Can Uganda Tame Election-Related Inflation?

With the 2026 elections approaching, the risk of a repeat performance is high, threatening macroeconomic stability and the purchasing power of ordinary Ugandans. Conventional monetary policy alone is insufficient to address this politically driven challenge. Taming this cycle requires pre-emptive structural reforms that target the political economy of elections. Key recommendations include legislating and enforcing stringent campaign finance limits, ensuring the operational independence of the Bank of Uganda to prevent direct government financing, empowering anticorruption agencies to prosecute election finance crimes, and launching civic education on the economic costs of vote selling. Ultimately, achieving lasting price stability is inextricably linked to reforming the high-cost nature of Ugandan politics.