Accelerating Growth and Maintaining Intergenerational Equity Using Oil Resources in Uganda

Accelerating Growth and Maintaining Intergenerational Equity Using Oil Resources in Uganda

Uganda discovered commercially viable oil deposits in 2006. Estimated oil resources as of December 2013 stood at 3.5 billion barrels. Since the discoveries, there has been much public debate on the types of public policies that the Government of Uganda (GoU) can implement in order to avoid or minimize the economic, social and political dislocations that have usually accompanied the exploitation of oil and gas in other African countries. Exploitation and sale of Uganda's oil reserves brings up three major issues that require consideration by Uganda and its citizens. First, is the need to make sure that the oil resources are managed in way that maximizes benefits to both present and future generations. Second, the country's public finance system must be made robust enough so that the current generation does not squander the benefits accruing from oil revenues at the expense of future generations. Third, oil production activities must not be allowed to unnecessarily degrade the environment and hence, bequeath to future generations an ecosystem that is incapable of adequately supporting their development activities. All these three issues which concern intergenerational equity are the subject of this paper.

Date:	2013-12-25
Author:	Joseph Mawejje & Lawrence Bategeka

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• Published Dec 25, 2013