The precipitous drop in the Uganda stock market prices last week when investors lost a whooping Shs24 billion on Tuesday was a sobering reminder that neither the country nor the continent is immune to global financial crisis.

But, perhaps, of greater importance, the steep drop should serve as a reminder to the country's leadership, particularly to Finance Minister Ezra Suruma and Central Bank Governor Emmanuel Tumusiime Mutebile that Ugandans deserve to be re-assured that their country's economy is in safe hands.

It is not enough for the two gentlemen to paint either a pessimistic or optimistic picture of the country's economic prospects as they did the previous week. Many Ugandans are already living with the effects of the global financial market turbulence in one way or the other.

After all, higher petroleum oil prices quickly translate into higher consumer product prices.

Though the stock brokers attempted to explain the stock market drop by saying that the Uganda Securities Exchange had succumbed to panic selling that had all Western and Asian stocks in a tailspin for nearly a month, there is reason to believe that the local sellers were driven by a loss of confidence in the country's financial and economic management.

The only way to regain this confidence is for the economic managers to come up with a clear roadmap detailing exactly what they are doing to mitigate the effects of the unfolding global market crisis.

It is hoped that the meeting convened by Africa Development Bank for finance ministers and central bank governors from across Africa in Tunis next week will, as expected, come up with solutions for the continent.

But leaders have to appreciate that the diversity of the continent means it is impossible for them to come up with a solution to fits all countries.

The best that can be hoped is a broad outline of what each country should do to meet its own particular challenges. These should, ideally, include short-term, mid-term and long-term measures.

But the one theme that should run through all of them are measures meant to improve the culture of local savings and investments to reduce reliance on foreign capital in-flows which are, by their very nature, fickle because their in and outflow is determined by factors outside the control of local economic leadership--be it private or public.

The increased savings and investments, particularly in adding value to local raw materials that are currently exported raw, would lead to an increase in the collection of taxes which would be used to reduce reliance on foreign donor funds.

Another confidence building measure could be demonstrated commitment to giving the country value for money in all public expenditures.

For without this kind of demonstration the public would be justified in taking whatever assurances their leaders give them with a fair amount of salt.

Mr Mbatau is a journalist