Uganda’s Top Treasury Official Assures Public: “Election Money Will Not Destabilise the Economy”
KAMPALA – The Permanent Secretary to the Treasury, Dr. Ramathan Ggoobi, has moved to allay public fears that increased spending during the election period will trigger inflation and destabilise Uganda’s economy.
Appearing on a morning show on 93.3 KFM, Dr. Ggoobi categorically dismissed the notion of destabilising “election money.”
“I want to assure every Ugandan wherever you are, that there is nothing like election money destabilising us in Uganda. It’s not there,” the PSST stated emphatically.
He attributed the economy’s resilience to strengthened coordination between the Ministry of Finance, Planning and Economic Development (@mofpedU) and the Bank of Uganda (@BOU_Official). Dr. Ggoobi praised the central bank’s management of monetary policy, stating, “the monetary policy is working effectively and the Governor and his staff are doing a commendable job in managing money supply.”
Citing recent data, he noted a continued decline in inflation, which fell to 3.1% in December 2025 from 3.2% in November and 3.4% in October. He explained the foundational economic principle at play: “What causes inflation is having too much money chasing few goods,” adding that this is no longer the case in Uganda.
Dr. Ggoobi highlighted the government’s Parish Development Model (PDM) as a key strategic intervention boosting economic stability. He described it as a decision by President Yoweri Museveni and his government to “take the production capabilities to the people who were not in the economy before,” significantly increasing food production.
The PSST revealed that the government has disbursed approximately Shs 4 trillion for the PDM program, countering skepticism from some quarters. “Many people have invested very well contrary to what the elites in Kampala thought,” he concluded.
The assurance comes amidst the electoral season, aiming to bolster public confidence in the government’s stewardship of the national economy.
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