economy 24 June 2026 Nile Post

Musasizi Unveils Ambitious $500 Billion Economy Target for Uganda

Finance Minister Henry Musasizi has announced a bold five-point plan to propel Uganda's economy to $500 billion (approximately Shs1.8 quadrillion), emphasizing fiscal discipline and enhanced public sector efficiency. Source: https://nilepost.co.ug/news/351327/musasizi-sets-ambitious-shs18-quadrillion-economy-target-in-new-finance-ministry-agenda

Minister of Finance, Planning and Economic Development, Henry Musasizi, has laid out a transformative agenda aiming to propel Uganda’s economy to an ambitious $500 billion, an equivalent of about Shs1.8 quadrillion. This vision signifies a departure from incremental growth towards an “exponential economic take-off.”

The ambitious plan is anchored on five key pillars. Central to this is a strategy designed to achieve a tenfold economic expansion. Musasizi stressed a commitment to rigorous fiscal discipline, shifting the ministry’s focus from mere expenditure to delivering measurable results and strengthening accountability. This includes tighter budget controls, procurement reforms, and stringent value-for-money audits on public projects.

To bolster national resources, the government will implement the Second Domestic Revenue Mobilisation Strategy. The aim is to increase the revenue-to-GDP ratio to at least 20%, thereby reducing dependence on external funding. Furthermore, the ministry will prioritize initiatives aligned with President Museveni’s wealth creation agenda, particularly those focused on commercializing smallholder agriculture and increasing participation in the money economy.

Musasizi also highlighted the critical need for prudent management of anticipated oil revenues, cautioning against over-reliance on petroleum income. These revenues are intended for infrastructure development, supported by strong institutional safeguards, with the goal of Uganda becoming an oil producer but not an oil-dependent economy.

This new agenda coincides with intensified national efforts to boost domestic revenue, accelerate economic growth, and prepare for the commencement of commercial oil production. Economists widely agree that Uganda’s sustained growth hinges on productivity improvements, industrialization, and effective management of its natural resources.