Business & Management
Environmental Economists want a “Green Fund” Established
Environmental Economists from Makerere University and stakeholders in environment and natural resources sectors have expressed the need for Uganda to establish a Green Fund to finance green initiatives.
The dons have also proposed and re-echoed known initiatives that require mind-set change and government commitment to infrastructural developments that can reduce environmental pollution.
Environmentalists also want part of the Green Fund to come from greatest polluters in the country and the developed countries relative to the damage caused.
In addition, they want the African voice heard in the global discussion towards mitigation, commitment and transitioning to low carbon economies.
The call was made during the policy dialogue organised by the Environment for Development Initiative (EfD-Mak Centre) at the Kampala Sheraton Hotel as one of the mainstream activities. The dialogue held on December 20, 2023 brought together members of the academia, representatives of private sector, government ministries, departments and agencies, CSOs, manufacturers, and commercial banks on the theme, “Green Financing in Uganda: From Paper to Practice”.
The main aim of the workshop was to engage with the government to have a healthy debate how to finance green transitions and greening starting from the household level. The key message was that there is need to transit, but the transition is not cheap, it is expensive and requires deliberate effort.
While opening the workshop, the Principal, College of Business and Management Sciences Assoc. Prof. Eria Hisali said the engagement was hinged on twin objectives of attaining low carbon outcomes and high growth outcomes which are environmentally friendly.
As researchers and policy makers, Prof. Hisali interested participants to discuss and understand the current growth landscape, where growth is coming from, and main activities that drive growth and livelihoods.
Within that landscape, the professor advised participants to address the main concerns with regard to sustainability, the environmental concerns with regard to the current sources of growth and the status quo.
Hisali also told participants to pose a question of the disruptive effects that come along with the transitions to low carbon sources of growth; and closely related, the best options to make the transitions and finally, how the green financing strategies can be made attractive for the different actors to take them on.
Outside the green financing alone, Prof. Hisali challenged participants to debate on other options that policy makers can consider to enable the transition to low carbon sources of growth to start taking place.
The Professor also guided participants to have discussions on the framework for enforcement and auditing of the transition process itself, asking, what is it that they can do to ensure that they are tracking the progress made and whatever has been agreed upon at policy level, and ensure it is enforceable and that there are institutions and agencies to enforce that.
“The other issues we should be discussing is that what is our voice as Uganda and as the developing world in these discussions towards a low carbon economy. Do we have the voice as anyone else? Or is it that for us we should be making the transition while others are not, where is the equaliser. Are we in future for example going to talk about green imports or it is about us only ensuring that we go green and possibly some powerful nations look on and go to the extent of lip service”. Hisali asked.
In an interview, Prof. Hisali said, the discussion of the African voice in mitigation carbon emissions has picked traction at the global- level questioning whether all countries of the world have the same voice and commitment to addressing matters of environmental sustainability.
“This discussion is important because the transition to low carbon economies come with certain disruptions the way things are done and those disruptions are a cost. They disrupt livelihoods, slow growth and the only way we can be committed to that transition, is when we are sure that it is not only us but that everyone else has the same commitment. We all belong to the planet and we should have the same level of commitment,” Hisali stressed.
The Director EfD-Mak Centre Prof. Edward Bbaale noted that although there are more than one SDGs focused on the environment and green financing, many countries are not living up to the set aspiration of the SDG. Bbaale is also the Director, Directorate of Research and Graduate Training at Makerere University.
As a university, Prof. Bbaale said, they must undertake research and establish to what extent the country has achieved green energy transitions and inform government where the country is, and what should be done. Through research Bbaale said the university has done a lot to come up with innovations as solutions to the green transitions such as solar energy solutions and others.
Bbaale reported that the EfD-Mak Centre is focusing on environment and natural resources, on how to harness and manage the environment for sustainable development, satisfying the needs of the present generation without compromising the needs and the benefits of the future generation.
As the Environment for Development initiative, Bbaale said, the topic of green financing is based on the fact that the environment has been the most affected resources through deforestation, reclaiming of wetlands, and most of these have come partly through agriculture where forests have been cut unsustainably and for infrastructural developments.
Bbaale warned that most of these developments have taken place without minding about the environment adding that unlike human beings who forgive and forget, nature does not.
“Nature does not forgive and nature does not forget. Actually, at one-time nature will hit back badly. You have seen in Kampala during this season, in the last three months, floods swallowing up people, our fellow human beings dying, cars being swallowed up in a place where you least expect that you are going to meet your death.
We have seen that one being caused by the environment hitting back. Maybe because that very area was a wetland, but during the construction of the house or the building or the road, this was not catered for.” The Director decried.
It is time to protect the environment through mindset change, best practices and investment in green initiatives
Prof. Edward bbaale
Prof. Bbaale stressed that it is now time to talk about protecting the environment against greenhouse gases and, one sure way, apart from mindset change and preaching to the population on the best ways of life, one other way, is through investment.
He observed that almost 85% of Uganda’s households depend on biomass for cooking, mainly firewood and charcoal. He said, it is dangerous and leads to deforestation, pollution and respiratory diseases. The alternatives he said, can come through, for example, using LPG and electricity which are very expensive and require subsidies to make sure that an average household can afford consistently.
Bbaale called for mindset change among the citizenry and re-orientation of the country’s infrastructure to allow citizens ride bicycles to short distance workplaces to reduce on use of vehicles and pollution.
“You do not need to board a vehicle if you are coming from 1.5 kilometers away. A bicycle can do that, even 20 kilometers away. But now we need to establish the infrastructure for that. Have lanes that are for bicycles alone. And when you’re riding your bicycle, you are very safe. You will not meet your death because of riding a bicycle.
I’ve interacted with the professors elsewhere in the developed world, and the head of the university, the president of the university rides a bicycle to work. But these people are safe. So the question is, are you safe when you ride a bicycle to go to your place of work? But now, for us to re-orient, we require financing. And also how would you ensure that most of us will be riding electric motorcycles which don’t emit any gases?”. Bbaale said.
The don also welcomed the move to the manufacture and use of electric vehicles.
“Okay, how can we, all of us, ensure that we shall at one time be driving electric cars which require that they are charged to make sure that you have enough current that will take you to Mbarara. This means that as you drive to Mbarara, somewhere, there must be a point where you go and refill your current as you drive an electric car.
But now, government investment requires that the planning, programming and the budgetary processes are in view or in perspective of the need to finance these green investments.”, He added
The Director explained that some of the issues might require doing adaptation, and so need adaptation finance while some of the issues would require to finance the disaster, because,for example, the floods bring disasters, landslides and all of these. And so it requires that there is a fund for disasters that happen because people suffer through climate shocks.
Part of the Green Fund should come from the greatest polluters in the country and the Developed countries
prof. edward bbaale
Prof. Bbaale also noted that Neither Uganda as a country, nor Africa as a continent of Africa, is not solely responsible for climate issues faced.
“…Because our colleagues in the north that are already developed, America, Europe and all that, during the industrial revolution released a lot of greenhouse gases into the environment. And that’s why actually negotiations are going on that the developed countries that actually polluted the environment in the first place should pay.
So, part of the fund that I’m talking about should come from the developed countries. Part of the fund should come from China, Europe and, part of the fund must come from the United States”, Bbaale asserted.
Bbaale added that greatest polluters in the country must pay correctly for what they have damaged.
“We must map and know globally who are the greatest contributors to the climate fund. The same applies to Uganda. We have had the debates. Who are the greatest polluters? If you are running an industry and you are releasing waste products into Lake Victoria, you must pay so that government can use the money you have paid to correct what you have damaged.
…even if you were just releasing, because of your industrial activity greenhouse gases into the atmosphere, government should be in a position to compute the extent of damage you are causing and therefore you, the private investor, be able to pay for that. And so, government requires to finance activities that constitute green transitions”, Bbaale advised.
He said transiting into a green environment has two phases. Number one, is mindset change that is, what we do as human beings, and it also has to do with the real costs which is not cheap.
EfD-Mak Policy Engagement Specialist for Inclusive Green Economy (IGE) Program Dr. Peter Babyenda said, as a country, continent and globe, there is a lot on paper, but practice is lacking.
Babyenda expressed the need to involve everybody starting from the public, the academia, media, manufacturers and commercial banks among others.
“We have realized that whenever we are coming up with these policies, more so, to do with banking, the commercial banks which deal with the person are not part of the negotiations yet there is no local person who goes directly to the central bank. So we need to involve banks right away from planning to implementation”, He said.
Babyenda also said, there is need to invest in mindset change and be able to raise funds locally as a country.
“We cannot plan for green financing where 80% of the budget is from the donors So, we need to mobilise the funds locally through contributions from emitting manufacturers, people in Agriculture and fossil fuels,” He said
Babyenda also said there is need to define the products clearly starting where the green financing will go for instance investments in tree planting, subsidizing environmentally friendly technologies including the cooking among others.
Jane Anyango is the Communication Officer EfD Uganda
Makerere University has signed a Memorandum of Understanding (MoU) with the Insurance Training College (ITC) aimed at enhancing professional training, research, and industry engagement in the fields of actuarial science and insurance.
The signing ceremony, held on May 6, 2025, at the University Main Building, was presided over by the Vice Chancellor, Prof. Barnabas Nawangwe, and attended by officials from both institutions. The MoU will be implemented through the College of Business and Management Sciences (CoBAMS) and is expected to significantly benefit students, particularly those pursuing Actuarial Science.
Under the new agreement, Makerere University students will receive exemptions from selected certification courses offered by the Insurance Training College, easing their path toward professional accreditation. The partnership also paves the way for joint training programs, research collaborations, internship placements, external examination services, and other mutually beneficial initiatives.
Speaking at the ceremony, Prof. Nawangwe emphasized the importance of such collaborations in preparing students for a dynamic and competitive job market.
“This MoU is both timely and strategic. Collaborations with professional bodies such as the Insurance Training College ensure that our students are not only academically grounded but also professionally prepared to meet industry demands,” said Prof. Nawangwe.
“The insurance sector is one of the fastest-growing industries in the region. It requires well-trained, ethical, and innovative professionals—and Makerere University is committed to producing exactly that.”
On behalf of the Insurance Training College, Mr. Saul Sseremba, Chief Executive Officer, expressed enthusiasm about the partnership and its long-term impact.
“We are excited to formalize our collaboration with Makerere University. Our goal is to build a critical mass of highly skilled insurance professionals who will drive the transformation of the sector in Uganda and beyond,” said Mr. Sseremba.
“We look forward to a fruitful relationship that blends academic excellence with industry relevance.”
Also speaking at the event, Prof. Bbaale Edward, Principal of CoBAMS, underscored the significance of the partnership in enhancing the college’s mission of bridging academic theory and professional practice.
“This MoU is aligned with our strategic goal of strengthening industry linkages and providing our students with hands-on exposure to the realities of the workplace,” said Prof. Bbaale said.
“Actuarial Science is a rigorous program, and these exemptions will ease our students’ progression into professional certification while motivating them to pursue excellence. We are grateful to ITC for this opportunity and look forward to implementing this partnership effectively.”
The MoU signifies Makerere University‘s continued commitment to strengthening university-industry linkages, expanding professional pathways for students, and fostering applied research that contributes to national development.
The signing was witnessed by the Head of Department, Statistical Methods and Actuarial Science, Dr. Felix Wamono, the Dean School of Planning and Statistics, Dr. Margaret Banga and Dr. Shaheen Memon – Assistant Lecturer.
The event concluded with a symbolic signing of the agreement and a commitment from both parties to begin implementation immediately.
Business & Management
Bank of Uganda holds career talk with students: Commits to Annual Monetary policy engagements
On 14th April 2025, the Bank of Uganda in partnership with the College of Business and Management Sciences (CoBAMS) hosted a career talk targeting students studying economics at Makerere University.
The Bank of Uganda is one of the leading employers of students from Makerere University. It is therefore a key strategic partner of Makerere University.
In line with the theme of the career talk, ‘Beyond the Books-Positioning Economics Students for National and Global Relevance,’ the various Speakers shared their student experiences while at the University up to graduation, and their real-life experiences as they transitioned into the world of work. This approach enabled the Speakers to manage the expectations of the students, who in turn, listened attentively to the Speakers, actively participated in the plenary, responded to questions from the Speakers, asked questions after each presentation, and requested for more engagements, mentorship and networking sessions.
From the presentations and discussion, the world of work focused on fields such as economics, business, finance, accounting, entrepreneurship, farming, the academia, the teaching profession, and any other field that presented the Speakers with an opportunity to serve their respective communities.
Featuring Mr. Jonah Waiswa, the Head of Stakeholder Engagement at the Bank of Uganda, the career talk, presented a scenario of, “I have walked this journey. I have been successful. When you listen to my story, you could get some tips and valuable knowledge to guide you as a student who is scheduled to transition into the world of work.”
During the career talk, the students also listened to speeches loaded with words of wisdom and inspiration from the Principal of the College of Business and Management Sciences-Prof. Edward Bbaale, the Dean of the School of Economics- Dr. Ibrahim Mike Okumu, and Lecturers from the School of Economics-Dr. Peter Babyenda and Mr. Fred Kasalirwe.
Welcoming the team from Bank of Uganda, Prof. Edward Bbaale pointed out that their presence signified a continued commitment to nurturing the next generation of economists- who are academically sound and industry-ready.
“The theme for the Career Talk was relevant and timely. As the College prepares students to thrive in a highly competitive and dynamic global economy, it is important that they are exposed to practical experiences and real world insights,” he stated.
According to the Principal, the collaboration between Makerere University and the Bank of Uganda is long-standing and deeply valued. “In the past years, the School of Economics has benefited greatly from this relationship-through teaching of specialized courses such as Monetary Economics and Banking by experts from the Central Bank. Many of our alumni fondly recall these interactions that bridged theory with practice,” he remarked.
To the students, he said, “I urge you to listen keenly, ask questions and make the most of today’s interaction.”
Challenging the students to always utilize opportunities when they arise, the Dean of the School of Economics, Dr. Mike Ibrahim Okumu reminded students that economics is not just about understanding the world, but about changing it.
Dr. Okumu reported that the School of Economics’ esteemed collaboration with the Central Bank has been instrumental in developing the curriculum. “This year, we are excited to launch a Master of Science in Economic and Investment Modelling, admitting a select group of ten students. This programme signifies our commitment to producing graduates who are deeply engaged in practical applications of economics,” he stated.
Building on the goodwill between Makerere University and the Bank of Uganda, Mr. Waiswa was pleased to address the students-who are the prospective employees of the Central Bank as well as future economists.
Impressed by the level of attendance, the keynote Speaker-Mr. Jonah Waiswa commended the College Principal, the Dean and Staff in the School of Economics and the Makerere University Economics Students Society for the excellent mobilization.
He was delighted to address students studying economics at the University because he was once like them. “I was once an undergraduate student like you. I focused on my studies and performed well. I took advantage of the opportunities that came my way. I have spent a number of years working with the central bank,” shared Mr. Waiswa, an alumnus of Makerere University who on completion of his studies was privileged to join the world of work.
In his presentation, Mr. Waiswa highlighted the Bank of Uganda’s mission to foster price stability and a sound financial system, and its vision of being a centre of excellence in upholding macroeconomic stability. The Bank of Uganda is mandated under article 162(1) of the constitution to promote and maintain the stability of the value of the of the currency of Uganda; to regulate the currency system in the interest of the economic progress of Uganda; and to encourage and promote economic development and efficient utilization of resources.
He defined concepts such as monetary policy, macro-economic management policies, inflation and stability of the economy, which are taught in the classroom at Makerere University, and applicable at the Central Bank. He stressed that the cardinal principle of the Bank of Uganda is to control inflation. He made specific reference to some of the values of Bank of Uganda namely Integrity, Accountability, Transparency, professionalism, inclusivity and innovation. He informed students that these values are central to the day to day lives of students who wish to excel in life and at the world of work.
He requested the students to always log on to the central bank website to have a broader understanding of its roles, functions, opportunities that are available to students as well as careers at Bank of Uganda.
Mr. Waiswa highlighted that education is the ladder to socio-economic transformation. He called upon the economics students who have been presented with the golden opportunity to access education up to the level of the university, to reflect on the question. “How do I leverage my education to make myself better?”
With reference to the theme of the Career talk, Mr. Waiswa noted that the starting point is for each student to understand and appreciate the need to concentrate on his or her studies and excel academically. According to him, academic excellence presents an individual with a chance to tap into other opportunities.
In addition to academic excellence, students should prepare to transition into the world of work, which could be, in the form of being employed, or self-employed or an entrepreneur. Mr. Waiswa guided that whatever field in the world of work, an individual pursues, understanding aspects such as self-discipline, time-management, acquisition of additional skills relevant to your work, integrity, accountability, and among others are paramount.
He rallied students to value internship or industrial training, voluntary service, networking and mentorship. He advised them to always navigate the websites of different institutions/companies to understand their roles, the caliber of employees that they require, and to search for opportunities.
Sharing his journey of humble beginnings, completing his undergraduate degree and enrolling into the world of work based on hard-work and merit, Mr. Waiswa informed the students that it is possible to commit to breaking the chains and succeed in life. Emphasizing the importance of education, Mr. Waiswa reminded the students that the fact that they have been able to study at Makerere University, they should harness the power of education to transform their lives and the communities that they come from.
“My journey has been from humble beginnings to a position where I can influence change-it’s a testament to the power of education. Inspiration is critical, and I hope you take something valuable from today,” said Mr. Waiswa.
“For those of you in the second and third year of study, your studies in monetary economics and macroeconomics are foundational. They lead us to understand the practical implications of what we learn in the classroom. However, it’s imperative that we also focus on life experiences and the journey to transformation,” he added.
Education is the ladder that connects us, regardless of where we may find ourselves in Uganda. It is this a common ground that can propel us forward. Leveraging your education to improve your circumstances is key, but it requires a passion and a drive to succeed.
Mr. Waiswa advised the students that the world of work requires employees who read the signs and take off time to acquire additional skills in a particular field. These include: Enrolling to study professional courses, acquisition of ICT skills, adapting to trends such as AI, as well as attaining a Master’s degree in the relevant discipline.
Without mentioning the names of the affected individuals (as confidentiality is concerned), Mr. Waiswa shared a lived experience where he painful witnessed some employees who had served with dedication at a particular organisation missing out at the time for promotion to the managerial level because they lacked a Masters’ degree. He noted that such individuals did not take advantage of availability of funds provided by the same organization to its employees to enroll for further studies.
Reflecting on the world of work, he asked the students, “Who are you out of class? He challenged them to visualize their technical competence (qualification) which includes the technological expertise, productive competence, communication competence (interpersonal relations) and personal development.
On the fundamental aspect of personal growth and development, he used an illustration of the effort pyramid to explain the concepts of growth and development, Job/work, and academics.
He emphasized the need for diversification by investing in more than one asset class. He mentioned stocks, bonds, real estate and cash as some of the asset allocations that could be considered.
Tackling the area of investing, Mr. Waiswa revealed that fundamental wealth creation is about managing risk. “During investment decisions, we are presented with profits and losses, but the most important factor is managing risk,” he guided.
Underscoring the value of being accountable, Mr. Waiswa explained that when an individual secures a job, it is imperative that he or she works for the number of hours agreed upon, and delivers to the best of his or her ability. “After you have accorded your employer the hours agreed upon, it is important to use the rest of the hours or weekends to take on activities that advance your personal growth, networks and additional sources of income,” he said. In this regard, he informed the students, that after his working hours at the Bank of Uganda, he ventures into real-estate, farming, entrepreneurship and building valuable networks.
On the issue of prioritizing work and valuing networks, he said: “Despite my busy weekends dedicated to farming, I prioritized being here today because I am committed to my personal growth and that of my future generations. Remember that what you expect of life is often what you have to work tirelessly to achieve.”
He believes that after graduation and getting into the world of work, one should be able to marry or get married, produce children and balance work with family when he or she is still energetic. He encouraged the would be husbands to trust their partners, to be specific-by involving their wives in businesses and decision making processes.
Wrapping up, Mr. Waiswa disclosed that officials from the Bank of Uganda will be scheduled to come to Makerere University every year to discuss monetary policy and career prospects at the Bank. “Effective July 2025, we will implement a deliberate plan to come and engage with students at the College of Business and Management Sciences,” he said.
On behalf of the students, Mr. Swaibuh Damulira, the President of the Makerere University Economics Students Society applauded the Bank of Uganda team for creating time to enlighten students about the world of work. He testified that the career talk had enabled him to learn new things and very important ideas about the life style cycle. He called for continuity of career guidance initiatives for the benefit of the students.
On behalf of the Organising Committee, Dr. Peter Babyenda thanked Mr. Jonah Waiswa for dedicating time to share his rich and wide real life experiences with students. “As economists, it is vital to understand current challenges and devise solutions. Networking is essential for it presents us with the ability to collaborate effectively,” he explained.
“Together, we aim to link the University with policy makers, reducing the distance between the academia and the real world. I thank Fred Kasalirwe and the Class coordinators for their unwavering support in organizing this career talk,” he remarked.
Dr. Babyenda underscored the importance of students’ participation, when he stated, “Remember, the university experience is incomplete without you, our students, who are our greatest resource. Let us continue fostering these important connections.”
The career talk climaxed with a specialized session scheduled for student leaders to visit the Central Bank next month for an in-depth discussion.
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