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.
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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