MP Wakida Questions ‘Musevenomics’ Amid Inflation, Tumbling Shilling

What the report says

Kabweri County MP Patrick Godfrey Wakida has raised concerns about President Yoweri Museveni’s economic approach, saying recent pressure on the Ugandan shilling, rising prices and more expensive borrowing are undercutting the government’s growth plans. In comments reported by Nile Post, Wakida questioned whether the policy framework often described as “Musevenomics” is delivering the results needed to support the country’s economic ambitions.

The debate comes amid a weaker currency, higher fuel costs and signs of inflationary pressure. Nile Post reported that the shilling has faced fresh downward pressure against the US dollar, while annual headline inflation rose in September and energy, fuel and utilities inflation climbed more sharply. Wakida also pointed to higher borrowing costs after the Bank of Uganda raised its policy rate earlier in October, a move aimed at slowing inflation and supporting the currency.

According to the report, Wakida argued that government’s preference for conserving foreign exchange reserves and encouraging local production leaves households and businesses exposed to short-term pain when the currency falls. He said the situation could make it harder to finance investment in sectors linked to Uganda’s Tenfold Growth Strategy, including agro-industrialisation, tourism and mineral-based industrialisation.

The broader issue is a familiar policy trade-off: protecting reserves and promoting domestic production may help strengthen long-term resilience, but a weaker shilling can quickly raise import costs for fuel, machinery and other inputs. The article suggests that the effectiveness of the government’s strategy will depend on whether domestic production and export earnings can grow fast enough to offset these pressures.