Bank of Uganda’s decision to relieve School Proprietors is credit to Education Ministry

Galatians 6:2; Carry each others burdens and so you will fulfill the law of Christ.

I would expect this heroic act done by the Bank of Uganda and the Ministry of Education of passing a decision in form of policy to refrain commercial banks from selling off schools that have been affected by covid 19 to be trending news making rounds on social media. Because what they did was timely and expected for public interest.

This is a contentious matter which has often dominated the floor of parliament with members of parliament for Igara county, Hon. Micheal Mawanda and Kyankwanzi woman Mp Christine Sendaula moving different motions asking the government to help school proprietors to give them a covid 19 relief fund so that banks do not auction them.

Although members of parliament did not support the motion, government has made something maverick by passing a comprehensive policy in favour of schools. As an economist, this is not a relief to schools but the whole economy because schools employ about 1million people both teaching and nonteaching in addition to influencing domestic demand. In simple terms, education sector fuels other sectors like banking, agriculture, etc.

According to records, schools are indebted to a tune of Ugx 2trillion by commercial banks. And by this magnanimous decision by BoU, government will appropriate the intended covid relief to rejuvenate other sectors.

We applaud the Bank of Uganda and the Ministry of Education superintended by the First lady Janet Museveni for the foresight of relieving school entrepreneurs of a big log on their heads that had already led to about 35,000 teachers being laid off. It should also be noted that this decision will not see financial management queries arising due to corruption. In otherwise, two birds have been short by one stone. Congrats!!

Ben Ssebuguzi is an entrepreneur, economist, and Secretary-General Uganda Poor Youth Movement.