Conservative Party Rejects Museveni's Export Plan, Urges $2.5b Forex Intervention

The Conservative Party (CP) has voiced strong opposition to President Yoweri Museveni’s strategy of relying on exports to stabilize the tumbling Ugandan shilling. Speaking at a press briefing in Kampala, CP President John Ken Lukyamuzi argued that current export earnings are far too small to make a meaningful impact on the struggling local currency.

Mr. Lukyamuzi proposed that the Bank of Uganda directly intervene by drawing at least $2.5 billion from the country’s foreign exchange reserves to ease immediate pressure. This stance aligns with certain financial perspectives, contrasting with President Museveni’s preference for boosting export capacities as a long-term solution. The debate comes as the shilling touches its weakest level in over three decades, trading past Shs4,500 per US dollar.

During the same briefing, CP Secretary General Kasozi Bukenya weighed in on the broader economic challenges, urging the government to rein in corruption and significantly cut public expenditure. Mr. Bukenya recommended halting unnecessary public servant recruitment and avoiding the creation of new administrative positions to alleviate the financial strain currently impacting Ugandan households and businesses.

Beyond economic proposals, Mr. Lukyamuzi touched on national governance, advocating for genuine and inclusive dialogue between the ruling government and opposition parties. He stressed that any future national dialogue must yield tangible results rather than serving as a mere political formality to foster lasting peace and democracy in Uganda.

Read the original story on the Daily Monitor.