Business & Management
Exploring Africa’s Growth and Global Challenges: Participants rallied on effective utilization of resources, and adoption of green economy strategies
By Ritah Namisango and Monica Meeme
On 19th August 2025, the College of Business and Management Sciences (CoBAMS) at Makerere University, hosted a public presentation titled “Africa’s Growth Trends and Prospects in Light of Evolving Global Challenges.”
Dr. Paul Mpuga, a visiting Scholar and Division Manager for Microeconomic Policy, Debt Sustainability, and Forecasting in the Economic Governance and Knowledge Management Vice-Presidency of the African Development Bank Group, delivered the presentation, which attracted both physical and virtual participants, comprising researchers, teaching staff, graduate, and undergraduate students.
The presentation covered critical topics including: Regional differences in growth performance and outlook, Inflation in Africa, Opportunities and Challenges to growth, emerging risks, and key policy recommendations.
The presentation provided valuable insights into the current economic challenges and opportunities facing Africa. His analysis highlighted the importance of sound policies, economic integration, and investment in key sectors such as education, infrastructure, and green growth. The discussion emphasized the need for collaboration among governments, the private sector, and academia to drive sustainable development and inclusive growth across the continent.
Welcoming the participants, Associate Professor Faisal Buyinza, the Acting Dean of the School of Economics, emphasized that Dr. Mpuga’s work is significant not only for his academic contributions, but also for his role as a mentor, having taught and influenced many of the current faculty members.
“His impressive career journey, which began at the World Bank’s Kampala office and later took him to Ethiopia and other countries, reflects his deep expertise in key economic roles across the continent,” said Associate Professor Buyinza. He disclosed that Dr. Mpuga’s extensive experience has significantly contributed to the development of macroeconomic design and policy skills, an asset particularly crucial as Uganda navigates current economic challenges.
In addition to his professional achievements, the Acting Dean of the School of Economics commended the humanitarian spirit of Dr. Mpuga, recalling how he used to share meals with street children in Uganda, reflecting his compassion and values beyond academia.
In his address, the College Principal, Prof. Edward Bbaale welcomed Prof. Mpuga back to Makerere University. “Dr. Mpuga is a former Lecturer. Today, he returns to the School of Economics, his academic home, to share with us, his versatile knowledge, experience and expertise on a topic crucial for Africa’s transformation,” said the Principal. He commended Dr. Mpuga’s decision to deliver the presentation, highlighting that such academic engagements are vital and should become a regular part of the College’s culture.
Reiterating the role of knowledge sharing and mentorship within the academic community, the Principal shared his personal testimony, acknowledging Dr. Mpuga’s pivotal role in his own academic journey. He recounted how Dr. Mpuga mentored him early in his career by including his name on a research project—an opportunity that opened doors to numerous collaborations, professional growth, and academic advancement.
The Principal called upon the staff and students present to embrace a culture of regular academic public presentations, such as lunch-hour sessions across the School of Economics, School of Business, and the School of Statistics and Planning. He noted the close connections between the disciplines, highlighting the potential for cross-disciplinary learning and collaboration. The Principal emphasized that as Makerere University implements its research agenda, sustained academic engagement is a key defining aspect of this identity.
Prof. Bbaale affirmed the College’s support for such initiatives, including modest research grants that have already enabled the publication of around 70 research papers, soon to be compiled under the CoBAMS Working Paper Series.
Expressing the commitment to this strategic approach, the College Principal used the opportunity to introduce Dr. Peter Babyenda, a Lecturer at the School of Economics, who was appointed as the College’s Policy Engagement Coordinator to support academic activities. Prof. Bbaale assured all in attendance of the maximum support for this initiative and encouraged active participation from everyone.
Beginning his presentation, Dr. Paul Mpuga, Division Manager at the African Development Bank, offered a comprehensive overview of Africa’s economic realities, challenges, and opportunities. He emphasized that economic progress is not driven by sentiment, but by certainty, sound policies, and strategic investment.
Using a simple analogy, Dr. Mpuga explained that a baker doesn’t bake bread unless they are sure it will sell. In the same way, investors and entrepreneurs, will only take risks in economies where policy certainty and confidence are assured. He underscored the urgent need for policy coherence and economic stability, both globally and within African nations.
Reiterating the importance of Domestic Revenue Mobilization, Dr. Mpuga noted that Africa’s average tax-to-GDP ratio stands at just 17%—significantly lower than the 25–28% seen in more advanced economies such as South Africa and Botswana. These countries are able to finance up to 90% of their expenditures through domestic revenues, a target that many others on the continent still struggle to achieve.
He underscored the urgent need for reforms in tax systems and public finance management to reduce the over-reliance on external borrowing. “Africa requires an estimated $150–$170 billion annually for infrastructure development, yet currently mobilizes only about $80 billion, leaving a funding gap of $70–$100 billion,” he stated.
Dr. Mpuga emphasized that infrastructure such as roads, energy, water systems, and transport is not a luxury, but a necessity for connecting production to markets and driving sustainable development.
He stated that youth unemployment remains alarmingly high, with 30–40% of African youth (aged 15–34) unemployed in some countries. “Many young people are not in education, employment, or training, leading to wasted talent and increasing social risks,” he highlighted. He emphasized the need for greater investment in skills development and education, noting that sustainable economic transformation depends on a well-equipped and empowered workforce.
Dr. Mpuga pointed out that economic integration and managed migration are strategies that can boost GDP growth, enhance policy stability, and reduce export concentration.
He noted that, despite being one of the regions most affected by climate change, Africa has made limited progress in green growth investments. “The continent is rich in natural resources, yet underutilized in terms of climate-smart development,” he stated.
He indicated a major opportunity gap, when he disclosed that the global green economy is valued at an estimated $3 trillion, but Africa’s private sector participation stands at only 14%.
He advocated for greater private sector involvement, the adoption of green infrastructure practices, and natural capital accounting to help African countries value, protect, and benefit from their resources.
For Africa to realise inclusive growth, Dr. Mpuga highlighted the following practical policy recommendations:
- Improving fiscal transparency and efficiency
- Strengthening tax administration using digital tools
- Aligning monetary and fiscal policy, especially around inflation targeting
- Building foreign reserves to cushion against shocks
- Ensuring debt is used for productive investments such as energy and infrastructure
- Accelerating structural reforms and economic diversification
- Promoting integrated infrastructure planning (for instance roads with energy and ICT links)
- Investing in value addition and agro-processing to uplift rural economies
Using a humorous reference to Uganda’s famous grasshopper delicacies, Dr. Mpuga illustrated the need for economic transformation, saying, “We need to move beyond traditional activities and create value chains that can package and export even local foods globally. We shouldn’t be running to donors every day when we sit on so much wealth,” he noted. “Let us value what we have, manage it well, and build a prosperous, united, and green Africa.”
Responding to the questions, Dr. Mpuga emphasized the importance of formalizing economies, strengthening trade links, and building public confidence through sound policy frameworks such as inflation targeting and social contracts. He cautioned against excessive reliance on Artificial Intelligence in academic and professional settings. “AI can be useful for checking work or assisting with calculations, but it cannot replace human thought, creativity, or critical reasoning,” he advised.
Dr. Mpuga mentioned the need for better monitoring and maintenance systems, such as ensuring broken streetlights are tracked and fixed, drawing attention to practical governance concerns that affect everyday life.
Monica Meeme contributed to this story as a Guest Writer
The two-week training programme aims to equip government officers with practical skills to assess project viability, manage investment risks and ensure public resources deliver value for money.
The Public Investment Management Centre of Excellence (PIM CoE) is strengthening the capacity of government officers to undertake financial appraisal and risk analysis of public investment projects through a two-week training programme designed to improve the quality of project preparation, appraisal and decision-making in Uganda.
The training, which started in Fort Portal on October 19, 2026, brought together participants from various government ministries, departments and agencies (MDAs), alongside facilitators from Makerere University, the Ministry of Finance, Planning and Economic Development, Cambridge Resources International (CRI), the National Planning Authority and the Uganda Development Bank.
Officially opening the training on behalf of the Permanent Secretary/Secretary to the Treasury, Ms Esther Ayebare, Acting Assistant Commissioner in the Project Analysis and Public Investment Department of the Ministry of Finance, Planning and Economic Development, emphasised the importance of rigorous project appraisal in strengthening Uganda’s public investment management system.
She noted that projects admitted into the public investment plan must be aligned with national priorities, technically sound, financially viable and capable of delivering value for money.
“Government must be able to compare investment alternatives and ensure that only viable projects proceed through the public investment process,” she emphasised.
Ms Ayebare explained that sound appraisal enables government to make informed investment decisions, maximise returns on public expenditure and ensure that limited public resources are directed towards projects with the greatest potential to deliver development outcomes.
Building practical skills for better investment decisions
The training builds on the Public Investment Management course conducted in June, which introduced participants to Uganda’s public investment management framework, including project conceptualisation, stakeholder analysis, project costing, implementation action plans, the Integrated Bank of Projects, and monitoring and evaluation of public investment reforms.
The current programme advances this foundation by equipping participants with technical competencies in financial appraisal, financial modelling and risk analysis.
Participants will explore integrated investment appraisal, alternative investment criteria, cash-flow statements, inflation and exchange-rate movements, asset valuation, project financing, project scale and timing, risk-sharing arrangements and cost-effectiveness analysis.
Through practical exercises and case studies, participants will apply these concepts to investment scenarios in sectors such as roads, health, education and water. The programme will also examine how climate change, social considerations and other risks can be integrated into project preparation and appraisal.
Ms Ayebare encouraged participants to engage actively with the facilitators, question the practical application of the tools and consider how the skills acquired could improve investment decisions within their respective institutions.
She also reminded participants that the programme includes an examination and that certification requires more than attendance. Participants are expected to demonstrate an understanding of the concepts and acquire practical skills that they can apply in their work.
Reducing dependence on externally prepared studies
A key objective of the training is to strengthen the ability of government institutions to undertake high-quality project appraisal studies using their own technical teams.
Ms Ayebare observed that many studies submitted to the Development Committee have traditionally been prepared by external consultants, often at considerable cost. Building the capacity of public officers to conduct these studies independently can help institutions strengthen their technical expertise and improve the quality of project proposals presented for consideration.
She urged participants to take full advantage of the facilitators’ expertise and return to their institutions equipped to undertake sound financial appraisals and provide evidence-based advice to decision-makers.
She further emphasised that project approval requires thorough preparation, analysis and justification, rather than simply identifying available funding and proposing a project to utilise it.
Strengthening public investment management through capacity development
In his remarks, Prof. Edward Bbaale, Director of the PIM CoE, thanked the Ministry of Finance for its financial support and for identifying participants from government institutions. He also recognised the contributions of the facilitators and partner institutions in delivering the programme.
Prof. Bbaale noted that the Centre’s work extends beyond training to include research and advisory services aimed at improving public investment management practices. He encouraged continued collaboration with government institutions and other partners to advance research, knowledge sharing and capacity development.
Speaking during the training, Dr John Sseruyange, Manager of the PIM CoE, highlighted the importance of commitment, active participation and punctuality throughout the programme. He encouraged participants to engage with the facilitators, ask questions and apply the knowledge gained to the projects they support.
Dr Sseruyange also acknowledged the Government of Uganda, through the Ministry of Finance, Planning and Economic Development, for financing the training, and appreciated Cambridge Resources International for its continued support towards improving public investment preparation and analysis in Uganda.
The training reflects ongoing efforts to strengthen Uganda’s public investment management system by equipping public officers with the knowledge and practical competencies needed to assess projects rigorously, identify potential risks and make informed investment decisions.
By developing in-house expertise across government institutions, the programme seeks to contribute to better-prepared projects, more efficient use of public resources and improved delivery of Uganda’s development priorities.
Business & Management
Makerere University Signs MoU with World Association of Noonomy: Sets pace for the African Centre of Excellence
By Ritah Namisango and Monica Meeme
Makerere University has signed a Memorandum of Understanding (MoU) with the World Association of Noonomy, setting the pace for academic collaboration, research and the establishment of a Centre of Excellence for Noonomy in Africa.
On behalf of Makerere University, the MoU was signed by Professor Sarah Ssali, Deputy Vice Chancellor (Academic Affairs), during the World Congress on Noonomy held in Rome, Italy, from 16th-19th September 2026, paving the way for the establishment of a dedicated institute of Excellence for Noonomy at College of Business and Management Sciences (CoBAMS).
Uganda was the only African country represented at the World Congress on Noonomy, with a Makerere University delegation including Prof. Sarah Ssali-Deputy Vice Chancellor (Academic Affairs), Prof. Edward Bbaale-Principal College of Business and Management Sciences (CoBAMS), Dr Peter Babyenda-Lecturer at the School of Economics and Policy Engagement Coordinator, College of Business and Management Sciences (CoBAMS), and Mr. Tonny Mayambala Sebbaggala, a Ugandan Economist based in Russia.
Commenting on the development, the Vice Chancellor, Professor Barnabas Nawangwe said, “By signing this MoU, the African Centre for Noonomy has been established at Makerere University. This adds to the growing number of African continental research centres that are coordinated by Makerere University. Makerere is clearly a leader on the Continent.”
The MoU signed on 19th September 2026 in Rome-Italy, builds on the inaugural conference on Noonomy, held in Uganda on 20th August 2026 at Makerere University under the theme, “The Theory of Noonomy and its Role in Resolving Modernity Issues: Pathways to Sustainable Social and Economic Transformation.”
At the Global Congress of the World Association of Noonomy, the scholars from Makerere University delivered three (3) presentations focusing on Noonomy and development challenges in East Africa, the transition from informal to formal employment, and the role of universities in advancing Noonomy.
About the Theory
The Theory of Noonomy is an emerging theoretical approach developed by Professor Sergey Bodrunov, Director of the S.Y. Witte Institute, which examines the changing relationship between knowledge, technology, production and human development. The theory places emphasis on knowledge and human potential as important drivers of development, while highlighting humanistic values and solidarity in shaping economic and social progress.
Advancing Alternative Economic Thought in Africa
Speaking at the Annual gathering in Rome, Prof. Sarah Ssali described Makerere University’s partnership as a great honour, highlighting the importance of creating space for broader theoretical perspectives on political economy and the global economy.
Reflecting on the evolution of political science and political economy studies, Prof. Ssali noted that following the era of Glasnost and Perestroika, free-market ideology and neoliberalism became increasingly dominant in global economic thinking.
“This dominance created a need for scholars to critically examine both the opportunities and limitations of market-based approaches,” she said.
She welcomed the opportunity to explore alternative ways of understanding the world, including not only the material relations of production, but also the material relations of consumption.
Prof. Ssali also acknowledged the Witte Institute for initiating the initiative and for choosing Makerere University as a key partner on the African continent.
She said Makerere University plans to establish a dedicated centre focused on the emerging area of study, with the institution aiming to launch the centre in February 2027.
“We hope the centre will become a leading African platform for research, teaching and dialogue on these issues,” she asserted.
Prof. Ssali noted that the ideas emerging from the Kampala meeting (held on 20th August 2026) are already being incorporated into Makerere University’s theoretical classes, with plans to substantially expand the initiative following the establishment of the centre of excellence.
She reaffirmed Makerere University’s commitment to the partnership and to expanding scholarly engagement on alternative approaches to political economy.
Call for Growth that Advances Social Welfare
Delivering the presentation titled: “The Role of Noonomy in Addressing Development Challenges in East Africa,” Prof. Edward Bbaale, Principal of the Makerere University College of Business and Management Sciences (CoBAMS), explored the potential of Noonomy as an alternative framework for understanding and addressing persistent development challenges in East Africa.
Prof. Bbaale noted that the approach contributes to emerging academic discussions on how economic systems can better connect economic growth with social wellbeing and inclusive development outcomes in the region.
“The study contributes to emerging academic discussions on how economic systems can better link economic growth with social wellbeing and inclusive development outcomes in the region,” he said.
The paper was co-authored with Dr Peter Babyenda and formed part of the scholarly contributions presented at the World Congress on Noonomy in Rome, Italy.
Prioritizing Human-Centred Development
Dr Peter Babyenda said Makerere University’s participation in the World Congress on Noonomy in Rome marked an important step in the University’s international engagement with the Theory of Noonomy.
“The engagement paves the way for establishing a Centre of Excellence for Noonomy at the School of Economics, under the College of Business and Management Sciences (CoBAMS),” he stated.
Dr Babyenda explained that the Theory of Noonomy places human welfare at the centre of development, arguing that development should be assessed not only through productivity and infrastructure, but also by how it improves people’s wellbeing.
He said consumption, knowledge transfer and solidarity are important considerations, including in the application of emerging technologies such as Artificial Intelligence.
Dr Babyenda revealed that Uganda has been offered an opportunity to host an upcoming World Congress on Noonomy, which he said could bring together participants from more than 55 countries and create opportunities for academic exchange, industry engagement and international visibility for Uganda.
He called upon the academia and industry to collaborate with Makerere University in advancing its engagement with the emerging field.
The Signing of the MoU at the Global Congress of the World Association of Noonomy marks a milestone in Makerere University’s efforts to contribute to international scholarly discussions on alternative approaches to understanding economic systems and development.
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