four million or 33 % of the 12 million who are bankable. the savings to gdp ratio is still low at 16 %. in addition, financial intermediation is poor as indicated by the stock of private sector credit of 11. 8 % of gdp. these numbers do not compare favourably with kenya and tanzania. there are about 22 insurance companies, 26 insurance brokerage firms and eight lossassessors operating in the country. the insurance industry just like the banking industry, remains largely underdeveloped. the products offered by these companies are limited to life and nonlife insurance products. in spite of the fact that agriculture is the backbone of the economy, uganda lacks agricultural insurance, weather indexing of agricultural production and micro insurance for low income groups. the lack of a system of crop finance is a major barrier to lending to small farmers. “ the insurance sector must therefore take a closer look at developing new insurance products that suit their clients, train their personnel, increase distribution channels and enhance marketing, ” dr. kasekende said. bis central bankers ’ speeches banking, finance and insurance sectors are the life - blood for growth and development of the financial system and the entire economy. hence the key sectors of the financial system deserve priority attention by government as they are instrumental in the process of savings mobilization and capital accumulation, key ingredients in the growth and development process of the economy. bis central bankers ’ speeches

emmanuel tumusiime - mutebile : stamps commemorating the bank of uganda ’ s 40th anniversary speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the launch of the 40th anniversary commemorative stamps, kampala, 3 october 2006. * * * the board of directors bank of uganda the managing director, posta uganda chief executives of financial institutions management of bank of uganda and posta uganda stamp collectors invited guests ladies and gentlemen it gives me great pleasure to warmly welcome you all to this auspicious occasion, which is one of the last of the public series of events that the bank has held to mark its 40th anniversary having been established in 1966. as we close our celebrations, let me take this opportunity to thank our partners in the financial and other sectors, the public, present and past bank staff for participating in the various 40th anniversary events that we held. some of you may wonder why the bank of uganda chose to issue commemorative stamps. stamps and currency are alike in many aspects, namely : 1 ) both hold intrinsic, aesthetic, cultural, educational and monetary value ; 2 ) they reach and touch the lives of many people, cutting across boundaries of race, colour, education and income status ; 3 ) promote the country ’ s image ; and 4 ) reflect future aspirations and 5 ) help recall and record major historic events. it is for this reason that in partnership with posta uganda, we decided to issue four commemorative postage stamps that reflect the bank ’ s achievements and commitment to economic growth and development of uganda. mr. paul lubowa of makerere university designed these stamps. allow me at this juncture to thank the management of posta uganda and mr. lubowa for enabling us to realize this goal. the features for each of the stamps are well set out in the distributed brochures and posters ; let me however highlight some of them. the first stamp of shs 400 carries the uganda ’ s independence monument and our 40th anniversary logo – emphasizing the linkage between the bank ’ s activities especially fostering price stability and uganda ’ s political independence and economy ; the second stamp of shs 600 depicts uganda ’ s abundant wildlife in support of reviving and promoting tourism and emphasizing the bank of uganda ’ s role in safeguarding the foreign exchange earned ; the third stamp of shs 1, 600 depicts the tilapia or ngenge, which is indigenous to uganda ’ s tropical waters bodies. as you all aware,