\’Stability Is Non-Negotiable\’: Bou Governor Enforces Rules for Uganda\’s ATM Expansion

The Foundation of Uganda’s Economic Future

The national dialogue on Uganda\’s economic future kicked off with a powerful and sobering message from the Governor of the Bank of Uganda, Michael Ating-Ego. He emphasized that macroeconomic stability is the \”non-negotiable\” foundation upon which the nation\’s ambitious ATMS growth strategy must be built. His keynote address set a firm, authoritative tone for the 6th Edition of the Uganda Economic Forum.

A Call for Stability and Innovation

The Governor laid out the central bank\’s unwavering commitment to maintaining price and exchange rate stability while actively supporting Uganda\’s transformation. He then issued a direct challenge to the financial sector, urging a fundamental rethink of how growth is funded in line with the ATMS (Agro-industrialization, Tourism, Mineral Development, and Science, Technology & Innovation) framework.

\”We need to mobilize long-term capital for investment. Let us leave commercial banks to finance working capital,\” he asserted. \”We need innovative financing for agricultural transformation. It is not business as usual.\” This call for patient, long-term capital was a direct reference to the massive investments needed to make the ATMS pillars a reality.

Optimism and Vision

The Governor\’s address followed an optimistic opening from Moses Kaggwa, Director for Economic Affairs at the Ministry of Finance, who confirmed the economy\’s strong 6.5% GDP growth. Kin Kariisa, Group CEO of Next Media, welcomed the panelists, promising \”exciting\” days ahead with top scholars and industrialists set to dissect the ATMS strategy.

Agro-Industrialization: A Key Pillar

With the stage set, the forum plunged into the first pillar of ATMS: Agro-industrialization. The panel discussion was a dynamic exchange on how to turn this pillar into an engine for growth.

Abbey Seguya of the National Agricultural Research Organisation promised the technological firepower, inviting Ugandans to embrace new, climate-resilient solutions that his institution is developing. Hon. Charles Oleny Ojok from the National Planning Authority hailed the forum itself, stating that \”Information sharing will be a key milestone in achieving our tenfold growth strategy\” under ATMS.

Grassroots Perspective and Private Sector Insights

Bringing a crucial grassroots perspective, Hilda Tumuhe of SEATINI Uganda issued a warning: the ATMS agenda will only succeed if the primary beneficiaries, the farmers, are actively involved in its design and rollout. From the private sector, Dr. Dennis Ngabirano of Sumz Snacks argued that for Vision 2040 to be realized, the ATMS framework must create an enabling environment that pushes Ugandan agro-processors into competitive export markets.

Conclusion: A Path Forward

As Day One of the 6th edition of the Uganda Economic Forum concluded, the message was clear: the ambitious ATMS strategy for a tenfold economic expansion is viable, but it demands an unshakeable foundation of economic stability, a revolution in financing, and a collaborative, all-hands-on-deck approach to turn policy into prosperity.

Key Takeaways from the Forum

• Economic Stability: The Governor emphasized that macroeconomic stability is non-negotiable for the success of the ATMS strategy.
• Innovative Financing: There is a need for long-term capital to fund the ATMS pillars, moving away from traditional commercial banking models.
• Agro-Industrialization: The panel discussed the importance of turning agro-industrialization into a growth engine, highlighting the role of technology and research.
• Grassroots Involvement: Farmers must be actively involved in the design and implementation of the ATMS agenda.
• Private Sector Role: The private sector has a crucial role in creating an enabling environment for agro-processors to compete in global markets.