Akena vows to “dismantle NRM economic lies” 

On Wednesday, June 18, UPC party president Jimmy James Michael Akena spoke to the media at Uganda House in Kampala.

The UPC leader addressed the recent branch elections across Lango, the economy mixed with figures he intends to keep debunking, and what lies ahead.

“As UPC, we have embarked on our grassroot program which successfully took off on June 14 and I want to commend the UPC members who came out to participate in the branch elections in Lango sub-region…but I really want to appreciate those who came out and over 285,000 members participated at the village levels,” he started his speech.

For those who may not be very familiar with politics – as somebody who has been engaged in politics and elections, Akena said, what they have achieved in recent days, is a wonderful starting point.

“Looking at the general elections and the targets for the general elections, I am very comfortable and happy that as UPC we have started with a rightful trick and we expect every good result,” Akena, who doubles as Lira City East Division MP, said.

He appreciated party leaders and the electoral team for managing the elections, saying UPC will come out with a formidable structure for campaigns in the 2026 general elections.

“On another note, during the State of the Nation [Address], the President made some remarks which I felt needed to be correct. This touches on the historical-economical perspective of where Uganda is – and where Uganda has reached. I felt that the President was very liberal with some of these statistics and facts.

“Example, he was saying the economy or the taxes have increased by 25%. I am here to put on record that the statistics are not true. For example, when he talked of the country’s exchange rate and Museveni trying to be the founder of the liberal economic activities which is based in Uganda, that is not.

“On record, the first budget speech of the NRA, they went for a fixed economy and they fixed the exchange rate at shs1,400 to dollar. In 1987, they removed the two zeros (00). So, it became 14 shillings to the dollar. Today, in 2025, it’s now shs3,600, shs3,700 to the dollar. If you calculate how much the shillings have lost to the dollar in the 38 years of NRM, all these figures need to be revised.

“…because, if your shillings have lost maybe 26,000% to the dollar, can you say your economy has grown 55 times?” Akena asked.

Akena, who remains high on his presidential ambition in 2026, vowed to debunk NRM “lies about facts, statistics and the economy.”

“So, I am going to, in this particular time, really take the time and effort to dismantle the claims and allegations made by NRM as far as the economy of Uganda is concerned, and also the facts of where they found the economy, and what they have been able to do with the economy.

“I can honestly tell you that the Uganda economy and much of what exists is because of UPC, and if it was not for UPC, when NRM came into government, if there were no programs like the UPC recovery plans, Uganda would be in a total, total mess.”

Akena, whose term as MP will come to an end next year, added: “It’s on this basis that we are going to challenge the NRM and their quasi economic theories on where we are supposed to go.

“I want to make it a cornerstone of our campaign and also to make sure history is corrected.”

“The NRM Ggoobi also knows”

In his article published by The Sunrise in 2017 and republished by Africa Research Institute, Ramathan Ggoobi, an economist and policy analyst who often critisized the government, only to be appointed by President Museveni as Permanent Secretary and Secretary to Treasury (PSST) in the Ministry of Finance, wrote:

“As was the case in 1986, nearly 80% of Uganda’s exports today are still agricultural commodities, with coffee alone contributing nearly 20% and over a third of foreign exchange earners for Uganda include maize, tobacco, tea, beans, simsim and cotton.

“On import substitution, to reduce the import bill, the NRM has failed. You found Uganda a net importer. In the past 31 years, Uganda has not remained a net importer of very low-skill manufactured goods such as toothpicks, candle wax and fruit juices – our trade balance deficit grew from UGX298 billion (US$83million) in 1986 to UGX8.28 trillion (US$2.36 billion) in 2015.”