KAMPALA, UGANDA – The Permanent Secretary and Secretary to the Treasury, Ministry of Finance, Ramathan Ggoobi, has revealed that the Ministry has a plan to accelerate economic growth, urging bankers to support the initiative.
Speaking at the 7th Annual Bankers Conference held at Serena Hotel in Kampala, Ggoobi assured the country that the economy of Uganda is very stable, growing and fully recovered from the various shocks that affected it during the last 4 years.
“We have a good plan for the future in terms of growing the economy,” said the PSST adding that the current growth rate of 6% is good to sustain but government is not contented with this growth.
He said government wants to see growth of the economy in double digits in the next decade and a half, adding that the plan will be concretised during the implementation of NDP IV.
The Secretary to the Treasury also expressed government commitment to climate change mitigation and adaptation.
He noted that a number of frameworks are already in place including Ministry of Finance Climate Finance Unit which is working with Development Partners to attract climate financing.
“We have committed to climate change adaptation and mitigation with several policies in place to support this agenda,” Mr. Ggoobi said.
Bank of Uganda’s Executive Director of the Bank Supervision Directorate, Tumubweine Twinemanzi, reaffirmed BOU’s support for the banking sector.
“We established an industry ESG framework with Uganda Bankers Association which was rolled out two weeks ago. Unlike other countries, we allowed the banking industry to take the lead in the framework, and as the regulator, we followed. Business operators can adopt our guidelines while conducting business,” Mr. Twinemanzi said.
PostBank Uganda Managing Director and Uganda Bankers Association (UBA) Chairman, Julius Kakeeto, encouraged entities to embrace ESG for a resilient and sustainable financial future.
“The regulatory landscape is evolving rapidly to support a sustainable future. Embracing ESG is now more than a regulatory requirement but a strategic move towards enduring sustainability and resilience in a dynamic business environment,” Mr. Kakeeto said.
He highlighted Uganda’s ESG integration with the National Development Plan (NDP III) and the Nationally Determined Contribution (NDC) outlining ambitious targets aligned with national policies like Vision 2040 and the National Climate Change Act of 2021.
“The banking sector is pivotal in addressing ESG risks, directing capital towards sustainable investments and projects with positive environmental and social impact. We must fully integrate ESG principles into our business practices for a sustainable business environment,” Mr. Kakeeto concluded.
