CSOs, Academia and Private Sector call for Regulation of the Economy
On 22nd March 2017, Uganda National NGO Forum (UNNGOF), in Partnership with the Centre for Basic Research (CBR) organized a National Level scenario building Session on the state of the Economy. This was attended by Academia, Private Sector, CSOs and Students of Economics and Sociology. The main objective of the session was to analyze the state of the economy of Uganda and predict possible consequences and propose mitigation measures that work.
Prof. Ramathan Ggoobi, a lecturer of Economics from the Makerere University Business School (MUBS) delivered the key note on the state of the economy which was discussed by the participants. Prof. Goobi noted that Uganda’s GDP is 17.4% below what it should have been if the country continued to grow at the rate at which it was growing from 1990 to 2010 which means that the economy has suffered a setback. This is due to a number of factors such as slowed growth of the Chinese economy; Increase in the commodity prices; Geopolitical events such as Brexit and the Election of Donald Trump in the USA; the South Sudan Crisis; Banking crisis- the banks are closing down; and the Changing weather pattern and increased political risk since 2011 investors are skeptical about investing in the economy because of the uncertain political terrain.
The general discussions noted that there is need to emphasize gender budgeting at the planning level if we are to promote equality; address the political risks that scare away the investors, review the curriculum so as it addresses the existing challenges, harmonize all the policies to promote economic growth and devise deliberate means to reduce Inequality.
In conclusion, it was agreed that there is need to: revisit our economic policies; properly implement these policies; address the political risks that scare investments; initiate reforms on industrial policies; and pursue sustainable and inclusive growth across all stakeholders.
