Principal Communications Officer, Ministry of Finance,Planning and Economic Development
Kampala, Uganda
Joined February 2012
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Apollo Munghinda retweeted
STAY CALM,DON'T PANIC- FINANCE MINISTER
Finance Minister @henrymusasizi1 is this morning at @NBSBreakingNews to discuss the State of Uganda's Economy.
He has explained why the shilling is depreciating- more of external causes such as increase in price of crude oil and the war in the Middle East, and what @government is doing to stabilise the shilling.
@henrymusasizi1 says focus of @GovUganda now is to build an economy able to produce goods and services that can bring in more dollars.
On the fiscal side,he said the immediate problem requires reducing expenditure and being frugal,adding that priority will be given to unavoidable expenditures and productive activities to the economy.
@henrymusasizi1 says travel inland and abroad will be minimised,adding that some meetings can be attended on zoom and number of trips reduced.
On the Monetary side,the Minister said @BOU_Official
has already increased the central bank rate to 12% and also the cash reserve ratio to mop up excess liquidity in circulation to control inflation.
According to the Minister the idea of subsidies and use of reserves in the current circumstances is not sustainable.
He said @GovUganda will continue intervening using sustainable policies.
#NBSMorningBreeze
Apollo Munghinda retweeted
MULONDO IN KOREA FOR THE GLOBAL GREEN GROWTH WEEK 2026
Minister of State for General Duties,Cissy Mulondo joined Global Green Growth Institute (GGGI) Chairman Ban Ki-moon and other world leaders at Global Green Growth Week 2026 in Seoul, Republic of Korea, where she delivered reflections and key takeaways from the summit. #GGGWeek2026
In her reflections, Hon. Mulondo highlighted the need to translate climate ambition into practical investments through stronger partnerships, accessible finance, technology and projects that deliver tangible benefits for communities.
She underscored Africa’s growing cooperation to integrate climate risks into financial planning and mobilise investment, highlighting the Pan-African Finance Ministers Forum for Climate Action as a platform for peer learning and coordinated action.
Chairman Ban Ki-moon urged leaders to turn commitments into measurable results through innovation, affordable finance and stronger international cooperation—creating green jobs, strengthening energy security and building resilient economies.
For Uganda, the takeaways reinforce the importance of aligning climate investment with national planning and budgets, mobilising private capital and advancing bankable projects for resilient agriculture, clean energy and jobs. 🇺🇬🌍 #ClimateFinance #GreenGrowth
Apollo Munghinda retweeted
MUSASIZI: CYBERSECURITY IS CRITICAL TO UGANDA’S FINANCIAL INTEGRITY AND INVESTOR CONFIDENCE
The Minister of Finance, Hon. @henrymusasizi1, has commended the Financial Intelligence Authority @ThefiaU for attaining ISO/IEC 27001:2022 certification, describing it as a significant milestone in safeguarding sensitive financial intelligence, strengthening national security and enhancing international confidence in Uganda’s financial system.
Musasizi made the remarks during the official handover of the certification and launch of the FIA Client Charter at the Authority’s offices in Kampala. He commended the FIA Board, Management and staff, the National Information Technology Authority–Uganda (NITA-U), the World Bank and other stakeholders for their dedication and partnership in achieving this milestone.
He emphasized that sustaining Uganda’s removal from the Financial Action Task Force (FATF) Grey List requires continuous investment in cybersecurity, stronger inter-agency coordination and strict adherence to international standards, particularly ahead of Uganda’s 2028 mutual evaluation.
The Minister reaffirmed Government’s commitment to supporting the FIA and urged public institutions and the private sector to make information security a strategic priority.
The FIA Board Chairperson, Mr. Alinaffe Kalule, underscored the importance of information security in protecting sensitive intelligence, maintaining institutional credibility and safeguarding the integrity of Uganda’s financial system.
The FIA Executive Director, Mr. Samuel Were Wandera, noted that while certification demonstrates compliance with internationally recognized standards, it also marks the beginning of a continuous improvement journey requiring vigilance, stronger systems and adaptation to emerging cyber threats, including those associated with artificial intelligence.
The FIA Client Charter further reinforces the Authority’s commitment to transparency, accountability, responsive service delivery and meaningful stakeholder engagement.
Apollo Munghinda retweeted
Appearing on #NBSMorningBreeze today to speak about the State of Uganda's Economy,Finance Minister @henrymusasizi1 said @GovUganda is not planning to cut taxes on fuel because it's not a sustainable policy measure.
"The fundamentals are very strong with average GDP growth of 6% over the last 10 years. We should be optimistic about the future of our economy.We shall overcome," said the Minister.
The Minister said having strong fundamentals does not stop shocks such as the depreciation of the shilling the country is currently experiencing.
He advised Ugandans to be frugal in expenditure and postpone financial transactions that can wait.
Apollo Munghinda retweeted
Finance Minister @henrymusasizi1 will tomorrow morning be @NBSBreakingNews #NBSMorningBreeze to discuss the State of Uganda's Economy.
Stay tuned and follow this important conversation to know what @GovUganda is doing to keep the economy afloat.
#Economy
Finance Minister @henrymusasizi1 will be at @NBSBreakingNews tomorrow morning to discuss the State of Uganda's Economy.
Apollo Munghinda retweeted
LOANS ARE PROGRAMMED & FACTORED INTO DEBT PROJECTIONS-MUSASIZI
Finance Minister @henrymusasizi1 has clarified that Government’s borrowing, including the proposed €31.98 million loan for the Mbarara Regional Diagnostic and Oncology Centre, is part of the programmed borrowing for FY2026/27 and is already incorporated into the country’s debt projections.
Musasizi made the clarification while appearing before Parliament’s Committee on National Economy, which is scrutinising the proposed financing, including its implications for public debt, procurement conditions and project costs.
“All these loans we acquire within the year are already in our programmed borrowing. So, when we tell you the debt-to-GDP ratio is now at 54%, that projection includes the borrowings within the year,” said the Minister, adding that this loan will have no additional impact to the numbers already given.
The proposed project will cost €33.58 million, comprising a €31.98 million concessional loan from the Government of France and €1.6 million in counterpart funding from the Government of Uganda.
According to the financing brief presented to the committee, the loan has a maturity period of 25 years, including a 10-year grace period, at an annual interest rate of 0.347%.
Musasizi said the financing is highly concessional, with the Ministry of Finance’s technical team putting the grant element at 52%, above the Ministry’s minimum requirement of 35%.
The project will involve constructing wards, clinical rooms, CT scanning rooms and supporting facilities, alongside procuring MRI and CT scanners and other specialised medical equipment and furniture. The proposed site is at the Kihumuro Campus of Mbarara University of Science and Technology, within five kilometres of Mbarara Regional Referral Hospital.
Government is expanding regional cancer services to bring specialised treatment closer to communities and ease pressure on the Uganda Cancer Institute (UCI) in Mulago.
In 2025, UCI received 8,764 new cancer patients, up from 4,194 in 2015, more than doubling over the decade. The institute recorded over 67,043 outpatient days and 90,732 inpatient days, with bed occupancy exceeding 200%. Its outpatient clinics attended to almost 278 patients daily.
The existing UCI service in Mbarara received 1,306 new cancer patients in 2025, serving patients from more than 18 districts in Western Uganda. The Mbarara centre is part of Government’s wider expansion of regional oncology services, alongside the centre in Gulu and additional centres in Arua and Mbale, where construction commenced on June 1, 2026.
📸 @Parliament_Ug
Apollo Munghinda retweeted
This afternoon I delivered a statement to Parliament of Uganda on the State of Uganda’s Economy, explaining the recent depreciation of the Uganda shilling and the measures Government and the Bank of Uganda are taking to stabilise the shilling.
Key messages were;
1️⃣Let us avoid panic buying of foreign currency, speculative transactions driven by rumours and other behaviour that can amplify short-term pressure on the shilling. Remain calm, avoid panic-driven decisions.
2️⃣Government and the Bank of Uganda will continue to provide timely, factual communication to support informed decisions and confidence in the economy.
3️⃣Despite the current economic pressures, the fundamentals of our economy remain strong. Uganda's economy continues to grow, supported by increased production, investment and exports.
4️⃣Government and the Bank of Uganda are responding through prudent fiscal management and appropriate monetary policy.
5️⃣Government will rationalise non-essential expenditure, including foreign and domestic travel, workshops, meetings and other administrative costs, while protecting critical public services and priority development investments.
6️⃣Households should prioritise essential expenditure, conserve fuel and energy, and make informed purchasing decisions.
7️⃣Businesses should eliminate waste, improve operational efficiency, source inputs locally where commercially viable, and expand production for export markets.
Ugandan shilling has come under significant pressure, weakening from approximately Shs 3,604 per US dollar in March 2026 to around Shs 4,500 by late October 2026.
The underlying pressure arises from an imbalance between the demand for and supply of foreign exchange, particularly US dollars.
When demand for dollars to finance imports and meet other external obligations exceeds the supply generated by exports, investment and other foreign-exchange inflows, the price of the dollar rises
I noted that the higher international petroleum costs have increased Uganda's demand for foreign exchange, adding that geopolitical tensions in the Middle East have heightened uncertainty and pushed up petroleum-related costs, including shipping and insurance.
The demand for foreign exchange has increased across other sectors of the economy, adding that international financial conditions and market expectations have also contributed to the pressure.
I also noted that the declining global prices for key agricultural exports, particularly coffee and cocoa and reduced tourism receipts have temporarily constrained Uganda's foreign-exchange inflows.
How Government and the Bank of Uganda are responding,
The Bank of Uganda has tightened monetary conditions, including raising the Central Bank Rate from 9.75 percent to 12 percent and increasing commercial banks' cash reserve requirement to 13.5 percent from 11 percent.
These measures are intended to moderate excessive demand, contain inflationary pressures and support confidence in the shilling.
The Bank of Uganda will continue to manage liquidity and, where necessary, intervene in the foreign-exchange market to address excessive volatility, consistent with its mandate.
I also stated that Uganda remains committed to a market-determined exchange rate which allows the economy to adjust to changes in external conditions.
Commenting about the international reserves, i stated that they provide an important buffer against external shocks and their prudent management is necessary to address disruptive market conditions while preserving the country's capacity to meet external obligations.
On the fiscal side, Government is supporting monetary policy through expenditure restraint and careful prioritisation.
📸 @Parliament_Ug
Apollo Munghinda retweeted
DEPUTY SECRETARY TO THE TREASURY CLARIFIES ON CIRCULAR ISSUED
Deputy Secretary to the Treasury,Patrick Ocailap has clarified on the circular he issued regarding the revised rates of duty facilitating allowances👇👇👇
Apollo Munghinda retweeted
MUSASIZI ASSURES COUNTRY AS GOVERNMENT MONITORS ECONOMIC DEVELOPMENTS
Finance Minister @henrymusasizi1 has assured Ugandans that Government is closely monitoring economic developments and remains confident the country will overcome the current economic pressures.
Responding to issues raised by Members of Parliament following his presentation of the State of the Economy statement, Musasizi called on leaders to defend the country’s economic record and help the public understand the measures being taken to maintain stability.
“Uganda is one of the countries that has managed the economic fundamentals sustainably over the years,” Musasizi told Parliament, noting that the economy had registered average growth of about 6% over the previous decade.
The Minister cautioned against suggested interventions that could provide only temporary relief while leaving the country exposed to prolonged pressure on foreign-exchange reserves.
He challenged calls for measures such as subsidies or sustained reliance on reserves to address the pressure on the shilling, asking what would happen if the situation persisted for another year and reserves were depleted.
“Do you want an economy with no reserves? The answer is definitely no,” he said.
Musasizi disclosed that Government was already using gold as one of the assets to buffer the country’s reserves, under a policy approved by Cabinet and communicated to Parliament.
He urged MPs to use the information provided in his statement to inform the public about the state of the economy and reassure citizens that Government was taking necessary steps to address the challenges.
“We are working everything possible and we are confident we shall overcome this storm,” he said.
Deputy Speaker Thomas Tayebwa called on Parliament and other leaders to work together in supporting efforts to stabilise the economy. He said the Minister could return to the House if further interventions were needed and noted that the relevant parliamentary committee would continue engaging with the Ministry on economic developments.
In response, Musasizi committed to keeping Parliament informed of any additional measures Government may introduce as circumstances evolve.
He said the Ministry monitors economic performance daily, including how markets close and movements in interest rates, to guide its assessment of the situation.
“As I stated in the statement, if circumstances look that we make other interventions, we will definitely come back and inform the House,” Musasizi said.
The Minister reiterated Government’s commitment to monitoring developments closely, responding as necessary and maintaining communication with Parliament as it works to safeguard economic stability.
@Parliament_Ug
Deputy Secretary to the Treasury,Patrick Ocailap sheds more light on the circular for duty facilitating allowances.
Hear what he says👇👇
MUSASIZI ADVISES UGANDANS HOW TO RESPOND IN LIGHT OF THE DEPRECIATING SHILLING:
Finance Minister @henrymusasizi1 made a statement to @Parliament_Ug
this afternoon on the State of Uganda's economy.
Key takeaways:
1.Let us avoid panic buying of foreign currency, speculative transactions driven by rumours and other behaviour that can amplify short-term pressure on the shilling. Remain calm, avoid panic-driven decisions.
2.Government and the Bank of Uganda will continue to provide timely, factual communication to support informed decisions and confidence in the economy.
3.Despite the current economic pressures, the fundamentals of our economy remain strong. Uganda's economy continues to grow, supported by increased production, investment and exports.
4.Government and the Bank of Uganda are responding through prudent fiscal management and appropriate monetary policy.
5.Government will rationalise non-essential expenditure, including foreign and domestic travel, workshops, meetings and other administrative costs, while protecting critical public services and priority development investments.
6.Households should prioritise essential expenditure, conserve fuel and energy, and make informed purchasing decisions.
7.Businesses should eliminate waste, improve operational efficiency, source inputs locally where commercially viable, and expand production for export markets.
Apollo Munghinda retweeted
MUSASIZI MEETS NEW GERMANY AMBASSADOR
Finance Minister @henrymusasizi1 has this morning received the new Germany Ambassador to Uganda H.E Sigrid Sommer at his office ahead of the Uganda- Germany Government Negotiations scheduled for the first week of November 2026, which will set the framework for cooperation over the next two years.
The Minister welcomed the new Ambassador and thanked the Germany Government for the bilateral cooperation and support to Uganda over the years especially in the sectors of energy, water, agriculture and rural development as well as financial and technical cooperation.
Musasizi said development cooperation must be linked to Uganda’s Tenfold Growth Strategy through support to the ATMS and Enablers.
The Germany Ambassador said their interventions are aligned with the Tenfold Growth Strategy. She said the priority areas of support include; energy, agriculture,water,private sector development and inclusive communities including refugees and host communities.
She applauded Uganda’s Refugee Policy and the stabilizing role of Uganda by hosting refugees, adding that, this is the reason the Germany Government considers it as priority area.
The Ambassador who was accompanied by the Head of Development Cooperation, Alicia VAN DEN BOOM also expressed commitment to promoting trade and investment and encouraged Uganda’s participation in the forthcoming German-Africa Business Summit due next month in November,2026.
Germany financial cooperation portifolio with Uganda now stands at Euro 470.5 million across 30 projects of which Euro 241.1 million has been already disbursed.
Apollo Munghinda retweeted
FINANCE MINISTER MEETS MTN SENIOR VICE PRESIDENT
Finance Minister @henrymusasizi1 this morning met MTN Senior Vice President for the Southern, East Africa, Ghana and Sudan region, Ebenezer Asante who paid him a courtesy call at his office in Kampala.
Mr. Asante was accompanied by senior officials of @mtnug including the Chief Executive Officer Sylvia Mulinge and the Managing Director Mobile Money, Phrase Lubega.
The discussions focused on reorganizing the operations of MTN business in Uganda following a strategic decision taken at the group level to separate connectivity from fintech.
The Minister said Government is committed to continue working with MTN Uganda as long as the reorganization does not disadvantage the country especially in terms of tax revenue.
The MTN Senior Vice-President thanked Government for the cooperation and expressed commitment to continue working closely with Uganda and fulfilling all the business obligations including payment of taxes without leakages, data protection and privacy.
He said the reorganization will streamline regulation and enable the business to attract global partners in their specific area of interest.
Apollo Munghinda retweeted
Acting Commissioner, Budget Policy and Evaluation Ali Tagoole
has said @mofpedU remains committed to strengthening its information systems,building capacity of users & improving efficiency and accountability of public financial management.
Tagoole made the remarks this morning while opening the training of selected Ministries,Departments & Agencies (MDAs) on the use of the online transfer information management system (OTIMS) at Mestil hotel in Kampala.
OTIMS supports the Ministry's processes for managing transfers to Local Governments.The system facilitates the preparation and management of indicative planning figures (IPFs),updating beneficiary information and cost centres as well as generating quarterly expenditure limits.
"Your feedback is valuable because it will help to ensure that the enhanced system is practical,user-friendly and responsive to the needs of the Ministry and the participating MDAs," said the Commissioner.
The system security & database have been enhanced in addition to integrating Kampala Capital City Authority (KCCA) into the system
MDAs on OTIMS include; @OPMUganda @MoLGUganda
@KCCAUG @MAAIF_Uganda
@mtic_uganda @Educ_SportsUg
@mofpedU @MinofHealthUG
Apollo Munghinda retweeted
Acting Director Debt and Cash Policy at @mofpedU, Maris Wanyera has been sworn in as a new member of @ThefiaU Board of Directors charged with ensuring the economy is safeguarded from the threats of financial crime.
Financial Intelligence Authority (FIA) was established to detect and deter money laundering by collecting, analyzing and disseminating information related to financial transactions to law enforcement agencies. This information is used to combat money laundering, terrorism financing and proliferation of financing offences.
