Michael Atingi-Ego: From financial liberation to economic transformation - Uganda's journey toward prosperity
Keynote address by Mr Michael Atingi-Ego, Governor of the Bank of Uganda, Kampala, 30 May 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
As prepared for delivery
Distinguished organisers and participants, fellow Ugandans, ladies and gentlemen.
It is a profound honour to stand before you today, at this crucial juncture in our nation's story. We gather not merely to reflect on the past, but to reignite our collective vision, to galvanise our shared efforts, and to secure a future - a future defined by shared prosperity and economic empowerment. My theme today, "From Financial Liberation to Economic Transformation: Uganda's Journey Toward Prosperity," encapsulates a narrative of courage, resilience, and unwavering national ambition.
Uganda's economic journey, particularly since the late 1980s, has been one of profound change. It began with the Economic Recovery Programme, a direct response to a protracted period of civil strife, economic mismanagement, and political instability. Our nation faced daunting challenges: rampant inflation, a contracting productive base, low tax revenue, and a public administration on the brink. The pre-reform era was characterised by a heavily regulated economy, with stifling controls over prices, interest rates, exchange rates, and severely limited access to foreign exchange. The overarching objective was clear: stabilise, restructure, rebuild, and restore macroeconomic stability.