While the West African Treaty includes rather detailed provisions and procedures for monitoring, corrective policy programmes and sanctions, none of these have been put in place in the Eastern Caribbean Currency Union. Furthermore, as is the case in the EU fiscal policy framework, fiscal rules will be more effective when linked to a realistic time frame.
The Ugandan economy is not attracting anywhere near enough private investment in the traded goods sectors in which it has a comparative advantage on world markets and which could, therefore, drive export led growth; sectors such as commercial agriculture, agro-processing, light industry and tourism. The lack of private investment in these sectors is also reflected in the relative paucity of bank financing for them.