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.
Business & Management
CoBAMS holds Strategic Planning Retreat: Prioritization of research-driven strategies, graduate training, quality teaching and internationalization
Through its strategic plan, Makerere University commits to being a research driven institution. This presents the ten (10) colleges at Makerere University with a golden opportunity to tap into the vast knowledge and rich experience of its qualified and experienced staff to contribute to the realization of the University’s research agenda.
Consequently, the College of Business and Management Sciences (CoBAMS) led by the Principal, Prof. Edward Bbaale organized a two-day strategic planning retreat bringing on board a representative sample of staff classified as the College management team to critically discuss the research direction of the college and come up with strategies aligned to the Makerere University strategic plan.
The two-day strategic planning retreat (10th to 11th April 2025) involved highly interactive sessions with seasoned facilitators namely the Principal-Prof. Edward Bbaale, the Deputy Principal-Prof. James Wokadala, the Director of Graduate Training-Dr. Julius Kikooma, the Head of Grants Administration and Management Support Unit (GAMSU)-Prof. Sylvia A.N. Nannyonga-Tamusuza and the Director of Quality Assurance-Dr. Cyprian Misinde. It was moderated by Ms. Ritah Namisango and Mr. Peter Mubiru, who are members of the CoBAMS management team.
The presentations featured the College Strategic direction, the College Quality Assurance Framework, the Strategic direction of Makerere University on graduate training, Grants Management and harnessing the power of the College and members of staff to attract and win grants. In addition, the retreat provided a forum to discuss other critical functions such as innovative teaching and learning, internationalization, community engagements, knowledge transfer partnerships and networking.
Welcoming the participants, Prof. Edward Bbaale emphasized that the strategic planning retreat provided a pivotal platform to shape the future of the college. He stated that as Makerere University implements its research-driven agenda, CoBAMS will play a central role through prioritization of research and graduate training, internationalization, and provision of innovative teaching and learning.
He informed the College management team to embrace an approach that positions the students at the centre of research and the various activities undertaken by the College.
“The best way to propel CoBAMS is by working with students. A student with a good Masters’ degree dissertation should be supported through mentorship to publish his or her work,” he said.
Strategic and research direction of the College
Prof. Bbaale guided that every member of faculty should focus on increasing graduate student enrolment and knowledge production. Referring to well researched data, Prof. Bbaale reported that graduate students account for only 12% of the enrollment. He noted that the goal was to ensure that graduate students constitute 30% of the total enrollment by 2030. He rallied members of staff to work together to increase the number of graduate students both at Masters’ and PhD levels. He implored staff to effectively supervise graduate students so that they complete on time. He encouraged staff to involve graduate students in research projects, grant writing and joint publications. He noted the need to profile and follow up the graduate students.
Convinced about the strong correlation between research output and the number of PhDs, Prof. Bbaale urged staff to increase the number of PhD students. For instance, the taught PhDs in Economics, Finance, and in Statistics will significantly contribute to increased enrollment,” he said.
“Central to this is stabilizing graduate output and ensuring consistent PhD supervision. The structured PhD by research program and the taught PhDs if managed well will significantly increase the number of graduate student enrollment,” he added.
In this regard, Prof. Bbaale congratulated the Units under the College of Business and Management Sciences namely the School of Business, the School of Economics, and the School of Statistics and Planning for coming up with the option of taught PhDs.
On the issue of timely completion of graduate programmes, he advised the faculty members to ensure that the students present vivas in January, February or March.
In addition, the crucial role of graduate coordinators and the college doctoral forum, convened by Dr. Kassim Sendawula, in nurturing a sense of community and providing support for Ph.D. students was emphasized.
Providing direction on research centres, he demystified the concept of thinking that one requires a physical building or large space to come up with a research centre. Prof. Bbaale encouraged faculty members to network and form research centres. “A centre is a team of researchers with like minds, passion and expertise in a particular area/field. For instance, Members of staff in the College of Business and Management Sciences could establish a Centre of Excellence in Tax Advisory.”
He explained the need to translate research into products that can be sold. He commended the ongoing initiatives by the College such as the Entrepreneurship Congress, and the Makerere University Innovation Pod. He called upon staff in CoBAMS to work with the Makerere University Innovation Pod, which is headed by a faculty member-Dr. Cathy Mbidde.
On the issue of internationalization, the Principal called for more collaborations with internationally recognized and reputable universities, bodies and research centres. He advised staff to actively participate in Erasmus mobility programmes and to implement collaborations that provide for staff and student exchange programmes.
In addition to acquiring degree qualifications from Makerere University, he advised the teaching staff to take a bold step and attain academic qualifications from internationally recognized institutions in other countries/continents.
“As a member of faculty, if your undergraduate degree or Masters’ was awarded by Makerere University, it is important that you secure your PhD from another internationally recognized university. This presents you with a rich and wider perspective as an academic, distinct advantage, exposure and access to other networks,” he guided.
Tackling the financial sustainability of the College, the Principal explained the need to establish special programs to operate as projects for example short courses leveraging the Council’s sharing ratio of 20:80, lobbying the University Management for more funding, mobilizing the college alumni, growing the College Endowment Fund, enhancing grant writing through GAMSU support and strengthening the College’s IRB.
Quality Assurance in teaching and learning processes
In his presentation, Dr. Cyprian Misinde focused on the standards and guidelines that should be followed by staff to safeguard the quality of processes at Makerere University.
Dr. Misinde re-affirmed the need for the CoBAMS teaching staff to scale up their research potential and outputs, actively participate in capacity building programmes, and above all, to continue to publish their research or work in internationally recognized journals.
He articulated the need to uphold the provision of high quality academic programmes through curriculum reviews, peer reviews, involvement of the private sector and industry, and following national and international accreditation procedures.
Dr. Misinde equally stressed the need for academic staff and heads of the respective departments to understand the accreditation steps and requirements and strictly adhere to the procedures. This, he added, will enable the Schools and Colleges to submit the academic programmes for accreditation to the Academic Registrar, Directorate of Quality Assurance and the University Senate within the expected timelines.
To enhance the effectiveness of instruction, he encouraged the teaching staff to adhere to fulfilling the minimum teaching load as per the University policy, reinforcing the commitment to delivering quality education.
On the management of students’ results, Dr. Misinde appealed to the teaching staff to mark the students’ scripts within the stipulated timeline. He reminded the teaching staff to adhere to the centralized marking processes at the College or School levels. He advised the College leadership to always invite the Student leaders or representatives to witness the centralized marking processes in order to build trust and transparency at all levels.
He informed participants about the independent student-staff assessment/evaluation tools that are administered by the Quality Assurance Directorate. These, Dr. Misinde clarified, present an opportunity to the students to assess their respective teachers/lecturers. He stated that these evaluations are essential for fostering educational quality and enriching the overall student experience. He disclosed that the feedback gathered from these assessments not only informs curriculum development but also identifies areas that require improvement in teaching methodologies, aligning with the university’s strategic objectives.
Graduate training at Makerere University
Building on the call to action by Prof. Edward Bbaale to the teaching staff to actively participate in critical processes aimed at increasing the number of graduate students, Dr. Julius Kikooma’s presentation centred on sensitizing staff on their obligations in the realization of that dream.
He outlined the Makerere University graduate policies, framework for structured PhD by research, graduate supervision and mentorship, digitization of the graduate training processes through the Digital Research Information Management System (RIMS), strengthening the capacity and commitment of human resources to drive the research-led agenda, elements of the Makerere University Graduate research strategy, teaching of PhD cross cutting courses, among other key factors.
Dr. Kikooma called upon Deans, Heads of Departments, Supervisors of Graduate Progammes and Registrars at CoBAMS to participate in the training on RIMS scheduled to take place on 21st April 2025.
Grants Administration and Management at Makerere University
In her presentation, Prof. Sylvia A. N. Nannyonga-Tamusuza reported that funds received through grants significantly contribute to building the research profile of the University, calling upon, Colleges to implement strategies aimed at attracting and winning research grants at the national and global levels.
She explained the need to professionally manage the research grants, requesting those entrusted to adhere to the terms and conditions specified in the guidelines or contract.
She observed that whereas it is mandatory to close out a grant/project, some entities do not, which is a great omission. She urged the faculty members and researchers to follow the guidelines stipulated during the grant application and award processes.
The Head of GAMSU emphasized the need to form research teams. “We have different abilities and skills. Through teams, we leverage our strengths. It also encompasses the multi-disciplinary approach,” she said. Underscoring the role of negotiation and interpersonal relations, she recommended training of researchers to engage with international partners.
She re-affirmed the necessity for proper documentation, transparency and accountability for funds. She reminded Principal Investigators, researchers and staff in general that research grant money is received on behalf of the institution, and not individuals. Thus, GAMSU expects to receive quarterly reports on grants. She explained that whereas some units could have designated a researcher or a member of staff to manage grants, when following up reporting and accountability for such funds, GAMSU engages the College Principal and College Bursar/Accountant.
To continue onboarding staff on grant administration and management, Prof. Nannyonga-Tamusuza revealed that GAMSU would conduct an intensive three (3) day training for Accountants, Research Assistants and Staff who handle grants at the University.
Way Forward
The College leadership team was tasked to lobby management to have an institutionalized mechanism for staff who mobilise resources for the University.
The College leadership team would schedule a specialized meeting with the University’s central management pertaining to research, funding, grant writing and execution, and graduate training among others.
Noting that members of staff play a vital role in the success of the college, the participants recommended prioritization of staff welfare focusing on health, sports, and morale.
Touched by the active participation and articulation of critical issues, the Principal committed to work with the College management team to ensure that the retreat bringing on board the College Management team is held twice a year.
Closing remarks
Prof. Wokadala commended the College management team members for participating in the retreat. “The retreat is one of the vehicles of creating a bond as the College management team. I am glad that we have discussed a number of critical issues that align with the strategic direction of the University,” said the Deputy Principal.
Prof. Bbaale thanked the organizing team and participants, urging them to reflect on the discussions and implement agreed-upon actions to improve the college for the benefit of its stakeholders, including students and the broader community. He also pointed out the need for the next retreat to focus on aligning the College’s strategy with the National Development Plan 4 (NDP4), ensuring its relevance and contribution to national development goals.
Business & Management
Government Officials Equipped with Critical Skills in Financial Appraisal and Risk Analysis
A two-week intensive training in Financial Appraisal and Risk Analysis for government officers across Ministries, Departments, and Agencies (MDAs) concluded today April 11, 2025 at the Pearl on the Nile Hotel in Jinja. The training, delivered under the Programme on Financial Appraisal and Risk Analysis (PIAR) and spearheaded by the Public Investment Management Centre of Excellence (PIM CoE) at Makerere University, sought to bridge long-standing capacity gaps in the preparation, appraisal, and review of public sector projects.
The event was officially closed by Dr. Hennery Ssebukeera, representing the Permanent Secretary and Secretary to the Treasury at the Ministry of Finance, Planning and Economic Development (MoFPED). Dr. Ssebukeera highlighted that the training was designed in response to a comprehensive needs assessment, which revealed persistent gaps in government officers’ abilities to carry out cost-benefit and cost-effectiveness analyses, and to prepare or assess pre-feasibility and feasibility studies.
“Many government projects have not been properly appraised due to limited internal capacity,” Dr. Ssebukeera stated. “Too often, we rely on external consultants to prepare feasibility studies, yet our officers are not adequately equipped to interrogate or validate those studies.” He expressed confidence that participants now possess practical skills to analyze topics such as risk analysis, financial modelling, discount rates, project finance, and consumer surplus. “You are now in a position to not only prepare but also critically evaluate complex project documentation,” he added.
Ms. Esther Ayebare, Acting Assistant Commissioner in the Public Investment Management Department at MoFPED, acknowledged the participants’ dedication and active engagement. “As the unit that hosts the Development Committee, we are pleased that this training has added critical skills to help you prepare and submit viable public projects,” she said, calling on the participants to be part of building a sustainable pipeline of investment-ready projects.
In his remarks, Dr. John Sseruyange, Manager of the PIM CoE, emphasized that this training is only the beginning. “While we’ve now completed the financial appraisal component, the next step is Economic Appraisal and Stakeholder Analysis—where we evaluate a project’s broader impact on society and the economy,” he said. He also extended appreciation to the Government of Uganda, particularly MoFPED, for funding the training, as well as to Ms. Esther Ayebare and other facilitators for their unwavering commitment.
Prof. Eria Hisali, who represented the Principal of the College of Business and Management Sciences, praised the participants for navigating what would typically be a semester-long course within just two weeks. “This is a practical, work-oriented training. The knowledge you’ve gained here should be applicable immediately,” he said. He further invited the graduates to attend the upcoming Public Investment Management Conference in August 2025 to share their experiences and provide feedback.
Participants also expressed their gratitude. One quoted the Quran, saying, “Whoever gives you knowledge has given you everything,” in appreciation of the facilitators and the opportunity to learn.
The PIAR program, jointly implemented by Makerere University, MoFPED, the National Planning Authority (NPA), and Cambridge Resources International (CRI), includes two modules: the just-completed Financial Appraisal and Risk Analysis, and the upcoming Economic Appraisal and Stakeholder Analysis. As Uganda continues to push for better value from public investments, trainings like this are building a critical mass of experts who will ensure that every shilling invested delivers real impact.
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