The Bank of Uganda has unveiled a five-year Strategic Plan for 2022 to 2027 to strengthen its ability in maintaining stability in the economy and sound financial system to support investments in the country.
Speaking during the launch at the central bank headquarters in Kampala, the Deputy Governor Bank of Uganda, Dr Michael Atingi-Ego on Friday evening said strategic plans are living documents that anticipate multiple future paths, design responses to the dominant anticipated paths, and flexibly adjust to the evolving environment while maintaining a sharp focus on the ultimate goals.
Dr Atingi-Ego said the BoU’s refined mission is “To promote price stability and a sound financial system in support of socio-economic transformation in Uganda”.
The Uganda economy like other economies in different parts of the world is always faced with internal and external shocks such as increase in commodity prices, high interest rates, rise in inflation rate and volatilities in the foreign exchange market.
In regard to the above, Dr Atingi-Ego said they will always secure the traditional public goods of price stability, financial system soundness and resilience, as well as financial system and payments systems development.
“And, we will also pursue new goals such as the promotion of a sustainable financial system in which the supervised financial institutions will be encouraged to observe the minimum environment, social and governance standards by extending their business models beyond the narrow creation of shareholder value to include the sustainability concerns and their impact on society,” he said.
Adding: “To maintain fidelity to our mandate in an evolving world, our SP 2022 -2027 includes a progressive approach to emerging issues such as central bank digital currencies; sustainability of the financial system; climatic risk; integrated reporting; big data, artificial intelligence and machine learning; cybersecurity; as well as the adoption of technology in supervision and regulation (SupTech and RegTech), among others.”
He explained that in the spirit of continuous improvement and the pursuit of excellence, the new strategic plan includes initiatives to enhance the BoU’s strategy management maturity such as leadership, alignment, and performance management, among others, which were identified in the end-term evaluation of the previous strategic plan (SP2017-2022).