Museveni Highlights Uganda's Economic Leap, Charts Course for Future Transformation

President Yoweri Museveni marked Uganda’s 64th Independence Day by reflecting on the nation’s remarkable economic turnaround and outlining a vision for accelerated development. Speaking from State House, Entebbe, Museveni noted that while Uganda gained independence 64 years ago, a significant portion of that time, 24 years, was lost to instability and economic decline before the NRM government took power in 1986.

He recounted that the economy, valued at approximately USD 3.9 billion in 1986, has since expanded dramatically. Projections indicate the economy could reach nearly USD 74 billion by June 2027, fueled by industrialization, oil production, and the growth of new economic sectors.

Museveni critiqued the colonial economic legacy, which focused on a narrow range of primary exports like cotton, coffee, and tea, leaving many Ugandans in subsistence farming. The subsequent period, particularly under Idi Amin, further damaged the economy. The NRM government has since pursued a multi-phase strategy, from minimum recovery to diversification and value addition.

“When you add value, you get much more money than when you sell raw materials,” Museveni stressed, highlighting value addition as a crucial frontier for economic independence. He pointed to coffee processing as an example, where exporting raw beans yields far less than selling value-added products. This focus aims to retain wealth, create jobs, and enable self-financed development.

The President also introduced the concept of a “knowledge economy” as the fifth phase of transformation, citing advancements in areas like electric vehicle manufacturing and pharmaceuticals. He stressed the importance of building domestic technological capacity and skilled human resources.

Challenges remain, particularly in transport infrastructure, which Museveni identified as a major bottleneck costing the nation an estimated USD 1 billion annually. Efforts are underway to improve rail and water transport to ease pressure on the road network and reduce logistics costs.

Furthermore, Museveni emphasized the need to bring more households into the money economy through initiatives like Operation Wealth Creation and the Parish Development Model, which have reportedly increased participation from 32% to 67%. He pledged continued government support for commercial agriculture, including providing seedlings and technical assistance to ensure broader wealth creation.

The celebrations also saw President Museveni decorated with the Order of the Commander-in-Chief (Uganda Prisons Service Medal) for his leadership. Vice President Jessica Alupo and Minister for the Presidency Milly Babirye Babalanda also addressed the occasion, underscoring themes of stability, women’s empowerment, and the pursuit of economic independence.

Source: State House Uganda