Bank of Uganda Deputy Governor Blames Negative Publicity for Tough Economic Times

Bank of Uganda Deputy Governor Prof Augustus Nuwagaba has pointed to negative publicity by citizens as a major driver of the country’s economic hardships. Speaking at the 22nd graduation ceremony of Bishop Stuart University in Mbarara City, he noted that continuous self-criticism hinders access to international markets and global employment opportunities.

According to Prof Nuwagaba, Uganda produces quality goods such as coffee and dairy, yet struggles to secure external markets due to a tarnished international image. He contrasted Uganda with developing nations whose citizens fiercely champion their homelands, expressing dismay at individuals who actively speak ill of the country abroad.

Beyond external perception, the central bank official also highlighted structural imbalances, notably high levels of importation compared to low export volumes. He further stressed a critical shortage of integrity and trust in public office, urging academic institutions to prioritize character building and values alongside technical skill training.

However, members of the public and recent graduates offered a different perspective on the matter. Speaking to the press at the same event, some residents argued that the negative image is a natural consequence of governance challenges, including corruption, abuse of office, and reported abductions. They noted that international investors thoroughly vet destination countries and often hesitate due to perceived risks.

Meanwhile, university leadership used the occasion to call for greater government backing. Bishop Sheldon Mwesigwa appealed for financial support to help scale up institutional innovations, including factories producing essential oils and veterinary medicine.

Read more about this story on the Daily Monitor.