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
Pomp and colour defined the opening day of the Makerere University’s 76th Graduation Ceremony as thousands gathered to celebrate academic excellence and new beginnings.
The historic ceremony has brought together scholars, families, friends and industry partners in a vibrant celebration of achievement and possibility. Throughout the four-day event, the University will confer degrees and award diplomas to 9,295 graduands in recognition of their dedication and hard work.
Among the graduates, 213 will receive Doctor of Philosophy (PhD) degrees, 2,503 will graduate with Master’s degrees, and 6,343 will earn Bachelor’s degrees. In addition, 206 students will graduate with postgraduate diplomas, while 30 will be awarded undergraduate diplomas.
Of the total number of graduands, 4,262 are female and 5,033 are male. According to Vice Chancellor, this marks the first time in 15 years that male graduands have outnumbered their female counterparts.
The best overall graduand in the Sciences, Esther Ziribaggwa, graduated on the opening day with the Bachelor of Agricultural and Rural Innovation and an impressive Cumulative Grade Point Average (CGPA) of 4.77.
The ceremony marks a proud moment for Makerere University as it continues to nurture top-tier professionals across diverse fields.
While presiding over the graduation, the State Minister for Primary Education, Hon. Dr. Joyce Moriku Kaducu, on behalf of the First Lady and Minister of Education and Sports, Hon. Janet Kataaha Museveni, pointed out that Makerere University is a model institution, where leaders are nurtured, scholars are sharpened, and where dreams have been given direction.
In her address, Hon. Museveni, highlighted Government’s deliberate investment in research, innovation, and infrastructure to strengthen higher education in Uganda.
“The establishment of the Makerere University Research and Innovation Fund (RIF), supports high-impact research and innovation that directly contributes to national priorities and development. Through this initiative, thousands of researchers and innovators have pursued practical, scalable solutions that are transforming communities and key sectors across Uganda,” Mrs Museveni, said.
The Minister also noted that Parliament’s approved a USD 162 million concessional loan to upgrade science, technology, and innovation infrastructure at Makerere University. The funding will facilitate the construction of modern laboratories, smart classrooms, and state-of-the-art facilities for Engineering and Health Sciences, investments expected to position the University firmly within the Fourth Industrial Revolution.
“Government has embarked on the construction of a National Stadium at Makerere University and other institutions of higher learning across the country. This will promote physical education, strengthen talent identification, and boost investment in the sports sector,”
Turning to the graduands, the Minister encouraged them to see themselves not merely as job seekers, but as job creators and solution-makers.
Uganda and Africa need innovators who will modernize agriculture; engineers who will build quality infrastructure; healthcare professionals who will strengthen health systems; and educators who will inspire the next generation,” the Honourable Minister said.
She reminded graduates that they are entering a rapidly changing world shaped by Artificial Intelligence, climate change, and shifting global markets. To thrive, she advised them to remain adaptable, creative, and committed to lifelong learning.
She also encouraged graduates interested in entrepreneurship to tap into the Government’s Parish Development Model, which provides community-based financing and production support.
Quoting Proverbs 3:5–6, the Minister urged the graduates to trust in God as they embark on their next chapter.
She extended special appreciation to the Mastercard Foundation for its 13-year partnership with Makerere University in expanding access to education and empowering young people in Uganda and beyond.
In his speech, the Chancellor of Makerere University, Dr Crispus Kiyonga, urged graduands to harness research, innovation and technology to drive Uganda’s transformation.
“This is a milestone in your lives. You have invested time, discipline and hard work to attain these qualifications. It is important that you derive value from this achievement, not only for yourselves, but for your families and for society.” Dr Kiyonga, said.
Dr. Kiyonga expressed gratitude to the Government of Uganda for its continued financial support to the University, particularly the funding allocated under MakRIF, which he described as critical in strengthening the institution’s research capacity.
“Research plays a very vital role in the development of any community. Makerere as the oldest University in the country is doing a significant amount of research, However, more work is required to mobilize additional resources to further strengthen research at the University.” Dr Kiyonga, noted.
Acknowledging the challenges of a competitive job market, Dr. Kiyonga encouraged graduates to think beyond traditional employment pathways.
“It is true that the job market may not absorb all of you immediately. But the knowledge you have acquired is empowering. You can create work for yourselves, individually or in teams.” Dr Kiyonga, said.
He advised the graduands to embrace discipline, integrity and adaptability in the workplace, and to take advantage of technology and digital platforms to innovate and respond to societal challenges.
“Every development challenge presents an opportunity. Believe that you can apply your knowledge to create solutions with impact.” He said.
Addressing the congregation, the Vice Chancellor, Prof Barnabas Nawangwe, congratulated the graduands, particularly staff and societal leaders on their respective achievements.
“I congratulate all our graduands upon reaching this milestone. In a special way I congratulate the members of staff, Ministers, and Members of Parliament that are graduating today as well as children and spouses of members of staff,” Prof Nawangwe, said.
In his speech, Prof Nawangwe, recognized outstanding PhD students, particularly members of staff. who completed their PhDs in record time without even taking leave from their duties.
He called upon graduates not to despise humble beginnings but rather reflect on the immense opportunities around them and rise to the occasion as entrepreneurs.
“You are all graduating with disciplines that are needed by society. We have equipped you with the knowledge and skills that will make you employable or create your own businesses and employ others. Do not despair if you cannot find employment. Instead, reflect on the immense opportunities around you and rise to the occasion as an entrepreneur,” Prof Nawangwe, said.
Prof Nawangwe called upon the graduands of PhDs to use their degrees to transform the African continent.
“As you leave the gates of Makerere I urge you to put to good use the knowledge you have received from one of the best universities in the World to improve yourselves, your families, your communities, your Country and humanity. Let people see you and know that you are a Makerere alumnus because of the way you carry yourself in society with dignity and integrity. Put your trust in God and honour your parents and opportunities will be opened for you,” Prof Nawangwe, said.
Delivering a key note address, Prof. Nicholas Ozor, the Executive Director of the African Technology Policy Studies Network Nairobi, Kenya ((ATPS). Reminded the graduates that a degree is not a finish line but the beginning of accountability. “The world is a complex, fast changing and deeply unequal. Degrees make you responsible for others not better than them,” Prof Ozor, said.
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