Summary:
- Ggoobi stated that the Ministry of Finance is committed to supporting Missions Abroad by building the capacity of their staff and revamping their infrastructure.
KAMPALA: The Permanent Secretary of the Ministry of Finance, Planning, and Economic Development, and Secretary to the Treasury of the Republic of Uganda, Ramathan Ggoobi, on Wednesday called on Ambassadors currently attending their annual retreat at the Civil Service College in Jinja to innovatively align their roles with the 10-fold growth strategy.
He urged them to brand and market Uganda to potential tourists, promote Uganda’s exports, and attract more investors.
Ggoobi stated that the Ministry of Finance is committed to supporting Missions Abroad by building the capacity of their staff and revamping their infrastructure.
However, he also cautioned the Ambassadors to ensure proper planning, budgeting, execution, and accountability.
The week-long retreat is being held under the theme: “Strengthening Governance and Performance of the Foreign Service for National Development.”
Ggoobi informed the Ambassadors that Uganda’s GDP growth has recovered from various shocks, crises, and false alarms, reaching 6% in FY 2023/24, up from 3% in FY 2019/20.
He attributed this recovery to sound macroeconomic management, relatively favorable weather, and improving global economic conditions.
He noted that growth has been broad-based, with all sectors expanding: services by 6.6%, industry by 5.8%, and agriculture by 5.1% in FY 2023/24.
He added that on the current trajectory, growth is projected at 6.4% for this fiscal year and at least 7% over the medium term. Under the 10-fold growth strategy, which includes oil and gas production, GDP growth is expected to surpass 10% in the initial years.
Since 2016, Uganda has seen exponential growth in foreign direct investment (FDI), driven by a favorable investment climate, business protection, improved infrastructure, political stability, and abundant natural resources.
Ggoobi projected that FDI would grow even faster as oil production is expected to start in FY 2025/26.
He also highlighted the growth of exports by 47.5% to USD 7,941 million in FY 2023/24 and the recovery of the tourism sector.
