The Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, has warned that reckless money printing remains one of the fastest routes to inflation and economic instability.
Appearing on NBS Television’s Morning Breeze, Ggoobi emphasized that the government’s fiscal stability is guided by one central rule — only circulate the amount of money that has been properly programmed for the economy.
“If you want to avoid inflation, don’t print money. Keep within the amount of money you have programmed to keep in the economy,” Ggoobi said, highlighting the Ministry of Finance’s commitment to maintaining monetary and price stability.
He noted that Uganda’s economy continues on a trajectory of sustained and stable growth, thanks to strong coordination between the Ministry of Finance and the Bank of Uganda in managing fiscal and monetary policy.
According to Ggoobi, Uganda has moved beyond the era of uncontrolled cash injections and now anchors its fiscal strategy on evidence-based management designed to safeguard citizens’ purchasing power.
He added that the government remains focused on domestic revenue mobilization, efficient public expenditure, and avoiding unnecessary borrowing, which are critical in shielding the economy from external shocks.
Ggoobi’s remarks come as several developing economies face rising inflation, driven by post-pandemic recovery pressures, global commodity price fluctuations, and weakening local currencies.
