General
Universities need to generate Entrepreneurs & Innovators – Ramathan Ggoobi, Permanent Secretary & Secretary to the Treasury
By Our Writer
Ggoobi said a young Mutebile was conscious enough to comprehend Amin’s economic distortions and human rights violations, and risked to oppose them. Yet, like many budding economists of the time, Mutebile started as a socialist. He quickly mutated into a liberal thinker and went on to help Uganda to get rid of economic distortions.
Universities should also play a key role in economic and social planning. Enterprise incubators and start-up support should be scaled to boost local job creation and competitiveness of small businesses, Ramathan Ggoobi the Permanent Secretary and Secretary to the Treasury in the Ministry of Finance, Planning and Economic Development Uganda has said.
Ggoobi also said as hosts for the country’s young generations, universities should think about practical ways of averting the growing boomerang generation—young adults who return to their parents’ home after university because they’ve failed to live on their own.
Delivering his keynote speech at the inaugural Tumusiime Mutebile Memorial Lecture under the theme, ‘Economic recovery and resilience in a post Covid-19 world-The role of Higher Institutions,’ Ggoobi said the key to economic recovery now is in the ability of our university to generate the kind of human resource that ultimately will translate into entrepreneurship and innovations
“Apart from promoting greater productivity and work efficiency, education is the primary opportunity equalizer. Probably the key to economic recovery is in the ability of our universities to generate the kind of human resource that ultimately will translate into entrepreneurship and innovations.
Ggoobi said during the pandemic Makerere set up a University Scientific Advisory Committee which was key in advising the Government.
“Universities need to relax a bit on the requirements – both academic and financial – to take on more students and reduce the dropout rate, one of the effects of the pandemic. Please do everything possible not to leave any student behind, particularly those who belong to the most vulnerable socioeconomic backgrounds. Remember, families are going through a very difficult time. So, develop timely, student-centric responses,” Ggoobi said.
Ggoobi said as government, they were committed to continue enhancing funding for universities to support the transformation of higher education in the face of tectonic, long-term shifts in demographics, technology and competition. We shall invest more in online, hybrid and competency-based learning, improved infrastructure, student sponsorship, and most importantly research and innovation.
Ggoobi said that it was an immense pleasure to return to this intellectual powerhouse to honor one of the greatest economists and reformers of our time, and also to talk about economic recovery efforts.
“On behalf of the Ministry of Finance, Planning and Economic Development, and specifically the hundreds of fellow alumni of this great institution working in the Ministry, I am delighted to congratulate Makerere upon reaching 100 years of Building for the Future,” Ggoobi said.
Ggoobi said Makerere University was one of the world’s most prestigious universities. “Its alumni include world leaders, top notch intellectuals, leading business executives, and many other impactful human beings, both living and dead. I thank you for inviting me and enabling me to return to Makerere for the first time as the Secretary to the Treasury of the Republic of Uganda. I started my journey of training as an economist here,” he added.
Ggoobi noted that there were a number of things he was scheduled to do, “but I honestly can’t think of one that would make me happier and proud, than one for the promotion of economics. Until recently, my life’s work (my teaching, my research, my public writing, my community work, and even my twitter and Facebook posts) has been all about trying to demonstrate to fellow Ugandans what I learnt while in the gates of Makerere – that economics is not common sense per se.
Ggoobi said the Covid-19 pandemic had greatly affected the country and the entire world.
“In any case the entire world has been a laboratory and us all the specimens for its torment. From the anguish of losing our loved ones (a world total of 6.23 million souls – and still counting; of whom 3,597 were Ugandans) to a disrupted recovery and higher inflation, the pandemic has plagued the human race at unprecedented scale,”
Ggoobi noted that at its peak the global economic growth declined to minus 3.1 percent in 2020, from 2.9 percent in 2019. “In Uganda’s case, economic activity was cut by more than half. The services sector was most affected, in particular education, transport, hospitality and entertainment activities. The size of the labour force declined with many workers moving from modern and semi-modern sectors into subsistence agriculture.”
He also said the share of working persons in subsistence agriculture increased from 41% to 52% before and after the outbreak of the pandemic. “As we talk now, 6.8 million people (housed in 3.5 million homes) are in subsistence. We have also experienced revenue shortfalls in the past two years yet expenditure needs increased to finance the fight against Covid-19, enforcement of Covid-19 SOPs to keep Ugandans alive.”
On commodity prices, Ggoobi said, “Economists know that it takes time for external shock to manifest themselves. In this case, they have started with prices of essential items, particularly laundry bar soap, fuel, cooking oil, building materials like cement and steel, some food items, and education services.”
He admitted that these had significantly increased in recent months. “As a result, inflation has risen to 3.7% in March 2022. The causes are largely external and supply-side related, key of which is the effect of Covid-19 restrictions which disrupted supply-chains worldwide leading to higher transport costs, shortage of shipping containers, shortage of raw materials, and higher fuel prices. This cocktail has curtailed smooth manufacturing/production and movement of goods and services, leading to increased commodity prices.”
He also attributed the increase in prices to the full opening of economies globally and the Russia-Ukraine war “After Covid had lessened, it led to a swift rise in aggregate demand for a number of goods and services such as fuel, transport, education etc. This has further increased prices. Since crises are like taxis; another one is often the way as one leaves the stage, the Russia-Ukraine conflict emerged as Covid left the stage and has further disrupted supply of goods such as oil, wheat, maize, and sunflower oil, as well as raw materials. The two countries are major producers and exporters of these commodities.
On what the Government was doing, Ggoobi said the causes of the current spike in prices were as a result of; Supply related; External; and Global. “Government policy response, therefore, must focus on addressing the supply constraints most of which are external and affecting the entire world. Anything else implemented would be a wrong medicine to a known ailment.”
He outlined some of the measures being undertaken by the Government to include; “Ensuring that we maintain a competitive environment to support a continuous supply of the goods and services whose stream is currently constrained – that is, fuel, soap, cooking oil, cement, steel, etc.- and avoid creating more shortages. We cannot afford to make demand outstrip supply. Most of the things some people want us to do are good common sense but very bad economics.”
Ggoobi also noted that they were supporting farmers to grow more food to ensure we do not suffer food shortages since food is the main driver of Uganda’s inflation.
“We are also facilitating more exports to take advantage of the shocks, and earn more foreign exchange to pay for the now expensive imports.
On what Mutebile would have done had he still been around, Ggoobi noted Mutebile was the grandfather of the economy we have today.
“Mutebile liberated Uganda from the ‘control model’—the practice of using administrative controls to keep the prices low and revaluing the shilling to make imports cheap. Beginning in 1966 the State of Uganda had assumed a lead in all the major economic activities. The leaders then and the people they led thought this was the best way of ensuring making the economy work for everyone,” Ggoobi said.
He said in 1969, in the bid to enable indigenous Ugandans to “have a say in the economic affairs of their country,” which at the time was dominated by Asians and British immigrants, and “for the realization of the real meaning of Independence”, President Apollo Obote announced a “Move to the Left”, culminating into the infamous 1970 Common Man’s Charter.
“This was the beginning of the control model in Uganda. When Idi Amin took power in 1971, economics was replaced by flawed common sense. As we heard in the numerous eulogies by his contemporaries, Prof Mutebile took the risk to remind the brash and unapprised Amin how economics works, and paid a huge price. Yet many Ugandans then considered him a nationalist.”
Ggoobi noted that even today, many Ugandans silently support Amin’s expulsion and expropriation of Asian property, price and foreign exchange controls and many other economic distortions.
“Generations of my students, none of whom was born by 1972 when Amin executed the economic war, as well as various groups of people I have taught Uganda’s economic history during my, often expressed support and silent admiration of Amin’s ‘nationalist credentials’”.
Ggoobi said a young Mutebile was conscious enough to comprehend Amin’s economic distortions and human rights violations, and risked to oppose them. Yet, like many budding economists of the time, Mutebile started as a socialist. He quickly mutated into a liberal thinker and went on to help Uganda to get rid of economic distortions.
He outlined some of the economic distortions Mutebile helped Uganda get rid of;
“First, Mutebile helped this country to get rid of price control. It resulted in an emergency of black markets (magendo) involving hoarding of basic groceries and other essential commodities.”
He also noted that Mutebile kicked out smuggling in Uganda. “Due to economic mismanagement, the past governments were unable to collect enough tax revenue to finance government expenditures. To deal with this challenge, the governments resorted to levying exorbitant import tariffs to raise revenue. The high tariffs forced traders to engage in smuggling,” Ggoobi said.
He further noted that Mutebile, “helped Uganda to stop printing money to finance budget deficits. The Bank of Uganda had been turned into a printing press for money. Consequently, inflation had galloped into triple digits.
Mutebile also saved Uganda from black markets. “These used to emerge as a result of fixed exchange rates. For example, the official exchange rate in 1986 was fixed at sh14 and sh50 per US dollar for essential and non-essential imports respectively. Fixing of the exchange rate led to shortage of foreign exchange and emergence of black markets (the Kibanda market) for foreign currencies. International trade was severely affected leading to a shortage of imported goods and services.
Ggoobi also said, Mutebile helped Uganda to restore fiscal discipline. “He re-established the discipline of government, maintaining a fiscal position that is consistent with macroeconomic stability and sustained economic growth. Government avoided excessive borrowing and debt accumulation; committed more spending of the national budget on productive activities in the economy.
“It was Mutebile who masterminded the merger of the Ministry of Finance (MoF) with the Ministry of Planning and Economic Development (MoPED) in March 1992. This improved coordination of macroeconomic management. Within one fiscal year, inflation reduced from 54.5% in 1992/93 to 5.1% in 1993/94,” Ggoobi said.
Ggoobi further said that as pioneer PS/ST, Mutebile implemented three basic principles: Prudence by ensuring that expenditure by government was in line with revenue, and limiting borrowing strictly to necessary needs; Sustainability insisting no expenditure commitments that couldn’t be sustained over the medium and long term; and Consistency: all expenditures in line with the government’s long-term goal of building an independent, integrated and self-sustaining economy.
Ggoobi said Mutebile jealously defended the independence and authority of BoU over monetary policy (BoU Act); regulation and supervision of banks (FIA); and performance of its functions without subjecting it to the direction or control of any person or authority (Constitution). This transformed the bank into a credible institution with the prime objective of maintaining price stability.
“Mutebile led the crusade of private sector development to reduce government and its inefficiencies in doing business. All these reforms enabled Uganda recover and sustain growth at an impressive average annual rate of over 6.5% per year; maintained single-digit inflation averaging 5% for much of the period Mutebile was in charge at the Treasury and BoU; and facilitated poverty reduction from 56% in 1992 to 19.7% in 2014.
He also talked about the unfinished business Mutebile would want us to address saying the Government was now focused on the unfinished business not only to maintain Mutebile’s legacy but to propel Uganda to the level he and all of us want it to get to.
“In the medium term our efforts and resources will be concentrated on addressing the following: A large subsistence economy that has crippled household incomes and the purchasing power of the population; High unemployment and underemployment of the young people; High cost of credit, electricity and transport, which lower competitiveness of Ugandan products in regional and international markets; Low investment in scientific research and development to inform innovation and policy.
He also noted that they would focus on; Low level of industrialization; Land ownership and security, land use and land fragmentation; High levels of corruption in government and private sector; Limited export markets; and Quality of healthcare and education services.
The Tumusiime Mutebile Public Lecture will be an annual event which will serve as an intellectual rallying point for scholars, students and the general public by drawing eminent scholars and government representatives from across Africa and the globe in intellectual conversation and discourse that will proffer solutions to crucial issues in building a recovering and resilient economy in Uganda.
General
Mastercard Foundation Scholars Program at Makerere University Celebrates the Last Cohort of Phase One Graduates
At the just-concluded 76th Graduation Ceremony at Makerere University, which took place between 24th and 27th February 2026, the Mastercard Foundation Scholars Program at Makerere University celebrated the graduation of the final Cohort of 10 Mastercard Foundation Scholars from the first phase of the Mastercard Foundation Scholars Program (2013-2023). This brings the total number of graduates from Phase One to 974 out of the 1,032 Mastercard Foundation Scholars recruited.
Who are these 10 graduates, and what are their dreams and aspirations?
ACOLA Jackline graduated with a Bachelor of Science in Conservation Biology from the College of Natural Sciences. Her passion for nature and commitment to addressing environmental issues, including degradation, pollution, and the unsustainable exploitation of natural resources, have motivated her to pursue a career in conservation. As a conservation biologist, Jackline’s primary objective is to ensure that natural resources and the environment are preserved in their pristine state. She is dedicated to promoting sustainable resource utilisation and advocating for eco-friendly business practices. To achieve this, she plans to implement comprehensive conservation education initiatives for the general public.
AJIAMBO Eunice graduated with a Bachelor of Commerce. She is motivated and detail-oriented, with a strong academic foundation in accounting, taxation, finance, and business management. Her programme provided her with practical knowledge and analytical skills relevant to today’s dynamic commercial environment. During her academic journey, she developed a strong interest in taxation and financial compliance. She undertook coursework and case studies that enhanced her understanding of corporate taxation, value-added tax, financial reporting, and business decision-making. These experiences strengthened her ability to analyse financial information, interpret regulations, and apply commercial principles effectively. Eunice aspires to build a professional career in finance and taxation, with a focus on tax advisory, revenue administration, and corporate finance. She is passionate about ethical business practices and believes that effective financial management and tax compliance are essential for sustainable economic growth.
Dr. AKITE Flowrence graduated with a Bachelor of Veterinary Medicine, a testament to resilience and support. Losing her father at a young age could have derailed her aspirations, but instead, it fueled her determination to succeed. Throughout her academic career, she received encouragement and assistance from generous individuals who recognised her outstanding academic achievements. As a Mastercard Foundation Scholar, she not only excelled academically but also actively engaged in her community, treating animals as she gained experience as a vet student. In her hometown of Dokolo, Northern Uganda, she has played a vital role in treating animals and enhancing the health and welfare of local livestock.
AUMA Barbra attained a Bachelor of Arts with Education, representing a significant milestone in her educational journey. Hailing from a modest family of eight children, she faced numerous challenges on her path to higher education, particularly after her father, a security guard, was unable to fund her university tuition following her Senior Six. Consequently, her graduation not only signifies a personal accomplishment but also embodies a remarkable triumph over adversity. Her academic excellence earned her a place in the Mastercard Foundation Scholars Program at Makerere University, a pivotal opportunity that enabled her to pursue her dreams. Barbra is particularly dedicated to advocating for girls’ education.
Dr. BABALANDA Immaculate is a dedicated veterinary professional who recently completed her Bachelor of Veterinary Medicine. Throughout her studies, she maintained a strong focus on animal health, food safety, and sustainable livestock systems. Passionate about agricultural innovation, she founded the Green Grub Revolution Project, which promotes black soldier fly larvae as a sustainable, cost-effective alternative to traditional poultry feed. Her work focuses on bridging the gap between scientific research and grassroots community needs. Currently, through her Fellowship at the International Livestock Research Institute (ILRI-Nairobi), Immaculate is strengthening her research and leadership in one health and climate-smart livestock production. She envisions a career at the intersection of veterinary medicine and agricultural innovation, where she can scale sustainable feed alternatives and contribute to resilient food systems across Africa.
MAZAPKWE Vicky proudly earned her Bachelor of Business Administration, showcasing the remarkable outcomes of determination and resilience in overcoming adversity. Having lost both parents at a young age, pursuing higher education seemed an unattainable dream. However, with her auntie’s unwavering support, she successfully completed her primary and secondary education. Her dedication and academic excellence earned her a place in the Mastercard Foundation Scholars Program, paving the way for her academic journey at Makerere University. Now equipped with her degree, Vicky has set her sights on becoming a successful businesswoman while nurturing her passion for storytelling as a film writer and director. She is grateful for the opportunities provided by the Mastercard Foundation Scholars Program, which not only empowered her but also inspired her to launch a project that supports orphans in her community.
NAMATOVU Noeline graduated with a Bachelor of Business Administration. A daughter of a single mother, her graduation is both a joy and big relief to her mother.
After the loss of her father, she received invaluable support from a priest, a friend of her late dad.
“The priest took me to school and covered my fees until I completed Senior Six. Although he couldn’t help with university expenses, it motivated me to seek a scholarship, and the Mastercard Foundation Scholars Program at Makerere University enabled me to pursue my university education.” Namatovu shares. Initially aspiring to be a doctor, she found the sciences challenging and shifted her focus to accounting, where she plans to major and pursue professional qualifications. Her achievements have inspired young people in her community.
NAMIYINGO Christine graduated with a Bachelor of Arts with Education, majoring in Economics. Her academic journey has been challenging, particularly given her experience with bipolar disorder; however, she is grateful for the support she has received from the Mastercard Foundation Scholars Program team at Makerere University. She is keen to pursue a Master of Business Administration (MBA) to strengthen her expertise in Business Management and realise her aspiration of becoming an entrepreneur. Beyond her academic pursuits, Christine is deeply committed to her faith, which she considers a significant factor in her success. She is also dedicated to assisting those in need, guided by a belief that acts of generosity are rewarded. Inspired by accomplished individuals, she actively seeks mentorship to foster her personal development.
NAMONGIN Alice is a dedicated development practitioner, climate justice advocate, and youth leader from Uganda’s Karamoja region. As a Mastercard Foundation Scholar at Makerere University, she earned a Bachelor of Science in Business Statistics, with a focus on research and social entrepreneurship. She founded the Nurture HER Initiative, a youth-led venture that promotes climate resilience and girls’ education in Indigenous communities. She has trained over 70 Indigenous youth volunteers, supported climate education in schools, and promoted sustainable solutions. With interests in climate policy, entrepreneurship, and community solutions, Alice aspires to influence policies that prioritise Indigenous knowledge and youth participation. She enjoys mentoring young girls, public speaking, and using storytelling to drive social change.
NVIRI Robert graduated with a Bachelor of Arts with Education. Throughout his academic career, he has demonstrated a strong commitment to education, leadership, and community development. His enthusiasm for teaching and empowering his peers has motivated him to pursue a career dedicated to improving Uganda’s education system, focusing on integrating modern teaching methodologies and digital tools to enrich the learning experience. Robert aspires to become a transformative educator who inspires students to engage in critical and creative thinking. He is particularly passionate about improving access to education for under-served communities and firmly believes in education’s capacity to foster social change. In addition to his academic endeavours, Robert has actively tutored children facing social and economic barriers and organised mentorship programmes for young people, thereby reinforcing his dedication to community service.
How did the Mastercard Foundation Scholars Program journey start at Makerere University? The Program Director, Prof. Justine Namaalwa, shares the highlights.
Phase One of the Mastercard Foundation Scholars Program (2013-2023)
In 2013, Makerere University entered into a transformative partnership with the Mastercard Foundation to nurture the next generation of leaders in Africa. This initiative is designed to empower young people to drive positive change in their lives, their communities, and across the continent. The Mastercard Foundation Scholars Program places strong emphasis on enabling young people to shape new narratives and pursue meaningful aspirations.
Through this collaboration, Makerere University has successfully implemented two phases of the Mastercard Foundation Scholars Program. The first phase of the Mastercard Foundation Scholars Program was implemented from 2013 to 2023. Under this phase, 1,032 Mastercard Foundation Scholars were recruited and educated at Makerere University, of which 974 graduated and are contributing in various capacities within their communities.
Phase Two of the Mastercard Foundation Scholars Program (2023-2034)
In December 2023, the partnership was renewed, and the second phase of the Mastercard Foundation Scholars Program is currently being implemented at Makerere University and will run through 2034. Building on the first phase, the University is committed to fostering inclusion and ensuring equitable access in this phase. To support this goal, specific scholarship quotas have been established for the following groups:
- Refugees and Internally Displaced Persons (25% of the Scholarships)
- Young People living in Refugee-Hosting Communities (5% of the Scholarships)
- Young People from Underrepresented Ethnic Groups in Uganda (5% of the Scholarships)Young People Living with Disabilities (25% of the Scholarships)
- International Students (10% of the Scholarships)
- Other Ugandan Nationals facing financial barriers to pursuing University Education (30% of the Scholarships)
What has been the individual impact of Phase One graduates of the Mastercard Foundation Scholars Program?
To date, 974 Mastercard Foundation Scholars have graduated, proudly joining the Makerere University Alumni community.
Notably, 48% of these Mastercard Foundation Scholars Program Alumni have secured formal employment, demonstrating successful integration into the workforce. Furthermore, 18% have launched their own businesses, not only creating jobs for themselves but also generating opportunities for other young people and driving local economic transformation. The Mastercard Foundation Scholars Entrepreneurship Fund (SEF) supported 46 ventures by the end of 2025, proving that start-ups are indeed a crucial solution to combating youth unemployment.
In addition, 8% of the Mastercard Foundation Scholars Program Alumni are gaining essential work experience through internships facilitated by Transition Partners. Meanwhile, 5% are pursuing further study in Master’s, Postgraduate Diploma, and PhD programmes, reflecting their commitment to personal and professional growth.
In total, 72% of the Mastercard Foundation Scholars Program Alumni are actively engaged in productive employment or entrepreneurship. This data clearly shows that investing in young people generates tangible economic and social returns.
The remaining 12% are part of other young people in Uganda with university degrees who are facing challenges entering the world of work. These young people need support and systems to translate their career navigation journeys into meaningful engagements.
What has been the impact on the Communities?
Communities have greatly benefited from the Mastercard Foundation Scholars’ Give Back initiatives, including the establishment of safe water sources, the construction of classrooms, and the planting of trees for environmental protection. These efforts reflect a commitment to empowering young people, positively impacting communities, and showcasing the potential of African universities for a sustainable future. Mastercard Foundation Scholars and Alumni implement one impact project each year on the Annual Day of Service, which allows them to showcase skills in organisation, mobilisation, and teamwork. Since 2014, Mastercard Foundation Scholars have implemented various community projects, as highlighted below.
- In 2023, Achukudu Primary School in Napak District made significant strides by constructing a two-room classroom block, complete with desks and benches, enhancing the learning environment for its students.
- In 2022, St. Katherine Primary School in Agago District contributed to its community by building a two-room classroom block alongside a new pit latrine, improving facilities for both students and staff.
- In 2021, the Bulamwaki community in Iganga District saw valuable initiatives: a borehole was completed, and 56 jerrycans were donated to local women, promoting access to clean water.
- In 2020, Mastercard Foundation Scholars made a positive impact in the Kyangwali Refugee Settlement in Kikuube by providing essential COVID-19 protective materials, distributing sanitary pads, promoting tree planting, and offering career guidance to the community.
- In 2019, efforts at Salama School for the Blind in Mukono included planting trees and erecting a protective fence around the school, creating a safer and more welcoming environment for students. At Kibaale Primary School in Mityana, activities included general cleaning, tree planting, and the completion of a two-room teacher’s residence.
- In 2018, Mastercard Foundation Scholars donated learning materials, nappies, and food items, supported feeding activities and carried out general cleaning at Kampala School for children living with disabilities.in Kampala.
- In 2017, Mastercard Foundation Scholars constructed and renovated classroom blocks, dug a rubbish pit, and cleared a community well at Muzinda Primary School, and raised awareness on hygiene at Mbuya Gizaza Community in Nakawa. Additionally, they built a wooden classroom, renovated a latrine, cleaned the area, and planted trees at St. Charles Lwanga Primary School in Mukono.
- In 2015, Mastercard Foundation Scholars planted trees, undertook general cleaning, painted the buildings, and carried out electrical installations and repairs at Kireka School of Children with Special Needs in Kampala.
- In 2014, the first cohort of Mastercard Foundation Scholars dug a rubbish pit and a borehole trench, washed children’s clothes, supported feeding activities, carried out general cleaning and compound slashing, and donated foodstuffs, nappies and laundry detergents to Mercy Child Care Centre in Wakiso.
Giving back to the community has been, and continues to be, a core aspect of the Mastercard Foundation Scholars Program, which fosters a culture of giving through individual and group initiatives. As Nelson Mandela rightly puts it:
“What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we lead”. He also championed community service, noting that “we can all do more to reach out, take care, and serve the well-being of others”.
Bernard Buteera is the Principal Communications and Public Relations Officer of the Mastercard Foundation Scholars Programme at Makerere University.
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