President Yoweri Museveni yesterday joined Bank of Uganda staff and other guests to celebrate their 50th anniversary.
“I congratulate BoU for tremendously serving the people of Uganda,” the president said.
He further thanked BoU for controlling inflation rates and successfully regulating the banks.
“The five bottlenecks that Uganda faced when we came into power were; ideological disorientation, poor infrastructure, underdevelopment of the human resource and undermining of the role of the private sector.”
He said during former president Idi Amin’s regime, the private sector was undermined and interfered with, which was a very big mistake.
He urged BoU to work with the private sector to make sure the economy thrives.
Controlling inflation alone without controlling the bottlenecks will not make the economy grow, he noted.
“Stopping inflation is stopping surface bleeding, what about the damage inside?”
Museveni also cautioned the Government to stop spending money they don’t have.
“Finally, I salute those who worked under the hard times of Idi Amin’s regime because their resilience has made Uganda what it is today.”