
“To my fellow students: Safeguarding is not about punishing people; it is about protecting everyone. Speak out against misconduct. Support your colleagues. Educate yourselves about your rights. Use the reporting systems. Let us build a culture of respect,” the Guild President highlighted.
During the launch, students with disabilities, pointed out that with the policy in operation, they feel that Makerere University has created a framework for inclusivity.
“With the Safeguarding Policy in place, we have not been left behind. We now know where to report when we have challenges and also the MakSafeSpace, the online reporting system, can easily be accessed. We feel we are part of this prestigious Institutions,” Yasin Ikoza, a first-year student Social Work and Social Administration with visual impairement, said.
The MakSafeSpace platform, which incorporates accessibility features for differently abled users, provides a robust and confidential means of reporting any risk or harm that is likely to occur or has occurred during teaching, learning, research, and community engagements. This platform complements the other reporting channels, both digital and non-digital, provided by Makerere University.
Prof. Justine Namaalwa a member of the Safeguarding Steering Committee added that an Inclusion and Safeguarding Liaison Office has been established in the Gender Mainstreaming Directorate (GMD) to track incidences. She equally requested members of the community to report incidences through the MakSafeSpace and other designated spaces so as to ease case tracking.
“When you report, the incidences will be channeled to the Safeguarding Liaison Office. The University Management is committed to have an annual audit; what is prevailing, what is most occurring, and what has come down. So if you don’t report through designated spaces, University Management cannot have data to act accordingly,” Prof. Namaalwa advised.
Dr. Winifred Kabumbuli, the Dean of Students and Chairperson of the Safeguarding Implementation Committee informed the audience that her team has rolled out sensitization campaigns for both staff and students. The campaigns which began in Student Halls of Residence will proceed to affiliated hostels thereafter.
“The purpose of these sensitization campaigns is to educate students and staff about the importance of the Safeguarding Policy and how to identify, prevent and respond to safeguarding concerns. We have also trained staff and student safeguarding champions and we are confident that these individuals will promote a culture of safeguarding in our University community,” Dr. Kabumbuli added.
The introduction of the safeguarding policy aligns with the University’s broader mission to uphold the highest standards of Education and Institutional ethics. With this development, the University reaffirms its dedication to protecting the rights and well-being of all its stakeholders.
Business & Management
Mak and ACCA Career Workshop: Students tipped on success, professionalism and the future of accountancy
On Tuesday 1st April 2025, over600 students from the College of Business and Management Sciences convened at Makerere University Yusuf Lule Central Teaching Facility Auditorium to participate in the Career workshop that provided an invaluable platform for students to engage with industry leaders, gain insights into career prospects and professional development within the accounting and finance sectors.
Organized by the Association of Chartered Certified Accountants (ACCA) in Uganda in partnership with Makerere University Department of Accounting and Finance, School of Business under the College of Business and Management Sciences, the Career workshop also presented a platform to celebrate the academic achievements of the ten (10) Bachelor of Commerce students who graduated with First Class degrees-Honours Division during the Makerere University 75th Graduation ceremony held in January 2025.
Prior to the workshop, the Dean, School of Business, Dr. Godfrey Akileng in an interview with the College’s Communication Office, disclosed that celebrating the academic achievements of the students who obtained First Class degrees would inspire the current students to excel. In addition, Dr. Akileng noted that the presence of graduates who excelled at the Career workshop would lead to networking and peer mentorship possibilities with the current students.
During the Career workshop, speakers from Makerere University and ACCA Uganda re-affirmed their commitment to equipping graduates with the knowledge, skills and tools needed to excel in a rapidly evolving job market.
To understand the future of accountancy, students listened to presentations featuring the relevance of the accounting and finance in today’s job market by Dr. Eric Nzibonera; Insights on the collaboration with ACCA by Ms Charlotte Kukunda; Discussion of the global career opportunities in accounting and how ACCA supports professional development by Ms Jackie Mbabazi; and a keynote speech titled, An exploration of the skills and trends shaping the future of the accounting and finance industries in the 21st Century by Mr. Robert Busuulwa.
In his address, the Principal of the College of Business and Management Sciences, Prof. Edward Bbaale acknowledged the School of Business for proritising career talks and mentorship sessions for students.
“To the students, the Career workshop presents you with a chance to envision your career, and what you want to be, or what you want to study,” he said.
The Principal underscored the critical importance of bridging the gap between the academia and industry. He highlighted the instrumental role of partnerships, particularly the collaboration between Makerere University and ACCA in equipping students with globally competitive skills and certifications.
Prof. Bbaale emphasized that in the 21st century, this interface isn’t merely an option but “a necessity,” echoing the sentiments of both the keynote speaker, Mr. Robert Busuulwa, and ACCA partners.
He advised students to visualise themselves as “global candidates” and pursue their careers with diligence and passion, taking the lessons from the workshop seriously and seeking continuous professional development. Prof. Bbaale stressed the significance of “building oneself, moulding oneself” through education, training, and experience, advocating for a focus on human capital development over immediate financial gain.
He emphasized the importance of “volunteering to work” in orderto gain experience and build a professional network. He reaffirmed the College’s commitment to strengthening collaborations to ensure graduates are academically competent and well-prepared to navigate the evolving job market.
Dr. Eric Nzibonera, the Head, Department of Accounting and Finance at the College of Business and Management Sciences highlighted the significance of career guidance events for University students. He explained that career workshops provide a valuable opportunity for students to “make a choice about a particular career,” a privilege he noted was not always available to students in the past. Dr. Nzibonera believed the workshop was a chance for students to learn from experienced professionals, guiding them towards informed decisions about their future careers.
Convinced that the workshop presented a golden opportunity to students to learn from experienced professionals, Dr. Nzibonera called upon students to leverage such moments to listen to the respective presenters, prepare to ask questions on professionalism, accreditation and career paths.
Focusing on the relevance of accounting and finance in today’s job market, Dr. Nzibonera reiterated that the accounting profession is very central in the day to day lives of individuals. “Inall realms of business, in whatever you do, you need some scheme or some kind of accounting that works,” he remarked. He noted that this underlines the universal applicability of financial literacy, whether pursuing careers directly related to the field.
The Country Manager, ACCA Uganda, Ms Charlotte Kukunda informed the students who turned up in big numbers, that the Career workshop was anchored in the programmes and activities that Makerere University and ACCA Uganda agreed to undertake when both entities signed a Memorandum of Understanding (MoU) in July 2022.
Ms Kukunda affirmed that ACCA Uganda values its strategic partnership with Makerere University, which has been mutually beneficial and fruitful. To expound this argument, Ms Kukunda highlighted the achievements which included: 660 students enrolled for ACCA programme, curriculum reviews of Makerere University accounting programmes, re-accreditation of the Bachelor of Commerce Accounting in June 2022, annual recognition of best accounting students since 2022, tutor capacity building workshops conducted at the College, lecturers granted access to the Education Hub, and hosting of three student career workshops annually.
She outlined the areas of collaboration with Makerere University as follows: accreditation of accounting programmes, co-development of teaching programmes that align and support the University edge resources and professional insights, employability through supporting students’ career and skills development, access to ACCA member networks to support Makerere University guest lectures/panels/conference speakers, and faculty skills development support in their teaching, learning and assessment.
The Country Manager said the Career workshop is planned, deliberate and intentional because ACCA classifies Makerere University students as strategic business leaders who are being nurtured, trained and prepared to drive the economy. She clarified that the ACCA programme is not limited to only students studying accounting. According to Ms Kukunda, the ACCA programme embraces a broader range of disciplines and positions students for global competitiveness.
Ms. Kukunda encouraged students to explore the information resources on the ACCA website to tap into the opportunities that will enhance their financial acumen. She urged students to perceive themselves as global citizens. “When you perceive yourself as that, you are the right candidate for pursuing these globally accredited qualifications,” she said. She reinforced the value of connections and valuable networks with industry professionals, assuring students that their future is filled with potential and opportunities.
Feeding into Ms Kukunda’s presentation, Ms Jackie Mbabazi, the Business Relationship Manager at ACCA Uganda highlighted the significance of the ACCA qualification in shaping future leaders. She affirmed that ACCA is “a forward-thinking qualification” connected to vital sectors and stakeholders globally.
Ms. Mbabazi emphasized the global reach of the ACCA. “We are present in 180 countries. As you plan your professional journey, consider the ACCA qualification that is going to make you professional. Technology has enabled us to work beyond borders. Having globally recognized qualifications such as ACCA positions you to work globally,” she elaborated.
Ms. Mbabazi further pointed out the “forward-thinking qualification” attributes of ACCA. These include: Empowering individuals to be digitally relevant, creating ethical and trusted professionals, global recognition, professionals who add value, access to the most up to date syllabus on the market, and continuous learning for trainees as well as access to the global employability platform.
She also discussed the importance of adapting to technological advancements, stating, “You need to adapt and make sure technology is at the heart of what you are doing.”
Ms. Mbabazi articulated that ethics is at the centre of the ACCA programme. “ACCA programmes uphold ethics in building professionals. I urge you to avoid any form of fraud,” she emphasized.
The captivating presentations from the College of Business and Management Sciences and ACCA Uganda set the pace for the students to listen to a powerful keynote speech. Dr. Martin Bakundana introduced the keynote speaker, Mr. Robert Busuulwa, the founder and Managing Partner of Forvis Mazars in Uganda with over 30 years of tested and proven experience.
Mr. Robert Busuulwa’s keynote speech embodied words of wisdom and lived experiences that require an individual to be responsible for his or her destiny.
He guided the students that being successful is a personal choice and commitment. “If you want to be successful, dedicate time and study success,” he advised.
“When you plan to do something, focus and concentrate. Pursue your ambitions and career aspirations with determination and confidence,” he added.
He castigated the popular phrase where individuals believe that it is the government responsible for their success and development. That statements calling upon the government to “assist” individuals should be discarded. “True liberation is about understanding who you are, your strengths and weakness, and what you can do as an individual to leverage your strength,” he stated.
He emphasized the importance of acquiring relevant skills, urging students to consider what they needed to demonstrate to future employers, particularly in light of evolving trends such as AI, robotics, and big data. “What are the skills that you are expected to demonstrate?” he asked, reflecting on the broadening scope of skills in the field.
Using lively examples, the keynote speaker informed the audience that he had to create time to be at Makerere University on 1st April 2025 to speak to the students. He reported that he manages a very tight schedule, but if you want and value something, you work towards it, and ensure it is a possibility.
“I am here because I created time and convinced myself that I should join you today. I love mentorship and interacting with people. I love being here. I have to return to society, what it has given me through qualifications, life and experiences. Through this career workshop, I am exactly doing that,” he said.
Mr. Busuulwa shared anecdotes from his academic journey and connecting with young minds poised for the future. He reinforced the notion that the landscape of accounting has changed dramatically, moving from traditional number-crunching to roles involving Environmental, Social, and Governance (ESG) factors, financial crime, and IT consulting.
Mr. Busuulwa mentioned that with the trends in the accounting profession, students and practitioners are presented with diverse career paths.
Mr. Busuulwa encouraged students to understand and appreciate their potential. “Every one of you here has the potential. I urge you to believe in your capabilities,” he said. He cautioned students and young people in general against limiting beliefs. Citing the power of thinking and its effects on the choices that individuals make, he stated, “If you think you can’t do it, you will not.”
He inspired students to actively shape their careers, stressing the need for adaptability and continuous learning. He appealed to the students to always empower their minds and souls with positive statements such as “Whatever it is, I am going to be successful,” he remarked.
The Career workshop moderated by Ms Sylvia Namujjuzi, Assistant Lecturer at the College of Business and Management Sciences assisted by Mr. Jonathan Basalirwa, a third year student, ended on a high note with presentation of awards of excellence to the best ten (10) First Class Honours Division graduates, and a networking session involving the respective speakers and students.
The Principal thanked the Dean, School of Business- Dr. Godfrey Akileng, Dr. Eric Nzibonera, Ms Sylvia Namujjuzi, Mr. John Ogema, the Makerere University Accountancy Bureau, and the team from ACCA Uganda for organizing the Career workshop 2025.
The discussions involving Makerere University staff namely Prof. Edward Bbaale, Dr. Eric Nzibonera, ACCA Uganda-Ms Charlotte Kukunda and Ms Jackie Mbabazi, and the Keynote Speaker Mr. Robert Busuulwa emphasized the necessity of bridging the gap between academic training and real-world skills.
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