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
In a vibrant celebration of youth leadership and African unity, Makerere University hosted the Second Annual Guild Leaders’ Summit, an event that brought together high-profile dignitaries, student leaders, and international partners for a powerful dialogue on the future of the continent. The summit, organized by the Guild Presidents Leadership Academy, served as a rallying point for East Africa’s young leaders to confront Africa’s most urgent challenges—on their own terms and with their own solutions.
A Warm Welcome and Reflections on Makerere’s Legacy
The Vice Chancellor, Professor Barnabas Nawangwe, welcomed the distinguished guests, who included Former President Uhuru Kenyatta of Kenya, Uganda’s Vice President H.E. Jessica Alupo, former Prime Minister Rt. Hon. Ruhakana Rugunda, Justice Simon Byabakama, Hon. Mathew Rukikaire, and European Union Deputy Ambassador Mr. Guillaume Chartrain, among others.
In his address, Prof. Nawangwe reflected on Makerere’s deep historical ties to East Africa’s liberation and development movements. He reminded the audience that Makerere University has been a crucible for the continent’s leadership, stating:
“Jomo Kenyatta was the first person to receive a degree from Makerere when, in 1963, he was awarded an honorary doctorate by then Chancellor Julius Nyerere. All freedom fighters in East Africa studied at Makerere.”
Building on this rich history, Prof. Nawangwe affirmed the university’s current mission to tackle pressing continental issues. “Today,” he said, “Makerere is committed to addressing Africa’s challenges—climate change, disease, poverty, food security, conflict resolution, and economic development. But we cannot do this alone.”
He echoed sentiments later shared by the keynote speaker, stressing that Africa must no longer depend on external interventions:
“Foreign agencies will not solve all Africa’s problems. It is our young people who must step forward and lead the change.”
Uhuru Kenyatta: “You Are the Last Line of Defence”
In a keynote address that resonated deeply with the students and delegates in attendance, Former President Uhuru Kenyatta issued a bold and urgent call to action for Africa’s youth.
“No one is coming to save us,” Kenyatta declared. “You are the last line of defence in the battle to rescue the heart and soul of Africa.”
Positioning today’s youth as the heirs of the continent’s freedom fighters, Kenyatta described the current moment as a new “independence era”—not of political liberation, but of economic and intellectual sovereignty. He urged students to think critically about intra-African trade, which currently accounts for less than 2.5% of global commerce, and to advocate for the removal of internal barriers to trade, innovation, and mobility.
“You are the freedom fighters of this generation,” he said. “Universities must be incubators of change, and students must be the trustees of tomorrow’s Africa.”
Pan-Africanism, Leadership, and Action
Uganda’s Vice President H.E. Jessica Alupo encouraged students to take up the mantle of Pan-Africanism with unwavering commitment. She acknowledged that while the rhetoric of African unity is inspiring, real progress demands more than words:
“You must embrace the spirit of Pan-Africanism. But it is easy to say these words—the challenge lies in collective implementation.”
She emphasized the importance of action-oriented leadership and urged the youth to harness their creativity, energy, and education for the benefit of the continent.
European Union’s Message: Leadership with Integrity
Representing Team Europe, the EU Deputy Ambassador to Uganda, Mr. Guillaume Chartrain, gave a passionate speech on the values of authentic leadership, integrity, and inclusive development. He praised Makerere University as a space where “intellectual ambition meets civic responsibility” and emphasized that leadership is not about prestige, but purpose:
“Be a leader because of what you want to be—not because of what you want to have,” he said.
Citing former Makerere alumni such as Julius Nyerere and Wangari Maathai, Chartrain called on students to model courage, resilience, and humility:
“True leadership emerges in moments of loss—when resilience, not triumph, becomes the measure of one’s character.”
The EU, he said, remains committed to supporting youth through programs like Erasmus+, the EU Youth Sounding Board, and partnerships with organizations like Faraja Africa Foundation and Restless Development. These initiatives empower youth not as symbols, but as active participants in shaping policy and governance.
The Legacy Continues
Throughout the summit, speakers highlighted the importance of legacy and long-term impact. They challenged young leaders to think not just about the present, but about the systems and institutions they will leave behind. In the words of Former President Kenyatta:
“Leadership is not about the next election. It’s about the next generation.”
The summit ended on a high note, with students invigorated and inspired to lead with purpose. As global support grows less predictable and Africa stands at a crossroads, the message from Makerere was clear: the future of the continent is in the hands of its youth. And as the Guild Leaders’ Summit demonstrated, they are ready.
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