By Salim Rwabirura
The Economy NRM inherited…
When former president dictator Idi Amin left in 1979, a leadership vacuum emerged which increased the level of insecurity, weakening all attempts at economic reform and reconstruction by the 3 governments that ruled uganda between 1979 and 1980.
This is the history young people in uganda don’t know.
Milton Obote reclaimed power in 1980 and attempted a recovery program to raise the GDP growth, reduce inflation and revive production… using dual foreign exchange rate system.
He instead devalued the shilling and floated it, Increased agricultural produce prices and attempted to reform the monetary and fiscal policy.
However, the economic reforms introduced were short lived as his government was overthrown by his generals.
After 1983, Obote abandoned the recovery program and engaged in expansionist fiscal and monetary policies that led to the resurgence of inflation and a drastic fall in GDP growth. He printed a lot of money to finance the budget deficits leading to hyper inflation.
Money supply increased by 127% by 1984.. accelerating inflation by 140% between January 1984 and January 1985.
He failed to keep within set limits.
By the time Obote was toppled by the military Junta in July 1985, Ugandans were living agonizing lives.
With Tito Okello the economy slipped out of control.
By 1986 the NRA/NRM inherited an economy in ruins…and the journey from ugx 66bn to ugx 500bn has not been easy..
Am now I’m happy to tell you that Uganda graduated from LDC on March 2024.
Uganda met all the criteria for graduating from LDC thus Uganda crossing the LOWER MIDDLE INCOME threshold and setting the foundation for a continued socio-economic transformation.
Therefore trust the NRM govt to Protect Your Gains…..
This is uganda’s economic history the media & opposition politicians doesn’t want you to know.
FOR GOD & MY COUNTRY.
