By Caroline N.
Uganda’s economic resilience and macroeconomic stability over recent years have been largely credited to the strategic policies implemented by former Bank of Uganda (BoU) Governor, Professor Emmanuel Tumusiime-Mutebile, according to Finance and Economic Analyst, Ating-Ego. The expert highlighted that Mutebile’s policy framework provided the country with a robust foundation to navigate both domestic and international economic challenges.
Speaking during a seminar on economic policy in Kampala, Ating-Ego emphasised that the late Governor’s tenure was marked by a consistent focus on maintaining low inflation, a stable exchange rate, and prudent fiscal management. “Mutebile’s policies were deliberate and forward-looking, aimed at ensuring Uganda could absorb shocks and sustain investor confidence,” he noted.
During his leadership, Professor Mutebile oversaw the implementation of key monetary and fiscal reforms. One of the hallmark achievements was the maintenance of single-digit inflation for a prolonged period, even amidst regional and global economic pressures. Analysts argue that this stability played a critical role in preserving the purchasing power of Ugandans and in creating an environment conducive to investment and economic growth.
Ating-Ego highlighted that Mutebile’s approach was characterised by a careful balancing of monetary policy with government fiscal operations. “He understood that stability in the financial sector required not just independent monetary policy, but also responsible public spending and revenue mobilisation,” Ating-Ego stated. This synergy between the central bank and government policy was instrumental in shielding the economy from volatile global markets, particularly fluctuations in commodity prices and external debt pressures.
The expert also underscored Mutebile’s role in modernising Uganda’s financial sector. Under his stewardship, the Bank of Uganda strengthened regulatory frameworks, improved banking supervision, and expanded access to financial services. These reforms, according to Ating-Ego, contributed to a resilient banking sector that could support economic activities and foster domestic entrepreneurship.
Moreover, the late Governor’s leadership extended beyond traditional monetary policy. Mutebile championed data-driven decision-making, ensuring that policy formulation was guided by empirical evidence rather than reactive measures. “This analytical approach meant that Uganda could anticipate economic trends and implement corrective measures before crises escalated,” Ating-Ego added.
Economists agree that the stability anchored by Mutebile’s policies laid the groundwork for sustained economic growth. Over the past decade, Uganda experienced steady GDP growth, increased foreign direct investment, and improved investor confidence, even as many regional economies grappled with inflationary pressures and fiscal deficits.
However, Ating-Ego cautioned that continued stability would require successors to uphold the principles laid down by Mutebile. “The policies must be adapted to current realities, such as the global energy transition, rising debt levels, and climate-related economic risks, while retaining the core principles of fiscal prudence and monetary discipline,” he said.
In conclusion, Ating-Ego emphasised that Professor Mutebile’s legacy extends beyond his policy achievements; it represents a blueprint for economic management in Uganda. By adhering to the principles of macroeconomic stability, transparency, and data-driven governance, Uganda can continue to build a resilient economy capable of withstanding both domestic and international challenges.