Emmanuel Tumusiime-Mutebile: Building a 21st century Ugandan economy

Remarks by Prof. Emmanuel Tumusiime-Mutebile, Governor of the Bank of Uganda, at the High Level Stakeholders' Engagement on "Building a 21st century Ugandan economy", Kampala, 3 September 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
04 September 2019

The Bank of Uganda (BoU) has not only successfully achieved its inflation objective of low and stable inflation, but has done so while supporting economic activity. In the last two Financial Years (FY), Uganda's economy has grown on average by 6.1 per cent from a growth of 3.9 per cent in FY2016/17. Investor surveys suggest that business conditions and sentiments are strong. Credit to the private sector has improved; helped by accommodative monetary policy stance.

The economy is expected to maintain this growth momentum and is projected to grow by between 6.0 and 6.3 per cent in FY 2019/20, and between 6.5 and 7.0 per cent in the medium term. The growth prospects are supported by private sector credit growth; public investment in infrastructure; higher agricultural output due to favourable weather and positive government interventions in agriculture; pick-up in activity in the mineral sector; improved regional security (with peace in South Sudan and DRC), which are expected to boost Uganda's exports.