The year 2025 marked a significant period of progress and consolidation for the College of Business and Management Sciences (CoBAMS), Makerere University. Through the collective commitment of staff, students, partners, and stakeholders, the College achieved important milestones in teaching and learning, research and innovation, community engagement, and policy influence.

Appreciation for Collective Effort

I sincerely thank staff across academic, research, administrative, and support units for their dedication and professionalism in advancing the College’s mission. I also extend appreciation to the College leadership, students, collaborators, partners, and friends of CoBAMS globally for their valuable contributions during the year under review.

Excellence in Teaching and Research

The College continued to demonstrate excellence in teaching and research. I congratulate staff who received Vice Chancellor’s Research Excellence Awards and Best Teacher Awards across various categories. These achievements reflect both individual distinction and institutional pride. I encourage continued momentum in this regard, confident that more staff will be recognised in future.

Research, Publications, and Scholarly Visibility

Research and scholarly output remained central to the College’s mandate. I commend staff who published in peer-reviewed journals and contributed book chapters, strengthening the College’s academic visibility and impact. I also recognise colleagues who secured competitive research grants at university, national, regional, and international levels, supported by the Makerere University Research and Innovation Fund (MakRIF) and partners including the Gates Foundation, UN-PAGE, GGGI, the World Bank, and Erasmus+. These achievements reflect the growing global confidence in CoBAMS scholarship.

Partnerships and Academic Programme Development

The College strengthened partnerships and academic relevance through new and advanced Memoranda of Understanding with local and international partners. These collaborations support teaching, research, and policy engagement. Schools and Departments also developed and reviewed academic programmes to align with evolving economic, social, and community needs, ensuring continued responsiveness and relevance.

Policy Engagement and Societal Impact

Policy engagement remained a defining feature of the College. Staff actively contributed to policy dialogues through workshops, conferences, and seminars as well as to Publications including “Advancing Population and Development in Uganda and Beyond” in honour of Dr. Jotham Musinguzi.

Research Development and CoBAMS Working Paper Series

I congratulate the faculty whose work featured in the CoBAMS Working Paper Series, which serves as a pipeline for peer-reviewed publications and future academic journals. During FY 2025/26, the College also disbursed internal research grants, and I encourage all staff to aim for at least one research output within the financial year.

Staff Welfare, Cohesion, and Shared Prosperity

The College invested in staff welfare and cohesion through initiatives such as the CoBAMS Physical Fitness Programme and the establishment of the Mak-CoBAMS SACCO. I commend the Deputy Principal, Associate Professor James Wokadala, and the Interim Committee for their leadership and encourage full staff participation.

Infrastructure Development and Strategic Investment

Government allocated resources to commence the CoBAMS Infrastructure Expansion Project, with the University Council approving two strategically located land parcels for implementation. The University has begun procurement for a design consultant, and the College will remain engaged to ensure the infrastructure supports teaching, research, innovation, and policy engagement.

Solidarity and Shared Humanity

While celebrating achievements, we also recognise life’s challenges. I congratulate colleagues who achieved success during the year and extend heartfelt condolences to those who lost loved ones in 2025. May they find comfort, strength, and renewed hope.

Edward Bbaale, PhD
Professor & Principal

Uganda has launched five policy briefs on Natural Capital Accounts aimed at integrating the value of the country’s forests, wetlands, water resources, land, energy systems and ecosystems into national economic planning and decision making.

The Policy Briefs, developed by the Centre of Excellence for Africa Climate-Sensitive Macroeconomic Modelling (CEACM) under the College of Business and Management Sciences, were launched on Wednesday 15^th July 2026 at Makerere University.

The initiative brings together government, academia and development partners to promote climate-informed economic policies as Uganda pursues sustainable development and its economic transformation targets.

The five policy briefs address Uganda’s energy transition, declining wood stocks, natural capital integration into development planning, sustainable land use, and national water accounting amid climate change.

The five policy briefs include:

• Uganda’s Wood Stock on a Declining Pathway to Extinction: A Call for Policy Review and Action
• Uganda’s Energy System at a Crossroads: The Unsustainable Reliance on Biomass and the Need for Energy Transition
• Integrating Natural Capital into Development Planning in Uganda: Insights from the Ecosystem Service and Asset Accounts (1990-2015)
• Leveraging Land Natural Capital to Drive Uganda’s Sustainable and Inclusive Growth
• National Water Accounts Development: Tracking Uganda’s Progress amidst Climate Change.

Link to the Policy Briefs: https://bams.mak.ac.ug/policy-briefs/

Speaking at the Launch of the policy briefs, the Minister of State for Environment, Hon. Beatrice Atim Anywar who represented the Minister of Water and Environment, said natural capital accounting provides Uganda with a new approach to valuing its environmental resources.

“Today, we are launching a new way of seeing, planning and managing Uganda’s development,” Hon. Anywar said.

She noted that for years, Uganda’s economic progress has largely been measured through indicators such as Gross Domestic Product (GDP), which do not capture the decline or improvement of natural resources.

“But GDP does not tell us if our forests, water sources and wetlands are shrinking. It does not tell us if our forests can still hold our waters or whether our soils will still feed the next generation,” she said.

Hon. Anywar said Uganda’s natural capital, including forests, wetlands, water resources, biodiversity, minerals and fertile soils, supports livelihoods, tourism, energy generation and climate resilience. “This natural capital supports over 70 percent of our population and powers our hydropower. It feeds into tourism and buffers us against droughts and threatening floods,” she said.

She warned that degradation of these resources represents a loss of national wealth. “When natural capital is degraded, we are not just losing trees, wetlands, water or soils. We are losing wealth. We are losing jobs for our children and future generations,” she said.

The Minister said natural capital accounting allows Uganda to place nature on its economic balance sheet. “This is what natural capital accounting does. It puts nature on the balance sheet. I studied basic accounting, but I never imagined that natural resources could also be reflected on a balance sheet. Today, that is becoming a reality,” she said.

She challenged all stakeholders to ensure that every future development decision considers its impact on Uganda’s natural capital, stressing that informed choices today will secure sustainable prosperity for generations to come.

Hon. Anywar also called for recognition of the role communities play in protecting natural resources, saying traditional knowledge must complement modern science.

“Our ancestors protected the environment without maps, technology or scientific reports. They knew which areas were sacred, where water sources were protected and where forests should not be disturbed,” she said. “When communities understand that protecting a wetland or forest protects their own livelihoods, we will not need constant enforcement. People themselves will become protectors of nature,” she added.

Research Must Drive Policy Decisions

Delivering the opening remarks, the Vice Chancellor of Makerere University, Prof. Barnabas Nawangwe highlighted the event as a significant milestone in strengthening climate-sensitive economic planning.

He noted that the theme of the launch and dissemination workshop, “Advancing Climate-Informed Economic Policy for Sustainable Development in Africa,” aligns with the research-led agenda of Makerere University.

Prof. Nawangwe said the launch demonstrates the role of universities in generating evidence to support national development.  “Today’s event demonstrates the power of collaboration between academia, government and development partners in generating knowledge that informs public policy and advances Uganda’s sustainable development agenda,” he said.

Prof. Nawangwe said the policy briefs provide evidence needed for integrating natural capital into national planning, budgeting and investment decisions. He said the University will continue strengthening research capacity to support Uganda and Africa.

Emphasizing the urgency of informed decision-making, he observed that Africa remains one of the regions most affected by climate change while experiencing rapid population growth, placing increasing pressure on natural resources. He stressed that research-driven policies are essential for achieving climate resilience and sustainable economic growth.

The Vice Chancellor commended the Government of Uganda, particularly the Ministry of Finance, Planning and Economic Development, on the country’s historic appointment as the first Co-Chair of the Coalition of Finance Ministers for Climate Action.

He recognised the Centre of Excellence for Africa Climate-Sensitive Macroeconomic Modelling (CEACM) for advancing interdisciplinary research and strengthening Uganda’s position as a regional leader in climate-sensitive macroeconomic modelling and evidence-informed policymaking.

“The Centre continues to build the capacity of African researchers and policymakers while fostering partnerships with government institutions, development partners, regional organisations, and the private sector,” he said.

Strengthening Africa’s Climate Policy Research Agenda

Prof. Edward Bbaale, the Director of CEACM and the Principal, College of Business and Management Sciences (CoBAMS), reported on Makerere University’s investment in establishing specialised centres that address critical policy challenges facing Uganda and the African continent.

He stated that CEACM was established to respond to growing global demands for climate considerations to become part of national planning, budgeting and macroeconomic decision-making.

“The Centre is committed to producing high-quality policy-oriented research while strengthening the capacity of policymakers and practitioners to respond effectively to climate and economic challenges,” he said.

He explained that CEACM was established because climate change can no longer be separated from economic planning. “It is very important that national planning, budgeting, macroeconomic frameworks and fiscal policies are not oblivious to climate change, but instead fully integrate climate-related considerations,” he said.

He stated that CEACM’s work aligns with emerging global and continental initiatives, including the Coalition of Finance Ministers for Climate Action and the Pan-African Forum of Finance Ministers on Climate Action, underscoring the increasing role of finance ministries in integrating climate priorities into economic planning and fiscal decision-making.

Prof. Bbaale added that Makerere University had positioned itself as a partner to government through research, evidence generation and capacity building. “We could not stand aside. We have to be part of this global effort and contribute the much-needed evidence, research and capacity building to support the Ministry of Finance in executing this important responsibility,” he said.

He noted that Uganda’s role as the first African country to co-chair the Coalition of Finance Ministers for Climate Action had created an opportunity for local institutions to strengthen climate-sensitive economic modelling.

Uganda’s Progress in Integrating Natural Capital into Economic Planning

Representing the GGGI Country Representative, the Manager of Climate Finance, Mr. Arthur Ssebbugga-Kimeze commended Uganda’s efforts to integrate natural capital accounting into national economic planning. “This is a critical step towards climate-resilient and sustainable development,” he acknowledged.

The Manager of Climate Finance applauded the collaboration between Makerere University, the Ministry of Finance, Planning and Economic Development, and development partners in generating evidence that supports informed policymaking.

He also recognised the Government of Denmark for its continued support in advancing climate-smart economic policies through the Denmark-EGP partnership.

Emphasizing the significance of natural capital as a key pillar of economic prosperity, Mr. Ssebbugga-Kimeze called for sustained investment in protecting these assets. “Uganda’s experience is increasingly informing climate finance and policy discussions across Africa through the Pan-African Finance Ministers’ Forum on Climate Action,” he added.

He called for strong partnerships among government, academia, and development partners to ensure that research continues to drive evidence-based policymaking and sustainable economic growth, reaffirming GGGI’s commitment to supporting Uganda’s green growth agenda.

Policy Briefs Must Move from Shelves to Decisions

Representing the Embassy of Denmark in Uganda, Ms. Nina Guldbæk van Leeuwen, Counsellor and Team Leader for Politics, Regional Affairs and Refugee Support, said natural capital accounting is critical for building climate-resilient economies.

She commended Uganda’s leadership as co-chair of the Coalition of Finance Ministers for Climate Action. “These policy briefs are crucial in enhancing the role of economic, fiscal and financial policies in addressing climate change in Uganda and Africa as a whole,” she said.

Ms. Van Leeuwen said reliable natural capital accounts enable finance ministries to integrate climate considerations into economic planning. “Ministries of Finance require these accounts to support macroeconomic modelling, which can only be developed through a strengthened and collaborative national statistical system,” she said.

She urged stakeholders to ensure the research informs actual decisions. “Let us ensure that these policy briefs do not remain on institutional shelves but are actively used to inform decisions and policies going forward,” she said.

Natural Capital Data will improve Economic Decision

The Acting Commissioner for Macroeconomic Policy at Uganda’s Ministry of Finance, Planning and Economic Development, Mr. Davis Vuningoma, called for climate change to be treated as a macroeconomic and fiscal challenge rather than solely an environmental issue.

“Climate risks pose significant threats to agricultural productivity, energy generation, infrastructure, government revenues, and fiscal stability,” he noted.

Mr. Vuningoma said natural capital accounting will strengthen Uganda’s ability to make informed economic decisions.

He warned that climate change poses economic risks that could affect Uganda’s fiscal space. “If we do not address these challenges, our fiscal space could shrink, and our ability to provide public services could be affected,” Mr. Vuningoma said.

He said Uganda’s natural resources have historically not been fully reflected in traditional economic measurements. “Uganda is richly endowed with natural capital, including forests, wetlands and water resources. However, traditional measures of economic performance have often failed to fully capture the value of these assets,” he said.

Mr. Vuningoma said the policy briefs provide practical options for government as Uganda seeks to expand its economy. “This is particularly important at a time when Uganda is pursuing ambitious economic transformation targets, including the goal of growing the economy tenfold and achieving a USD 500 billion economy,” he said.

Key Findings Highlight Pressure on Uganda’s Natural Resources

Presenting the highlights, Dr. Peter Babyenda, the Coordinator of CEACM, disclosed that the policy briefs highlight growing pressure on Uganda’s natural resources.

The Energy System at Crossroads brief found that traditional biomass accounts for about 87 percent of Uganda’s final energy consumption, highlighting continued dependence on firewood and charcoal.

The Wood Stock Declining Pathway brief found that Uganda’s national wood resources declined by 45 percent between 1990 and 2015, with projections warning of possible exhaustion of available wood supply between 2032 and 2040 under current trends.

The Land Natural Capital brief identified unsustainable agricultural expansion, deforestation and urbanisation as major drivers of land degradation.

The Ecosystem Services and Asset Accounts brief noted that although the monetary value of ecosystem assets increased between 1990 and 2015, natural capital value per person declined by 17.7 percent due to population growth.

The National Water Accounts brief highlighted agriculture as the largest water user, accounting for 55.4 percent of total water abstraction in 2024, while warning of increasing climate risks.

Panel Discussion: Advancing Climate-Informed Economic Policy for Sustainable Development in Africa

Moderated by Prof. Edward Bbaale, the session featured the following panellists: Dr. Ronald Kaggwa-National Planning Authority, Mr. Wilson Asiimwe-Ministry of Finance, Planning and Economic Development, Mr. Nathan Mununuzi-Ministry of Water and Environment, Mr. Godwin Kamugisha-National Environment Management Authority, and Dr. Peter Babyenda-CEACM Coordinator and member of faculty at Makerere University College of Business and Management Sciences (MakCoBAMS).

The Panelists argued that assigning monetary value to forests, wetlands, water resources, and other ecosystems would enable evidence-based budgeting, investment decisions, and environmental protection while capturing costs ignored by traditional GDP measures.

They stressed the need for stronger institutions, increased funding, enhanced research and capacity building, and closer collaboration between government, academia, and development partners.

The event, organized by CEACM, brought on board distinguished stakeholders including the Minister of State for Environment, Hon. Beatrice Atim Anywar who represented the Minister of Water and Environment, Hon. Maj. Gen. (Rtd.) Kahinda Otafiire, Makerere University Vice Chancellor, Prof. Barnabas Nawangwe, the Principal, College of Business and Management Sciences (CoBAMS), and Director CEACM, Prof. Edward Bbaale and  representatives from different Ministries and Agencies such as, the Embassy of Denmark in Uganda, the Global Green Growth Institute (GGGI),  Ministry of Finance, Planning and Economic Development, the Ministry of Water and Environment, the National Environment Management Authority (NEMA), the Ministry of Lands, Housing and Urban Development, Ministry of Energy and Mineral Development, and among others.

CEACM is a research and policy centre that supports African countries in integrating climate change and natural capital into economic planning through research, capacity building, and evidence-based policymaking. CEACM is one of the centres within the School of Economics at the College of Business and Management Sciences (CoBAMS) at Makerere University.

View on CoBAMS

The Public Investment Management Centre of Excellence (PIM CoE) at Makerere University is set to benefit from a grant under the World Bank-supported PIM-Plus Project, an initiative aimed at strengthening Public Investment Management Systems and enhancing the capacity for effective project planning, appraisal, implementation, and monitoring in Uganda.

Through the project, the Centre is expected to receive funding of approximately USD 8 million to support the construction of a modern teaching and residential facility. The proposed infrastructure is intended to enhance the Centre’s capacity to deliver high-quality training, research and technical advisory services in Public Investment Management (PIM) to government institutions and other stakeholders across the region and beyond.

The project’s construction activities are anticipated to commence in the next financial year following the completion of the necessary preparatory processes, including feasibility studies and project design.

As part of the ongoing project preparation activities, the PIM CoE today hosted a delegation of officials from the Ministry of Finance, Planning and Economic Development (MoFPED), who visited the Centre to assess progress made towards the implementation of the PIM-Plus Project. The visit provided an opportunity for the Ministry team to review the Centre’s readiness, discuss key project milestones, and identify areas requiring further attention to ensure timely project execution.

The Ministry delegation was led by Ms. Esther Ayebare, Ag. Assistant Commissioner, Public Investments and Project Analysis Department who commended the Centre for the progress registered thus far. She emphasized the importance of adhering to the project preparation timelines and urged the PIM CoE team to expedite the completion of the feasibility studies and other prerequisite activities necessary for project approval and commencement.

Ms. Ayebare noted that the successful implementation of the project will significantly strengthen the Centre’s role as a national and regional hub for capacity building, research and knowledge dissemination in Public Investment Management. She further underscored the Government’s commitment to supporting initiatives that enhance the quality of public investments and contribute to improved service delivery and sustainable economic development.

The Director of the PIM Centre, Prof. Edward Bbaale reaffirmed the Centre’s commitment to ensuring that all project preparation requirements are completed within the stipulated timelines. He noted that the planned facility will provide a conducive environment for training, accommodation and collaborative learning thereby strengthening the Centre’s ability to support the Country in developing and managing high-quality investment projects.

Dr. John Sseruyange, the Manager of the PIM Centre of Excellence emphasized that the Centre remains committed to delivering high-quality, demand-driven training courses that respond to the evolving needs of Public Investment Management practitioners and contribute to the successful implementation of Uganda’s Public Investment Management reform agenda. He further noted that the project will enable the Centre to effectively fulfil its mandate and contribute more meaningfully to addressing PIM capacity constraints in the region. The PIM-Plus Project forms part of broader efforts by the Government of Uganda and its development partners to improve the efficiency, effectiveness and impact of public investments, ensuring that public resources are directed towards projects that deliver maximum socio-economic benefits for citizens.