The Deputy Governor of Bank of Uganda, Prof. Augustus Nuwagaba, has reaffirmed the central bank’s commitment to fostering inclusive economic growth and financial stability during a town hall meeting in Bushenyi District on May 23, 2025.
Addressing a packed hall of residents, local leaders, and business owners, Prof. Nuwagaba outlined the multifaceted role of the central bank in Uganda’s socio-economic transformation, emphasizing that the Bank’s influence reaches far beyond monetary policy.
“The Bank of Uganda, established in 1966, is the nation’s central bank. Its principal mandate is to ensure price stability and to maintain a sound financial system — two pillars that underpin Uganda’s socio-economic transformation,” said Prof. Nuwagaba. “These functions are not abstract; they influence the everyday economic realities of Ugandans — from the price of a loaf of bread to the safety of your savings in commercial banks.”
The town hall was part of an outreach initiative aimed at educating Ugandans on the role of the central bank in their daily lives. The Deputy Governor explained the Bank’s key areas of focus, including inflation control, supervision of financial institutions and promotion of digital payments, financial inclusion, and sustainability in finance.
Highlighting the importance of stable inflation, Nuwagaba noted,
“By maintaining low and stable inflation, we protect the purchasing power of households, particularly those with fixed or limited incomes — from the corrosive effects of rising prices.”
He praised Uganda’s resilience in maintaining inflation below 5% despite global economic shocks and commended the role of transparent, data-driven monetary policy in anchoring inflation expectations.
The Deputy Governor also drew attention to the importance of financial sector regulation, the increasing relevance of mobile money, and the significance of national payment systems in everyday commerce.
“We ensure that these payment systems are secure, efficient, and accessible, enabling businesses and households to move money reliably and affordably,” he said.
In a district where agriculture is a dominant economic activity, Nuwagaba urged residents to take advantage of the Agricultural Credit Facility (ACF), which offers loans at interest rates of up to 12% per annum to farmers and agribusinesses through supervised financial institutions.
“I strongly encourage the farmers and entrepreneurs of Bushenyi, Mitooma, and surrounding areas to take full advantage of this facility,” he said.
He further noted the ongoing impact of the Small Business Recovery Fund (SBRF), a post-COVID initiative providing affordable credit to SMEs that show potential for recovery.
Beyond finance, the central bank is also integrating Environmental, Social, and Governance (ESG) principles into its operations and encouraging sustainable banking practices. Through initiatives like the Sustainability Standards and Certification Initiative, the Bank supports climate-conscious lending and corporate responsibility programs, including health centre upgrades in areas like Mitooma.
Prof. Nuwagaba concluded his address with a strong message of partnership and service:
“The Bank of Uganda is deeply committed to price stability and building a strong, stable, resilient, and inclusive financial system that serves all Ugandans. We recognise that true development is not measured by GDP alone, but by the everyday well-being of all citizens.”
The town hall wrapped up with a Q&A session, where BoU experts engaged directly with residents on issues such as interest rates, loan accessibility, and the safety of their deposits.
The event marked another milestone in the Bank’s strategic plan (2022–2027) to deepen public engagement and promote sustainable, people-centered economic growth across the country.
