Bank of Uganda annual Joseph Mubiru Memorial lecture 2016 JMML 16 was held when Bank of Uganda celebrated 50 years anniversary. Dialogue for the lecture includes Dr. Okonjo Iweala former IMF MD and Nigerian Finance minister, Nitin Madhvani CEO Madhvani group of companies, Andrew Rugasira CEO Good African Coffee.
Do African central banks need a change of paradigm or stay the course?
Drawing lessons from recent central bank experiences; the overwhelming priority of African central banks is to pursue low and stable inflation.
If monetary policy is to deliver the goods it must be in concert with fiscal policy
Why unconventional monetary policy must be viewed with suspicion, Brazil
While there is no doubt of china’s economic advance in the last 2 decades,
Dr. Iweala: India economic growth one of the bright spots in the global economy, India adopted Inflation targeting light in March 2015,
The massive foreign reserves china has built up will be necessary
Central banks have to be proactive to combat change
Dr. Iweala: This government has done a good job in improving business practices in the country, however, we can do better. #JMML2016
We cannot remain import dependent countries #JMML2016
If we cannot invest in tech like Rwanda is doing, we shall remain behind. JMML
Pay attention to the youth and use the resource you have in your women
Koffi Annan Africa’s creativity is enormous we should unlock this creativity
Madvhani: the action of central banks in 2008 averted the collapse of financial sector. The role of the central bank is thus indispensable #JMML16
Rugasira: Wth the high cost of money how do you get the private sector to participate?
Andrew Rugasira: There are fundamental realities and business realities that need to change before we talk about bailouts
Rugasira: Monetary policy and management of supply side of money alone will not bring any fundamental change in this country. #JMML16
Rugasira: what does it take for Ireland to export more bananas than us yet we grow lots of bananas /Amenvu #JMML16
Proposes that those that pay taxes and create employment sit with policy makers and get listened to. #JMML16
DG Kasekende: The BoU appears before committees in Parliament on issues of accountability however need for more debate is important. #JMML16
DG Kasekende: We have been going around the country to get feedback on the role of the central bank, we will go back and look at these issues.
DG Kasekende: The issue of consumer protection will be strengthened in the structure of the central bank.
Financial intermediation is not a unique problem to Uganda, we shall do our analysis
50 shilling coin remains legal tender and remains part of our money structure. We shall set up a committee to look at it. It should not be rejected.
Banks are not supposed to increase
.@andrewrugasira there is a convergence between what is being done and what has been done.
There is a technical problem in the civil service, somrthing has to be done. That lack of coordination has consequences
Dr. Iweala: I was impressed with the quality of debate. There is no way we can solve problems without sincere debate and dialogue
Much seems to be expected of the BoU, much has already been achieved
Dr. Iweala: The issue of better coordination btn fiscal and monetary bodies to achieve the structural dev’ts the country deserves
Dr. Iweala: We think our problems are unique to us, from my years of experience I wish to assure you that you are not alone. Focus on solutions.
If we don’t manage the problem of youths in Africa we are sitting on a time bomb