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
Prudential Uganda invests UGX 135 million in Makerere’s Top 5 Actuarial Graduates
In a strategic move aimed at strengthening Uganda’s financial and insurance sectors, Prudential Uganda has awarded UGX 135 million to the top five graduates of Makerere University’s Actuarial Science program, underscoring its firm commitment to nurturing globally competitive actuarial talent within the country.
The initiative, operating under the Prudential Actuarial Support Scheme (PASS) is a transformative partnership launched in 2022 between Prudential Uganda and Makerere University, anchored in a five-year renewable agreement aimed at cultivating professional excellence in actuarial science through merit-based support. Under this scheme, the top five actuarial graduates from the College of Business and Management Sciences (CoBAMS) at Makerere University are each awarded a cash prize of USD 500—a tangible recognition of academic brilliance and perseverance.
Beyond the monetary reward, PASS provides a robust framework of academic and professional support, including sponsorship for globally recognized certification exams, industry mentorship, and hands-on training opportunities. This holistic approach ensures that Uganda’s brightest actuarial minds are not only celebrated, but also empowered to thrive on the global stage.
During a press conference held on 11th June 2025, the five exceptional graduates were recognized for their academic excellence and potential to shape the future of Uganda’s financial services industry. Mr. Brendan Joseph Lule, Mr. Gordon Twinomujuni, Mr. Allan Galabuzi, Ms. Daphine Katana, and Mr. Kenneth Inyangat—each received a cash prize of USD 500 and full sponsorship for globally recognized actuarial certification exams. This award positions them on an accelerated path toward international professional accreditation.
Speaking during the press briefing, Prof. Edward Bbaale, Principal of the College of Business and Management Sciences (CoBAMS), applauded the partnership between Makerere University and Prudential Assurance Uganda for coming up with an initiative that inspires students to aim higher and a clear message that their hard work is recognized and valued beyond the lecture halls.
Prof. Bbaale described the collaboration, formalized under PASS as a transformative coalition that would significantly shape the future of actuarial science education in Uganda. He emphasized the real-world value of the support offered through the scheme, noting that at least 10 students undertook professional actuarial exams under the initiative. He highlighted that the top-performing student is further rewarded with a one-year apprenticeship at Prudential Uganda—an opportunity he described a profound investment in hands-on experience and career development. He reported that at least two graduates had benefited from this prestigious placement, gaining invaluable industry exposure that bridges academic excellence with professional practice.
“The PASS is a visionary initiative that rewards academic excellence and builds professional capacity. Through this scheme, the top five actuarial science graduates each year will receive cash prizes of $500. They will also benefit from support for professional certification exams, including those offered by the Institute and Faculty of Actuaries and the Society of Actuaries,” Prof. Bbaale remarked.
At the national level, Prof. Bbaale emphasized that the collaboration between Makerere University and Prudential Uganda directly addresses Uganda’s pressing need for skilled actuaries in key sectors such as insurance, pensions, and healthcare. He noted that the Prudential Actuarial Support Scheme effectively aligns academic training with industry demands, thereby enhancing the relevance of university education in the context of national development. He remarked that this alignment contributes meaningfully to Uganda’s human capital development agenda and supports the broader goal of strengthening institutional capacity in financial risk management.
The Principal commended Prudential Assurance Uganda for their visionary support and long-term commitment. He said the partnership with Makerere University College of Business and Management Sciences (CoBAMS) represents more than a financial investment, but a bold step toward professionalizing actuarial education in Uganda and preparing students for leadership and service in the financial sector. “Together, we are building a stronger, more skilled Uganda—one actuary at a time,” he affirmed.
Describing the occasion as a celebration of excellence, resilience, and the immense potential of a new generation of actuaries destined to shape Uganda’s insurance and financial landscape, Mr. Tetteh Ayitevie, Chief Executive Officer of Prudential Uganda, expressed deep pride in the Prudential Actuarial Support Scheme.
He stated that the initiative is a bold and forward-looking investment in the country’s actuarial leadership. He commended the graduates for their academic tenacity and discipline, noting that their achievements reflected not only personal merit, but also the promise of a stronger, self-sustaining insurance sector.
“You have survived the course load, and now, you are stepping into the real world ready to contribute meaningfully. We see you. We believe in you. And we are proud of you,” Mr. Ayitevie said.
He reiterated the crucial role of actuarial science in modern economies, highlighting it as the engine behind robust insurance frameworks, risk modeling, and long-term financial planning. According to Mr. Ayitevie, despite its understated visibility, actuarial work underpins the stability of entire financial systems, and Uganda must rise to the challenge of building this critical professional cadre.
“Actuarial science may not be the loudest career path, but it is one of the most vital. It’s the heartbeat of any insurance company. It’s where math meets life. It’s where you predict risks, protect people, and create sustainable financial systems,” he stated.
He also drew attention to the glaring gap in Uganda’s actuarial landscape, noting the country’s limited number of certified actuaries in contrast to its population size. He stressed the urgency of cultivating homegrown expertise rather than relying on outsourced talent, positioning the Prudential Actuarial Support Scheme as a strategic intervention to reverse this trend.
On 4th June 2025, the leadership and academic staff from the College of Business and Management Sciences (CoBAMS) participated in a training workshop aimed at empowering them with knowledge and techniques on grants administration and management.
Featuring presentations on understanding the Grants Administration and Management Support Unit (GAMSU) key processes and systems, compliance and accountability, the eMakGAM (Makerere University Grants Management System), and an Open dialogue, the training workshop presented the leadership and academic staff from CoBAMS with a platform to gain a deeper understanding of this vital area.
It is envisaged that the training workshops will not only onboard members of staff to support the operations of GAMSU, but also mobilize staff to write and win grants.
Welcoming the participants, the Head of GAMSU, Prof. Sylvia Antonia Nakimera Nannyonga-Tamusuza, articulated the deliberate plan to hold continuous engagements with members of staff at different levels to position them to appreciate their role in the grants administration and management chain.
Whereas the 4th June 2025 training workshop targeted academic staff at CoBAMS, Prof. Nannyonga-Tamusuza reported that, GAMSU was scheduled to train finance managers, accountants and project managers on 7th June 2025.
Recognizing that funding accessed through grants at the national and global levels significantly contributes to the implementation of Makerere University’s core activities in the fields of research, teaching and learning, community engagements, and knowledge transfer partnerships, Prof. Nannyonga-Tamusuza elaborated that the planned engagements would provide a platform to members of staff to actively contribute to grants administration and management.
Acknowledging that grant writing and awards lead to a win-win situation for both Makerere University and the grant writer, the Head of GAMSU, called upon academic staff to embrace the capacity building sessions.
“CoBAMS has over 120 academic staff. If each member of staff committed to writing and winning at least two (2) research grants, I envision increased research at the national and global levels, increased publications, staff and student mobility, scholarships, international recognition, and improved staff welfare,’ she said.
Prof. Nannyonga-Tamusuza revealed that GAMSU will be working with some members of staff from CoBAMS who have been core in grant writing to train, onboard and mentor others in order to expand the grant profile of Makerere University.
She advised academic staff to form a research team that can compete for grants. “The formation of a team ensures that staff with different strengths, abilities and competencies are brought on board, which enhances your chances of winning the grant,” she stated.
Prof. Nannyonga-Tamusuza encouraged the leadership and staff to submit themes that they are interested in, so as to inform GAMSU on the grant calls or proposals to send their way.
Opening the training workshop, the College Principal, Prof. Edward Bbaale, who has written and won grants, emphasized the need to account for funds awarded. Referring to the binding contracts/agreements that clearly stipulate that money received through grants should not be personalized, the Principal urged academic staff and Principal Investigators to adhere to the guidelines.
The Principal notified the participants that the government has prioritized grants management. He elaborated that University leadership and Principal Investigators have been tasked by the Office of the Auditor General to ensure value for money in grants management.
In his submission, the Deputy Principal of the College, Associate Professor James Wokadala rallied academic staff to change their mindset and include grant writing among their priorities. He also advised them to overcome the inherent fear of starting to write, the failure to create time to write, and the discomfort that comes with unsuccessful attempts. He reiterated that the training workshops were aimed at strengthening the relationship among staff and GAMSU, forging linkages with experienced grant writers, and opening up networks. The Deputy Principal disclosed that the College and GAMSU would hold mindset change training workshops, and expressed the readiness of the College leadership to facilitate and support staff to gain traction in grant writing.
Presentation on grants administration and management
The participants listened to presentations from Prof. Nannyonga-Tamusuza, the Head of GAMSU and Mr. Mordecai Tayebwa, the Grants Manager at the Makerere University College of Health Sciences:
In her presentation, Prof. Nannyonga-Tamusuza emphasized the need to read every detail in the contract/award document.
Presenting the key stages supported by GAMSU namely the Pre-Award, Award, Post-Award, Audit and Close-Out, she observed that sometimes, Principal Investigators forget the Close-Out phase. Emphasizing that the Close-Out phase is a vital step in grants administration and management, she sensitized the participants to always Close-Out the program/project.
Stating the difference between grants and consultancies, she explained that GAMSU does not handle consultancies. She reiterated that the role of GAMSU is restricted to grants.
On the mandate of GAMSU, Prof. Nannyonga-Tamusuza stated that the Unit was established by Makerere University Grants Administration and Management Policy in 2020 approved by the University Council. Its mandate involves the following: Registering and renewing Makerere University’s membership on funding grants/platforms, sensitizing units about grants administration and management, sharing grant calls, linking researchers with possible funders, participating in grant negotiations after the award and during the signing of agreements, supporting grant entry on the Grants database, creating links among researchers, monitoring and evaluation of progress reports, and grant close-out.
She informed the participants that GAMSU had automated the entire grant cycle, and appealed to principal investigators, researchers and staff with grants to register them online via: https://gamsuportal.mak.ac.ug
Mr. Mordecai Tayebwa, a CoBAMS alumnus who works closely with GAMSU, underscored the need for compliance, transparency and accountability in grants administration and management. Mr. Tayebwa rallied the Principal Investigators and research teams to always hold a kick-off meeting so that each Member of the team understands and appreciates his or her role, as well as, the expectations, the do’s and don’ts , the timelines and deliverables. He advised the participants to document every step about the grant, which involves keeping every record about the grant in an organized and accessible format. He urged GAMSU and the leadership at CoBAMS to institute a support system or project administrators to document grants.
Way forward
Building on to the GAMSU trainings, some of the capacity building engagements will focus on identification of grant writers and winners at the College and pairing them with early career faculty members/researchers for mentorship. The strategies would entail strengthening the college grants management unit, conducting specialized trainings aimed at mindset change among the early career faculty/researchers, identification of GAMSU ambassadors at the College level as well as deliberate efforts to operationalize a college support team that liaises with GAMSU and the Principal Investigators.
Business & Management
From risk to resilience: Increasing insurance uptake among farmers in rural Uganda
-
General5 days agoMirror Frank Kalimuzo’s life of service-MUBS Principal
-
Research1 week agoMak and MSU Host Landmark Symposium on Insects for Food, Feed, and Food Security in Africa
-
General1 week agoIsraeli Ambassador Lotem Talks Innovation on Farewell Visit
-
Business & Management2 weeks agoGAMSU Training Workshop Urges CoBAMS academic staff to embrace grant writing
-
General6 days agoDirectorate of Graduate Training Rolls out Research Management Information Sytems (RIMS)