President Kaberuka in Uganda: Expresses Optimism on Africa’s Economies, Emphasizes Strong Institutions, Infrastructure, Trade
Kampala, 8 October 2007 – President Donald Kaberuka delivered a memorial lecture at the Bank of Uganda on "The African Economy: Fifty Years after Independence", in honour of Mr. Joseph Mubiru, the first Governor of the (Central) Bank of Uganda. He expressed optimism that after decades of reforms and adjustments, many African countries are now experiencing economic growth and poverty reduction. He noted nonetheless the renewed growth was largely driven by commodity prices and not as a result of changes in the structure of he economies. To sustain this positive trend, he emphasized the need to learn from the past, consolidate growth drivers, build strong institutions, develop infrastructure and trade, and ensure policy predictability. He also noted that demography, urbanization and climate change were that required global common action.
At the invitation of the Government, the President of the African Development Bank (AfDB) Group, Mr. Donald Kaberuka, visited Uganda from 3-7 October. During the visit, Mr. Kaberuka and his delegation met with H.E. President Yoweri Museveni, members of the Government, private sector players, development partners and local communities. The President visited two Bank-funded projects (Bujagali Hydroelectric Power Station in Jinja and the Small Towns Water Supply and Sanitation in Mpigi).
The government of Uganda, one of the three largest recipients of ADF resources, highlighted its priorities which include energy, transport, water supply and sanitation and access to credit. Regional integration emerged as a central element for Uganda’s growth and development during the discussions on energy and access to seaports. It was also noted that the discovery of oil opens opportunities and macroeconomic challenges.