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Allocation of Oil Revenue Dominates Kampala Geopolitics Conference

One of the panellists Allan Kembabazi who works for the Initiative for Social and Economic Rights-ISER suggested careful government allocation of oil revenue to critical sectors, particularly education and health.
25 Oct 2024 12:22
Kembabazi and other panelists

Audio 6

The allocation of oil revenue to critical sectors dominated the last day of the Kampala Geopolitics Conference.   

The conference discussed the impact of oil revenue on Uganda’s economy, society, and Geopolitics.  

One of the panellists Allan Kembabazi who works for the Initiative for Social and Economic Rights-ISER suggested careful government allocation of oil revenue to critical sectors, particularly education and health.  

She argued that strong education and health systems are essential for long-term economic growth and a productive workforce. 

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Godber Tumushabe,  the Associate Director Great Lakes Institute for Strategic Studies said that countries with natural resources have advanced by investing in their populations, thus creating a knowledgeable, capable workforce that can drive national transformation. 

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However, Abdu Katuntu, Member of Parliament for Bugweri, disagreed, arguing that Uganda's oil revenue should instead be reinvested to ensure sustainable development.  

According to Katuntu, while sectors like education and health face challenges, directing oil revenue into these sectors would be a populist choice that may not address underlying issues. He suggested prioritizing investment in production, which could generate additional revenue to support the broader economy.

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Katuntu cited Middle Eastern countries that used oil revenue to develop tourism, transforming deserts into thriving tourist destinations that now play a vital role in their economies.

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Honey Malinga, Commissioner for Petroleum Exploration, Development, and Production, and representing the Minister of State for Energy and Mineral Development, noted that the government has already diversified its investment strategy, focusing on sectors such as agriculture, infrastructure, and industrial development.  

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Dr. Fred Muhumuza, an Economist advised that the debate over whether Uganda’s oil is a “curse or blessing” should be abandoned, arguing that Uganda is already facing a form of oil curse. 

He pointed out that the government’s borrowing based on anticipated oil revenue has yet to yield the returns initially expected.  

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