Prof. Nuwagaba Augustus, Deputy Governor of the Bank of Uganda, has called for a fundamental shift in how Africa tackles economic inequality. Speaking on the continent’s economic future, he noted that the gap between the rich and poor continues to widen, slowing global economic growth.
According to Prof. Nuwagaba, Africa received US$64.8 billion in aid in 2021 and US$60 billion in 2023, yet poverty remains persistent. “The issue isn’t about aid; it is about trade and fair economic policies,” he emphasized, urging the restructuring of global economic governance systems, which he said are currently skewed against Africa.
He highlighted market imperfections created by developed countries that limit African products’ access to global markets and called for fair trade agreements to promote growth and development.
Using Uganda as an example, Prof. Nuwagaba said that despite controlling inflation, the country’s economic outlook remains fragile. He stressed the need to enhance export performance and add value to local products. “The entire coffee value chain is estimated at US$136 billion, but Uganda registered only US$2.1 billion in FY 2024/25,” he noted.
Prof. Nuwagaba also underscored the importance of empowering individuals with skills and affordable capital to drive economic activity and build human capital strategically.
“We’re not just saying redistribute wealth,” he concluded. “We must create wealth by investing in high-growth sectors and promoting entrepreneurship based on enhanced competitiveness.”
