The Manager of the Office of the National Chairman (ONC), Hajjat Hadijah Namyalo Uzeiye, has called on government institutions to align economic policies with President Yoweri Kaguta Museveni’s economic transformation agenda, raising concerns over high borrowing costs, exchange-rate pressures and electricity tariffs.
She warned that the combined cost of accessing credit, conducting business and using electricity could undermine investment, job creation and the growth of local enterprises if not adequately addressed.
Addressing the media on Friday, October 16, 2026, Namyalo, also known as SPA/PA, emphasised that while monetary stability remains important, economic policies should also promote productivity, support entrepreneurs and expand opportunities for ordinary Ugandans.
“Monetary stability is important, but it must not necessarily undermine productivity of investment, job creation and economic growth,” she said.
Her concerns followed reports of an increase in the Bank of Uganda’s Cash Reserve Requirement from 11 per cent to 13.5 per cent. The requirement obliges commercial banks to retain a specified proportion of their deposits as reserves, potentially affecting the funds available for lending.
She questioned the implications of the reported adjustment for businesses that rely on bank financing, particularly small and medium-sized enterprises seeking affordable credit to sustain operations, expand production and create employment.
She also raised concerns about banking charges, arguing that the cost of accessing financial services could discourage some Ugandans from participating in the formal financial system.
On the foreign-exchange market, Namyalo said the dollar’s value against the Uganda shilling remained a concern for traders and investors, particularly those importing goods, machinery and other essential business inputs.
“The dollar rate is high. The taxes are high,” she said, warning that the combined burden could limit business expansion and increase operating costs.
She called for greater support for Uganda’s export sector, identifying coffee, tea, cocoa and cotton as key products with the potential to generate foreign exchange and strengthen the national economy.
According to Namyalo, strengthening local production, value addition and access to international markets would help Ugandan businesses compete more effectively while reducing the economy’s vulnerability to external pressures.
Electricity costs and industrialisation
Namyalo also questioned the affordability of electricity, describing reliable and reasonably priced power as essential to Uganda’s ambitions in industrialisation, science, technology and digital transformation.
“How can we talk about science and technology without electricity?” she asked.
She compared Uganda’s electricity costs with those in neighbouring Tanzania and called for greater transparency regarding the factors determining domestic power tariffs.
Namyalo argued that electricity pricing should support industrial productivity, enable businesses to operate competitively and protect household welfare.
Calls for implementation of Museveni’s manifesto
Linking the concerns to the government’s broader economic agenda, Namyalo urged public institutions to ensure that policies and programmes reflect the commitments made by President Museveni, particularly those aimed at economic transformation and improving citizens’ livelihoods.
“Let the man implement his manifesto as written in the booklet. Let it not remain in the booklet, but rather be of national interest and implementation,” she said.
She stressed that government policies should deliver practical benefits to Ugandans rather than remain commitments on paper, adding that the concerns affecting businesses and households deserved closer attention from the relevant authorities.
Namyalo’s remarks come amid broader discussions about how Uganda can sustain macroeconomic stability while expanding access to affordable credit, strengthening exports, attracting investment and supporting local enterprises.