Museveni Bashes Idi Amin Regime as BOU Marks 50 Years

President Museveni hands over an Award to Bank of Uganda
Governor Prof. Emmanuel Tumusiime Mutebile in appreciation of his work

President Yoweri Museveni has lambasted former President Idi Amin for taking decisions that ruined Uganda’s economy in the mid-1990s.

He said that the dictator had less knowledge about economic issues resulting into significancy turbulence.

Museveni was on Wednesday officiating at the ceremony to mark Bank of Uganda’s golden jubilee at Serena Hotel.

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“The establishment of the Bank of Uganda was as a result of some of our East African presidents Kenyatta, recipe Nyerere and Obote failing to agree on a united East africa in1963.”

He further noted; “This was a big mistake and that’s how I became unhappy with some of our leaders. However the biggest problems came with Idi Amin. He didn’t know a lot about many things and eventually our economy collapsed.”

“His poor policies interfered with the private sector and he even chased Indians who were building our economy.”

Museveni acknowledged Ugandans among them Joseph Mubiru BOU’s first Governor who made the sacrifice to withstand the despotic regime adding that their efforts salvaged the crumbling political and socio-economic situation.

“Infact I salute those who worked under Amin’s regime. I personally couldn’t attempt to work with him. Amin came to power on the 25th of January and two days later, try I left to fight him. For those who stayed, more about its good because what then would we have found?”

He credited the central bank for turning the economy around through controlled inflation as well as regulating commercial banks. However, the President challenged policies suggested by global instruments such as IMF saying economic growth can’t be achieved by only structural reforms.

“IMF talks about controlling budget and money flow but not infrastructure. There’s no way foreign investments and the private sector will come in without these in place.”

Speaking at the anniversary celebrations, the current governor of the Central Bank Prof. Emmanuel Tumusiime Mutebile commended the regulator for “putting Uganda’s economy back on its feet and sustaining real economic growth”.

“Bank of Uganda has controlled inflation that began mid-1990s through good fiscal and monetary policies. Between 1981 and 1992 annual inflation rate was at 93 percent but from 1993 to date, inflation has been averaging at 6.9 percent.”

Controlling inflation alone without addressing fiscal problems will not create growth. We took a deliberate decision to develop our infrastructure on our own.

Other diginitaries that attended were former Nigerian Minister of Finance Dr. Ngonzi Iweala Okonjo, Governors of various central banks; Charles Chuka (Malawi), Patrick Njoroge (Kenya), John Rwangobwa (Rwanda), Julian Rafael (Tanzania) and Maketa (Lesotho).


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