Entebbe —The newly appointed Deputy Governor of the Bank of Uganda, Prof. Augustus Nuwagaba, has called for a transformative shift in the nation’s financial governance, urging accountants and policymakers to embrace digitisation, sustainability, and tangible impact in public finance.
He was speaking at the 3rd Public Finance Management (PFM) Conference hosted at the Imperial Resort Beach Hotel. Delivering the keynote address under the theme “Public Finance Management Systems for Sustainable Service Delivery,” Prof. Nuwagaba urged participants to go beyond routine financial reporting and instead focus on whether public funds are yielding real improvements in people’s lives.
“Let us move from just preparing financial statements to preparing Value-for-Money statements,” he said. “Did the money spent change anything? That’s what truly counts.”
The professor emphasised that Uganda’s public finance systems must not only be accountable but also adaptive to technological progress. He highlighted innovations like the National Payment Switch and discussed prospects of digital currencies as essential tools to modernise service delivery and spur economic development.
“Growth without transformation is just motion,” he asserted. “If national accounting doesn’t reflect the depletion of forests or the damage of pollution, then we’re just managing illusions.”
He added, “As accountants, you’re not just counting money, you’re accounting for national resources, climate change, and industrial development. The future of finance is holistic.”
Nuwagaba challenged public finance professionals to actively engage in the development process instead of being passive observers. “Don’t just report figures — go to the field and see if services are delivered. Be participants in development, not spectators,” he implored.
The three-day PFM Conference, running from April 23 to 25, gathers public sector leaders, development partners, and financial professionals to examine and strategise around Uganda’s public finance reforms. Organised by the Institute of Certified Public Accountants of Uganda (ICPAU), the event is designed to catalyse new approaches for sustainable and inclusive service delivery.
In her address, CPA Josephine Ossiya, the President of the Institute of Certified Public Accountants of Uganda (ICPAU), reflected on the strategic role of PFM in Uganda’s development: “Ultimately, we all deserve quality public goods and services delivered efficiently and sustainably… This conference aims to influence national policy development.”
She said in the wake of increasing demands for transparency, value-for-money, and citizen-responsive governance, this year’s conference serves as a timely platform for public sector leaders to reimagine Uganda’s public financial management landscape.
“Ultimately, we all deserve quality public goods and services delivered efficiently and sustainably. Whether it is hospitals, roads, schools, or security systems, we are all beneficiaries of an effective PFM system,” she added in a speech delivered by CPA Ronald Mutumba.
Echoing the conference theme, CPA Derick Nkajja, CEO of ICPAU, emphasised the role of technology and collaboration in public financial reforms. “We must leverage technology to enhance financial tracking, reporting, and auditing mechanisms, ensuring that every shilling is accounted for and utilised for its intended purpose,” he said.
Nkajja further called on participants to reflect and co-create solutions. “Let’s take this moment to shape the future of public finance in Uganda,” he urged.
The conference sessions will delve into pressing topics such as Programme-Based Budgeting, Sustainable Public Procurement, Risk Management in Governance, and the evolving role of accountants in climate-related reporting and oversight of State-Owned Enterprises.
Beyond plenary discussions, the conference includes health and wellness activities, including aerobics, a fitness walk, and a medical camp by Entebbe Referral Hospital, to offer holistic development for attendees.
Partner organisations for the event include the Ministry of Finance, PostBank Uganda, National Identification & Registration Authority (NIRA), National Agricultural Research Organisation (NARO), Electricity Regulatory Authority (ERA), and MTN Uganda.
With a strong focus on innovation, accountability, and sustainability, the 3rd PFM Conference sets the tone for a modern, results-driven public financial management system.
Prof. Nuwagaba’s rallying call was clear: “The accountant of the future is a change agent, a steward of resources, and a visionary for national transformation.”
