The Permanent Secretary and Secretary to the Treasury (PSST), Dr Ramathan Ggoobi, has allayed public concerns that increased spending during the election period could trigger inflation or destabilise Uganda’s economy.
Speaking on 93.3 KFM’s ViewPoint programme on Saturday, Dr Ggoobi said fears surrounding so-called “election money” were unfounded, noting that Uganda’s macroeconomic fundamentals remain strong.
“I want to assure every Ugandan, wherever you are, that there is nothing like election money destabilising us. It is simply not there,” Dr Ggoobi said.
He attributed the prevailing economic stability to enhanced coordination between the Ministry of Finance, Planning and Economic Development (MoFPED) and the Bank of Uganda (BoU), adding that monetary policy is functioning effectively.
Dr Ggoobi praised the BoU Governor and his team for their stewardship in managing money supply, pointing to steadily declining inflation as evidence. Headline inflation eased to 3.1 percent in December 2025, down from 3.2 percent in November and 3.4 percent in October.
He explained that inflation is driven by excessive money in circulation chasing limited goods, a situation he said no longer applies to Uganda.
The PSST also highlighted the Parish Development Model (PDM) as a key strategic intervention by President Yoweri Kaguta Museveni’s government, saying it has expanded production by integrating previously excluded communities into the economy.
According to Dr Ggoobi, government has so far disbursed about Shs 4 trillion under the PDM programme, with many beneficiaries investing productively, defying scepticism from some urban elites.
He said the increased investment at grassroots level has boosted food production and strengthened the country’s economic resilience, reinforcing confidence that Uganda’s economy remains on a stable path despite the election season.
