Uganda’s economy can grow faster if government tackles corruption, supports local investors and reduces the cost of doing business, according to research by Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury at the Ministry of Finance.
Ggoobi’s research examines the factors affecting industrial growth in Uganda and highlights the need for government to invest in industries, strengthen local value chains and create an environment where Ugandan businesses can expand.
The findings were discussed during a public policy dialogue at the Uganda Management Institute (UMI) in Kampala, which brought together government officials, economists, scholars and private sector representatives to discuss how research can help address the country’s economic challenges.
The discussion followed Ggoobi’s reported award of a Doctor of Philosophy (PhD) by Nelson Mandela University in South Africa.
Speaking at the dialogue, the minister of Finance Henry Musasizi praised Ggoobi for undertaking detailed research into issues that directly affect Uganda’s economy and allowing other people to examine and discuss his findings.
Musasizi described Ggoobi as an accomplished economist, a prolific writer and a strong advocate of economic policies that deliver practical results.
“By bringing his thesis into the public arena, Ggoobi demonstrates scholarly integrity and intellectual confidence,” Musasizi said.
He urged researchers, university lecturers and students pursuing doctoral studies to produce work that addresses the real challenges facing Ugandans rather than focusing only on academic qualifications.
Musasizi said research should help government and other institutions make better decisions, especially when determining how public resources should be spent to improve people’s lives.
Ggoobi’s findings emphasise the need to support local industries so that Uganda can produce more goods locally, create jobs and reduce dependence on imported products.
The research also identifies corruption as a major obstacle to development, arguing that it undermines efforts to create a business environment in which investors can operate and grow their enterprises.
The findings come at a time when Uganda is seeking to expand its industrial base, increase employment opportunities and encourage businesses to produce more goods for the domestic and export markets.
Moses Byaruhanga, a senior presidential adviser on political affairs, also spoke at the dialogue, highlighting the economic conditions that need to improve if Ugandan businesses are to grow.
Byaruhanga said government should focus on controlling inflation, reducing commercial bank lending rates and lowering production costs to make it easier for businesses to operate.
He also called for affordable electricity, particularly in industrial areas, saying high power costs increase the cost of manufacturing and make locally produced goods more expensive.
