Election Spending Will Not Destabilize Uganda’s Economy – Dr. Ggoobi

The Permanent Secretary to the Treasury, Ramathan Ggoobi has dismissed concerns that increased spending ahead of elections could trigger inflation in Uganda.

Speaking on 933 KFM’s VPN show on Wednesday morning, Dr. Ggoobi reassured the public that, “I want to assure every Ugandan wherever you are, that there is nothing like election money destabilising us in Uganda. It’s not there.”

He explained that close coordination between the Ministry of Finance, Planning and Economic Development (@mofpedU) and the Bank of Uganda (@BOU_Official) has strengthened the country’s financial stability. “The monetary policy is working effectively, and the Governor and his staff are doing a commendable job in managing money supply,” Ggoobi said.

The PSST noted that inflation has been on a declining trend, falling to 3.1% in December 2025 from 3.2% in November and 3.4% in October. “What causes inflation is having too much money chasing few goods. That is no longer the case in Uganda,” he explained.

Additionally, Ggoobi highlighted the Parish Development Model (PDM) as a key factor in stabilizing the economy. “Investment in the PDM was one of the strategic decisions that President Museveni and his government made because it took production capabilities to people who were not in the economy before. This has helped increase food production.”

He further stated that the government has disbursed about Shs 4 trillion for PDM initiatives, which have been effectively invested by local communities. “Many people have invested very well, contrary to what the elites in Kampala thought,” Dr. Ggoobi noted.

With these measures, the PSST emphasized that Uganda’s economy remains resilient even as the country approaches the election period.