Museveni: Uganda's Economy Primed for Accelerated Transformation

President Yoweri Museveni, through Vice President Jessica Alupo, has declared that Uganda possesses a strong economic foundation capable of driving accelerated transformation. Speaking at the National Budget Conference for Financial Year 2027/28, Museveni pointed to sustained economic growth, which has hovered above five percent despite global challenges, as a testament to this progress.

The nation’s Gross Domestic Product has reached Shs250.4 trillion (approximately $69.35 billion), with Gross National Income per capita now standing at $1,389, surpassing the lower-middle-income threshold of $1,136. The President also cited improvements in export performance, expanded access to essential services like health and education, and significant strides in infrastructure development as key indicators of economic advancement.

Museveni further emphasized the government’s success in addressing capital access issues through initiatives like the Parish Development Model, aimed at boosting wealth creation. However, he acknowledged that significant hurdles remain in achieving full economic transformation.

Key among these challenges are the country’s heavy reliance on rain-fed agriculture, insufficient value addition to raw commodities, and limited access to wider markets. To counter these, Museveni called for increased investment in irrigation systems to mitigate dependence on rainfall and urged a push to raise domestic revenue collection from the current 14 percent of GDP to around 25 percent by improving efficiency and closing revenue loopholes.

Addressing these constraints, Museveni concluded, is paramount for bolstering Uganda’s productive capacity, enhancing household incomes, and ensuring the sustainability of the nation’s economic transformation journey.

Read more at: https://nilepost.co.ug/news/370131/museveni-says-uganda-has-built-strong-economic-foundation-for-faster-transformation