UBOS Urges Businesses to Embrace Official Statistics for Better Investment Decisions

The Uganda Bureau of Statistics (UBOS) has urged businesses to embrace official statistics in their daily operations, investment planning and economic decision making to improve competitiveness and support Uganda’s economic transformation.

The call was made, Thursday, at UBOS headquarters in Kampala,  during a Statistical Literacy and Advocacy Workshop for Business Stakeholders organised by UBOS to strengthen the business community’s ability to interpret, understand and apply official statistical information.

The workshop focused on the use of price statistics for evidence based decision making and economic planning, highlighting the importance of reliable data in helping businesses respond to changing market conditions, manage costs and identify investment opportunities.

Aliziki Kaudha Lubega, Director of Economic Statistics at UBOS, who represented Executive Director Chris Mukiza, said businesses make stronger decisions when they rely on credible and timely statistical information rather than assumptions.

She noted that price statistics provide valuable insights into economic trends, enabling businesses to make informed decisions about what to produce, where to invest, how to price their products and services, and when to expand their operations.

Lubega emphasised that price statistics are particularly important in an increasingly competitive business environment where changes in the prices of goods and services can significantly influence production costs, consumer demand and investment decisions.

She explained that the value of statistical information lies not merely in its availability but also in users’ ability to interpret and apply it appropriately.

The workshop highlighted the important role businesses play in Uganda’s economy as domestic operators, importers, exporters and contributors to government revenue.

Participants were encouraged to take advantage of routinely collected monthly price data on goods and services to understand market movements, assess economic conditions and make better informed investment decisions.

Reliable price statistics can help businesses identify changes in the cost of inputs, improve procurement and budgeting, forecast future expenditure and evaluate potential risks associated with investment decisions.

For businesses involved in international trade, access to reliable economic data can also provide useful insights into market trends and changing business conditions, supporting more strategic planning.

The engagement attracted representatives from key public and private sector institutions, including the Uganda Manufacturing Association, Uganda Revenue Authority, Ministry of Finance, Planning and Economic Development, Bank of Uganda and the Kampala City Traders Association (KACITA), among other stakeholder organisations.

Their participation underscored the importance of collaboration between government institutions, statistical agencies and the private sector in promoting evidence based economic planning.

UBOS emphasised that the business community is not only a major user of official statistics but also an important source of the information used to generate national economic data.

Businesses and establishments across the country provide information that supports the production of official statistics used by government, investors and other stakeholders to assess economic performance and guide policy decisions.

Lubega called for continued cooperation from businesses in providing accurate information while encouraging them to make greater use of the statistics produced by the bureau.

The workshop forms part of UBOS’s broader efforts to promote statistical literacy and bridge the gap between the production of official data and its practical application by different groups of users.

The initiative seeks to build a culture in which businesses increasingly rely on credible evidence to guide their daily operations, investment planning and long-term growth strategies.

As Uganda pursues economic transformation, the effective use of official statistics remains critical in helping businesses navigate changing market conditions, identify opportunities and make informed decisions that contribute to sustainable economic growth.