Election money will not destabilize Uganda’s economy – finance ministry PS says

Dr. Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury (PSST), has moved to calm rising public anxiety over inflation risks linked to increasing election-related expenditures, assuring Ugandans that the national economy remains firmly on a stable trajectory.

Speaking during a live interview on 93.3 KFM Saturday morning, Dr. Ggoobi dismissed claims that so-called “election money” is flooding the market in a way that could destabilize inflation, calling the narrative “misinformed and baseless.”

“I want to assure every Ugandan wherever you are, that there is nothing like election money destabilising us in Uganda. It’s not there,” Dr. Ggoobi stated firmly, emphasizing the robust coordination between the Ministry of Finance and the Bank of Uganda in managing fiscal and monetary policies.

Highlighting recent positive economic data, he pointed to the latest inflation figures which show a continued downward trend. In December 2025, inflation eased to 3.1 percent — down from 3.2 percent in November and 3.4 percent in October — marking the sixth consecutive month of declining price pressures.

“What causes inflation is having too much money chasing few goods,” explained Dr. Ggoobi. “That scenario is not what we are seeing in Uganda today. Our monetary policy is working, and we are seeing results on the ground.”

Despite these economic gains, a sobering report released by the Uganda Bureau of Statistics (UBOS) has cast a shadow over national governance, revealing persistent and systemic challenges in the fight against corruption.

According to the December 2025 Consumer Price Indices and Inflation Press Release—which included a special thematic section on governance, Uganda continues to struggle with deep-rooted corruption, despite years of reform efforts.

The report underscores recurring weaknesses in accountability, enforcement of anti-corruption laws, and integrity within the public sector. It identifies public procurement as a high-risk area, with misuse of public funds and limited consequences for senior officials perpetuating a culture of impunity.

“Corruption remains a major obstacle to service delivery, economic growth, and public trust in state institutions,” the report states. “While the government has made repeated commitments to combat graft, implementation gaps continue to undermine progress.”

Notably, oversight institutions such as the Inspectorate of Government and the Ethics and Anti-Corruption Commission (EACC) face political interference, resource constraints, and judicial delays, severely hampering their ability to investigate and prosecute high-level cases.

The report also draws attention to the tangible human cost of corruption, particularly for low-income citizens. It notes that millions continue to suffer from underfunded health services, poor-quality education, and crumbling infrastructure, direct consequences of diverted public resources.

As Uganda edges closer to another politically significant election cycle, the UBOS report issues a stark warning: anti-corruption efforts must shift from rhetoric to tangible action.

“The fight against corruption must go beyond speeches and manifest in visible, measurable results,” the report insists. It calls for stronger political will, legal protection for whistleblowers, and greater independence for oversight agencies.

Transparency in public finance management and meaningful citizen engagement are also highlighted as essential to restoring public confidence in democratic institutions.

While Dr. Ggoobi’s reassurances on inflation may bring comfort to households grappling with rising living costs, the broader governance challenges outlined by UBOS suggest that economic stability alone is not enough.

For Ugandans seeking equitable growth and accountable leadership, the path ahead involves not just sound economics, but a renewed commitment to integrity, transparency, and the rule of law.