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LETTER TO THE EDITOROn Wednesday, April 11, the Daily Monitor published a story under the headline “Kasekende versus Kisamba: Who is lying on the economy”.
Neither Dr. Louis Kasekende, Deputy Governor of the Bank of Uganda nor Dr. Wilberforce Kisamba-Mugerwa, the Chairman of the National Planning Authority (NPA), both of whom are highly respected public figures, were telling lies and it is very dishonest of the Daily Monitor to impugn their integrity in this manner.
The basis of the article was differences in the Gross Domestic Product (GDP) growth rates cited by the Governor, Bank of Uganda, the Deputy Governor and NPA Chairman. These differences are easy to explain, because they pertain to different time periods.
The Governor, in his Monetary Policy Statement of April 2018, referred to a growth rate of 6.3 percent in the calendar year 2017. The Deputy Governor referred to a GDP growth rate of 6.9 percent in the second half of the calendar year of 2017. Both of these figures are taken directly from the quarterly GDP data published by the Uganda Bureau of Statistics (UBOS) which are available on its website. Please note that the Bank of Uganda does not publish its own GDP estimates, it uses UBOS data.
The Chairman of the NPA referred to a projected GDP growth rate of 5.5 percent for the 2017/18 fiscal year, which has not yet ended. As such there is nothing inconsistent in the different GDP figures given by these three gentlemen and certainly nothing that warrants the allegation that they are lying.
Charity Mugumya (Mrs.)
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- Central Bank Rate (CBR)
|October 2018||December 2018|
|October 2018||November 2018|
|Food Crops & Related Items||-3.4||-3.3|
- Exchange Rates
- December 11, 2018
- Financial News Report
|November 28, 2018||December 05, 2018|
|T/Bills (91 days)||10.99||10.80|
|T/Bills (182 days)||12.30||12.00|
|T/Bills (364 days)||12.75||12.75|
|T/Bonds (2 years)||15.25||15.25|
|T/Bonds (3 years)||16.79||16.79|
|T/Bonds (5 years)||16.75||16.75|
|T/Bonds (10 years)||17.20||17.20|
|T/Bonds (15 years)||17.50||17.50|
- Commercial Bank Rates
|September 2018||October 2018|
|Time Deposit Rate||9.68||9.72|