Who Won the U.S. Presidential Debate?

Permanent Secretary and Secretary to the Treasury Ramathan Ggoobi has said that both government and borrowers are to blame for Uganda’s high interest rates.

For instance, he said, because government has been increasingly borrowing from the domestic market, banks have prioritised lending to government, while the private sector players who seek to access credit are subjected to high interest rates.

However, Mr Ggoobi noted that government was working on a plan to mitigate domestic borrowing by focusing its attention on local revenue mobilisation, which would increase Uganda’s tax-to-gross-domestic ratio to at least 16 percent from the current 14 percent.

“Our long-term strategy is to mobilise our revenue from taxes and reduce internal borrowing. We are also improving traceability of the borrowers by introducing national identification [and improving the quality of collateral by] improving the land register,” he said.

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