Museveni launches book on economy
PRESIDENT Yoweri Museveni has said reliance on parastatals in the 1960s by African countries was largely responsible for the economic stagnation and skewed development of the continent.
By Milton Olupot
PRESIDENT Yoweri Museveni has said reliance on parastatals in the 1960s by African countries was largely responsible for the economic stagnation and skewed development of the continent.
“In Africa, many countries opted for parastatals and this caused a lot of problems for their economies. They made us lose one or two decades in economic growth,†he said.
Museveni was speaking at the launch of a book titled “Uganda’s Economic Reforms†that spells out Uganda’s economic reforms and achievements since 1986 when the National Resistance Movement took over power.
The book co-authored by Florence Kuteesa, Bank of Uganda Governor Tumusiime Mutebile, Alan Whitworth and Tim Williamson, was launched at the Imperial Royale Hotel in Kampala.
Some of the most important elements in the reforms, Museveni said, are the control of inflation, liberalising foreign exchange and the removal of the rent control body.
He explained that the prioritisation of the private sector produced good results, adding that tax collection has also been successful.
“As a freedom fighter, I can work out of conviction. But most people work because they are paid. So, if you want to modernise, it’s good that you make people work for selfish interest but in the end contribute to a collective good,†he said.
On energy, Museveni said the strategy is to generate 17,000 megawatts in 10 to 15 years.
“UK generates 55,000 megawatts, but in most African countries, the kilowatt per capita is only 12 megawatts. This is scandalous. We now have $350m on our energy fund. We shall move on,†he vowed, adding that the recently discovered uranium will also go a long way in boosting the energy sector.
On petroleum, Museveni reiterated the Government’s commitment to ensure that the resource is used for infrastructure development.
Mutebile congratulated the NRM Government for being consistent with economic policies.
“For the past two decades, there has been no policy reversal; which is crucial, for investors. Our government is one of the very few that have not made policy reversals in the last 20 years,†he noted.
PRESIDENT Yoweri Museveni has said reliance on parastatals in the 1960s by African countries was largely responsible for the economic stagnation and skewed development of the continent.
“In Africa, many countries opted for parastatals and this caused a lot of problems for their economies. They made us lose one or two decades in economic growth,†he said.
Museveni was speaking at the launch of a book titled “Uganda’s Economic Reforms†that spells out Uganda’s economic reforms and achievements since 1986 when the National Resistance Movement took over power.
The book co-authored by Florence Kuteesa, Bank of Uganda Governor Tumusiime Mutebile, Alan Whitworth and Tim Williamson, was launched at the Imperial Royale Hotel in Kampala.
Some of the most important elements in the reforms, Museveni said, are the control of inflation, liberalising foreign exchange and the removal of the rent control body.
He explained that the prioritisation of the private sector produced good results, adding that tax collection has also been successful.
“As a freedom fighter, I can work out of conviction. But most people work because they are paid. So, if you want to modernise, it’s good that you make people work for selfish interest but in the end contribute to a collective good,†he said.
On energy, Museveni said the strategy is to generate 17,000 megawatts in 10 to 15 years.
“UK generates 55,000 megawatts, but in most African countries, the kilowatt per capita is only 12 megawatts. This is scandalous. We now have $350m on our energy fund. We shall move on,†he vowed, adding that the recently discovered uranium will also go a long way in boosting the energy sector.
On petroleum, Museveni reiterated the Government’s commitment to ensure that the resource is used for infrastructure development.
Mutebile congratulated the NRM Government for being consistent with economic policies.
“For the past two decades, there has been no policy reversal; which is crucial, for investors. Our government is one of the very few that have not made policy reversals in the last 20 years,†he noted.