UGANDA LOSES BILLIONS TO MONEY PRINTING—BOU DEPUTY GOVERNOR WARNS AS CALL TO ACTION ISSUED FOR ACCOUNTANTS
ENTEBBE, April 23, 2025 — The Deputy Governor of the Bank of Uganda, Prof. Augustus Nuwagaba, has raised the red flag over Uganda’s heavy spending on money printing, cautioning that it is costing the country significant financial resources and affecting the overall economy.
Speaking at the 3rd Public Finance Management Conference held today in Entebbe, Prof. Nuwagaba attributed part of the economic strain to the public’s continued mishandling of currency, urging citizens to treat money responsibly in order to reduce the frequency and cost of reprinting.
“We are losing quite a lot of money into printing money — resources that could otherwise be redirected towards service delivery and infrastructure. We must change how we handle currency,” Prof. Nuwagaba said.
The conference, organized by the Institute of Certified Public Accountants of Uganda (ICPAU), has brought together accounting professionals, economists, policymakers, and stakeholders in public finance to discuss strategies to enhance transparency, efficiency, and value-for-money in public expenditure.
Prof. Nuwagaba has further revealed that Uganda’s Gross Domestic Product (GDP) currently stands at USD 50.2 billion, with ambitious projections to hit USD 500 billion by 2040. However, he has cautioned that for such growth to be realized, accounting professionals must step up in bridging the gap between planning and implementation an area he noted has been a persistent challenge.
“Plans are there, yes. But the problem is implementation. That’s where accountants must play a critical role—linking numbers to impact,” he added.
The Deputy Governor has also noted broader economic and geopolitical challenges threatening Uganda’s growth trajectory. These include global tariff regimes, particularly those imposed by the U.S. President Donald Trump, and the ongoing threats of climate change. He emphasized the need for professionals to be proactive in crafting solutions that uplift the livelihoods of ordinary citizens.
“Tariffs, climate change these are real enemies of progress. Our accountants must help us think beyond numbers and drive transformation,” Prof. Nuwagaba said.
Also speaking at the conference, Ronald Mutumba, a representative from ICPAU, has showcased the milestones the accounting profession in Uganda has achieved in promoting value-for-money principles in public and private institutions. He cited increased compliance, improved audit standards, and growing public trust in financial reporting as key wins.
Derrick Nkajja, the CEO of ICPAU, emphasized the significance of the conference in refining the profession’s approach to service delivery. He noted that forums like these help professionals identify and address bottlenecks that hinder efficient public service.
“This conference is helping us understand where the blocks are in delivering what the public truly needs. It’s about aligning our service to national priorities,” Nkajja said.
The conference comes at a time when Uganda is grappling with fiscal pressure and rising expectations for accountable and transparent use of public resources. Organizers hope the outcomes will inform better financial management practices as the country pushes toward its Vision 2040 goals.