BOU wants a growth that puts money into people’s pockets

Uganda’s Central Bank has criticized the government’s economic strategies that care more about the economy’s growth, instead of the development of Ugandans.

Bank of Uganda’s Executive Director for Research Dr Adam Mugume says that if Uganda’s GDP grew by 3.9% to 25.7 billion dollars as stated, and yet population growth is at the same rate, the figures are meaningless.

According to the Financewhile delivering the budget on Thursday, Finance Minister, Matiya Kasaija insisted that the economy was not in recession, but growing at a slow 3.9% this year.

But Mugume says government needs to target resources top human resource development and protect the economy from natural and global effects.

He also says high population growth means that the average income of Ugandans is not growing.

Meanwhile, Spoeaking at the Post-Budget meet, Stanbic Uganda Managing Director Patrick Mweheire said that Ugandans should stop looking at the oil revenues, but the investments now going on into the sector.

He says Ugandans should take advantage now, because once the oil starts flowing, it is the government and oil companies which will get the money.