President Museveni last Friday added his voice in praising the works and contributions of the deceased former Bank of Uganda Governor, Prof Emmanuel Tumusiime Mutebile who passed away at Nairobi hospital. Museveni hailed the fallen Governor for enriching the economic ideas of the then new NRM government in the 1980s, and helping put Uganda’s economy back on track. However, the president said Mutebile made a mistake by encouraging the government to fully liberalize the economy through mass privatization of government assets and parastatals including Uganda Commercial Bank. Although it was hoped that this would lead to reduction of interest rates, Museveni said, this has never happened to this date. On this note, Museveni said he should have listened to Prof Ezra Suruma’s side which opposed privatizing UCB. Prof. Ezra Suruma The sale of UCB remains a contentious issue with liberals arguing that the move allowed more players to join the financial market, enabling government to creat...
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