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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
Makerere University has once again cemented its place as a regional leader in academic excellence after successfully hosting the East African Universities Debate Championships (EAUDC) 2026, welcoming the continent’s brightest young minds for a week of intellectual competition, cultural exchange, and leadership development.
Held from 26th July to 1st August 2026, the championship brought together more than 200 student debaters, adjudicators and delegates from 25 universities across Uganda, Kenya, Tanzania, Rwanda, South Sudan and other invited institutions, transforming the Ivory Tower into East Africa’s premier arena for ideas, innovation and public discourse.
The week-long tournament featured rigorous British Parliamentary debate rounds, public speaking competitions, adjudication workshops and networking sessions designed to sharpen critical thinking, leadership and persuasive communication. Participants debated contemporary issues ranging from governance and economic transformation to technology, public health, climate change and Africa’s future.
Speaking at the opening ceremony, the Deputy Vice Chancellor welcomed delegates to Makerere University, emphasizing the institution’s enduring commitment to nurturing graduates who are not only academically accomplished but also capable of leading meaningful conversations that shape society. The championship reflected Makerere’s vision of producing graduates who are innovative, analytical and prepared to address regional and global challenges.
Beyond competition, EAUDC 2026 became a celebration of East African unity. Delegates experienced Uganda’s rich cultural heritage through social events, campus tours and cultural showcases that fostered friendships beyond national borders. The interactions reinforced the championship’s belief that dialogue remains one of the strongest foundations for regional integration and peaceful cooperation.
The tournament concluded with an electrifying Grand Finale witnessed by students, alumni, university leaders, invited guests and debate enthusiasts. The Chairperson of the Parliamentary Committee on Education and Sports Hon. Eng. Cuthbert Abigaba represented the Speaker of Parliament as the Guest of Honour. In his remarks he congratulated Makerere University on the successful event and encouraged debate among students.
Prof Sarah Ssali the Deputy Vice Chancellor in charge of Academic Affairs at Makerere University pledged continuous support from the administration towards Makerere Debate Union. Teams demonstrated exceptional research, analytical reasoning and eloquence before a distinguished panel of international adjudicators, bringing to a close one of the most competitive editions of the championship.
The successful hosting of EAUDC 2026 marks another milestone in Makerere University‘s growing reputation as a centre of excellence for debating and public speaking. The event builds on the university’s long-standing tradition of producing outstanding debaters while providing students with opportunities to engage with peers from across the region in meaningful intellectual exchange.
As the championship drew to a close, participants departed Kampala with new friendships, stronger networks and renewed inspiration to continue using debate as a tool for leadership, democratic participation and social transformation.
With the East African chapter successfully concluded, attention now turns to the Pan-African Universities Debating Championship (PAUDC) 2026, where Makerere University will once again represent East Africa on the continental stage.
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