PS Ggoobi
The Permanent Secretary and Secretary to the Treasury (PSST), Dr Ramathan Ggoobi, has dismissed public concerns that increased spending ahead of the 2026 general elections could trigger inflation or destabilise Uganda’s economy.
Speaking on KFM’s #VPN programme on Saturday morning, Dr Ggoobi assured Ugandans that election-related expenditure will not negatively affect macroeconomic stability.
“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 said.
He explained that close coordination between the Ministry of Finance and the Bank of Uganda has strengthened economic management, noting that monetary policy remains effective.
Dr Ggoobi commended the Governor of the Bank of Uganda and his team for prudently managing the money supply, which he said has helped keep inflation under control.
According to the PSST, inflation declined to 3.1 percent in December 2025, down from 3.2 percent in November and 3.4 percent in October, signaling continued price stability.
“What causes inflation is having too much money chasing few goods,” Dr Ggoobi said, adding that this is no longer the case in Uganda due to improved production and supply.
He attributed part of the stability to government investments under the Parish Development Model (PDM), describing it as a strategic intervention by President Yoweri Museveni’s administration to bring previously excluded communities into the productive economy.
Dr Ggoobi said government has so far disbursed about Shs 4 trillion under the PDM programme, with many beneficiaries investing productively, contrary to skepticism from some urban elites.
“The Parish Development Model has taken production to people who were not part of the economy before, and this has significantly boosted food production,” he said.
He maintained that with continued coordination between fiscal and monetary authorities, Uganda’s economy remains resilient despite the political season.
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