By Aggrey Baba
The Deputy Governor of Bank of Uganda, Prof. Augustus Nuwagaba, has issued a stern warning to public officials and technocrats who embezzle government funds, saying their actions will not only destroy the nation’s future but also attract curses on their own children.
Speaking at the Public Finance Management (PFM) Conference on Tuesday, organised by the Institute of Certified Public Accountants of Uganda (ICPAU) at Imperial Resort Beach Hotel in Entebbe, Nuwagaba said Uganda is bleeding not because of a lack of systems, but because of a lack of conscience.
“How can you feel happy you’re given money to buy immunisation medicine for children, but you steal it and build a beautiful house?” He wondered, quoting Psalms 37 to support his position.
[When you steal money meant for the sick, the poor, and school-going children, you are not just corrupt, but also cursed. Your grandchildren will suffer because of what you did today].
He told the gathering that Uganda’s hopes for socio-economic transformation rest on integrity, not just policies, likening corruption to a silent poison that kills slowly, adding that no amount of stolen wealth can protect one from the consequences that follow.
Although many only know Nuwagaba as a celebrated academic, his rise to the position of Deputy Governor of Bank of Uganda marks a new chapter in a long and influential journey.
A son of the hills of Kabale, he grew up in a humble family and studied under difficult conditions, reportedly walking several kilometers to school, often without shoes. But his brilliance stood out early, eventually earning him a place at Makerere University and later further studies abroad.
He has worked across the African continent as a consultant on economic development and governance. Advising more than ten African governments on poverty eradication strategies, public financial reforms, and policy planning, over the last two decades.
In Uganda, the deputy governor has been instrumental in shaping Vision 2040 and the National Development Plans, and his work continues to influence public policy at the highest levels.
Known for his fearless tone and sharp mind, Prof Nuwagaba has built a reputation for challenging leaders (both in government and the private sector), to account for their decisions.
Now as Deputy Governor of the BoU, his words carry even more weight, and his message at the conference was a strong reminder that positions of power are meant to serve the nation, not to enrich individuals.
He called on accountants and public officers to be custodians of trust, urging them to embrace digital tools and transparent systems that can track public spending and promote service delivery. But he warned that no amount of technology will work unless the people behind it are ethical.
“We are not short of systems. What we lack is moral fibre. A good system in the hands of a thief will still produce corruption,” he said.
He also used the opportunity to hand over his latest publication on public finance and governance to ICPAU CEO CPA Derick Nkajja, noting that knowledge must go hand in hand with action.
Nkajja, in response, praised Prof. Nuwagaba as one of the most influential economists of his generation and a guiding light in the fight for accountability in Uganda’s public sector. (For comments on this story, get back to us on 0705579994 [WhatsApp line], 0779411734 & 041 4674611 or email us at mulengeranews@gmail.com).
