A top academic has accused ministers in Uganda of fuelling corruption and pillaging public funds.
Speaking at the rebranding ceremony for the Microfinance Support Centre (MSC) at Sheraton Hotel Kampala, a bare-knuckled Professor Augustus Nuwagaba said that ministers don’t want to work and instead focus on stealing public funds.
“Poverty is on the increase in Uganda. One of the reasons behind this is high interest rates and corruption. These ministers are stealing public money. They don’t want to work… all they do is steal public money,” Nuwagaba, a professor of economics said, attracting applause from the audience.
“But I can never steal anyone’s money. I was taught to work hard by my mother that even if you told me to dig a pit latrine now so you can pay me, I would dig it. My village has produced one of the highest number of professors in the country. Prof Tumusiime Mutebile and Mondo Kagonyera. Our mothers never had money. They used to sell sorghum and got loans from the likes of microfinances to pay our fees. But these are no more now…” said Nuwagaba who was brought up by a single mother, having lost his dad when he was just 4 years.
He also warned against charging high interest on loans, saying it scares low income earners from borrowing.
In his speech, the minister of State for Finance, Planning and Economic Development, Haruna Kasolo, who was obviously rubbed the wrong way by the academic’s words, described Prof. Nuwagaba’s speech as ‘provocative’.
The Minister however, quickly changed course and instead started advocating for the sustenance of President Yoweri Museveni in power, saying the latter ‘is a good leader’.
Kasolo compared Museveni’s removal from power to the declining fortunes of former Premier League Champions, Manchester United, after former manager Sir Alex Ferguson left.
“Good leaders are scarce. Once you get them, maintain them. If you doubt this, Manchester United is a good example,” he said, adding: “Manchester United supporters always wanted Ferguson out but ever since he left, it started losing to even smaller teams.”
He added that Uganda won’t be different from Manchester United once Museveni leaves and that instead of focusing on the departure of Museveni, they should concentrate on things that improve their livelihoods.
“When you talk about ‘Togikwatako’, who pays you? For me, when I talk about politics, I get paid for it.”
Justine Bagyenda, the Chairperson of the board, Microfinance Support Center in response said they have the lowest interest rates in the country.
“With interest rates between 9 to 10%, we are still the best credit providers in the country,” Bagyenda, who is also the Bank of Uganda Executive Director of Bank Supervision, noted.
“Since 79% of Ugandans don’t have bank accounts, Microfinance Support Center has become the perfect answer. It gives affordable credit to farmers through SACCOs,” Ms. Bagyenda said.
