The Central Bank is mindful of food crop farmers and other vulnerable Ugandans the reason it has decided to manage inflation, deputy Governor of Bank of Uganda (BOU) Michael Atingi-Ego has said.
Atingi-Ego said BOU management decided to tighten the supply of money in the system as a way of fighting inflation.
“The Central Bank has taken decisive action over the past few months to tighten the supply of money in the system to control demand and inflation. The most affected people are the food crop farmers and other vulnerable Ugandans,” he said.
“The farmers’ purchasing power will be eroded, but as the Central Bank, we have to protect these people such that inflation does not rise significantly above where we are today.”
Atingi-Ego made the remarks over the weekend in Bujowali cell, Njeru division in Buikwe district, where Rotarians from Uganda and Tanzania under the Rotary Campers Fellowship, camped for two days.
The camp was aimed at collecting money to procure electrocardiography (ECG) machines for different regional referral hospitals. Since the lifting of the COVID-19- induced lockdown, many people have been and are still crying over the hike in prices of commodities and goods, with the latest being that of sugar and rice passing the sh5,000 mark.
Atingi-Ego expressed worry over the increase in prices of food crops and other agricultural products, saying it has been caused by climate change and the Ukraine-Russia war.
Chairperson of Rotary Campers Fellowship Irene Luweesi Nakanwagi said the camping is aimed at getting money to buy ECG machines that they will donate to government-aided hospitals.
Call to conserve the environment
Atingi-Ego urged Ugandans to engage in environmental conservation. He said the effects and costs of climate change will grow exponentially if nothing is done today to conserve the environment.
“We are also aware that we have gaps in terms of the capacity to provide specialised treatment and surgery, the reason Ugandans always go abroad for heart surgeries and treatment, but I commend all Rotarians for this initiative and I ask you to maintain the momentum,” he said.
Atingi-Ego and BOU donated sh10m and sh20m, respectively, for the ECG machines. Nakanwagi said this year they are targeting to collect over sh200m for the ECG machines and heart surgeries.