The Minister of Finance, Planning and Economic Development, Henry Musasizi Ariganyira has pledged to steer Uganda towards accelerated economic transformation, outlining an ambitious roadmap focused on expanding the country’s economy, enforcing fiscal discipline, boosting domestic revenue, supporting wealth creation, and ensuring prudent management of oil revenues.
Minister Musasizi made the commitment after interacting with the Parliamentary Committee on Appointments following his nomination to serve as Minister of Finance, Planning and Economic Development in the Cabinet for the 2026–2031 term.
Speaking after the vetting on Monday, Minister Musasizi said he shared Uganda’s economic progress with the committee, highlighting what he described as a robust economic baseline and reaffirming his commitment to driving the country’s economic growth agenda.
“As we move forward, my focus is to transition Uganda from incremental growth to exponential takeoff,” Minister Musasizi noted, unveiling five strategic pillars that will guide his leadership at the Finance Ministry.
Top on his agenda is the execution of the government’s Tenfold Growth Strategy aimed at transforming Uganda into a USD 500 billion economy by 2040. He said the strategy will be pursued relentlessly to unlock rapid economic expansion and position Uganda among Africa’s fastest-growing economies.
Minister Musasizi also vowed to instill strict accountability and efficiency in public spending by shifting the Ministry’s focus from expenditure to results-oriented service delivery. He pledged stronger budget discipline, aggressive procurement reforms, and rigorous value-for-money audits on public projects to ensure government resources deliver tangible outcomes.
On revenue mobilisation, Minister Musasizi said government will implement the second Domestic Revenue Mobilisation Strategy to raise Uganda’s revenue-to-GDP ratio to at least 20 percent, reducing dependence on external financing and strengthening economic independence.
He further emphasized support for President Yoweri Museveni’s wealth creation agenda through increased funding and monitoring of smallholder commercialisation programs aimed at helping more Ugandans participate in the money economy.
Regarding Uganda’s anticipated oil production, Minister Musasizi stressed the need for prudent governance mechanisms to ensure oil revenues are invested strategically in infrastructure and national development while safeguarding the country from overdependence on the sector.
Reflecting on achievements over the past five years, Minister Musasizi highlighted key economic reforms and milestones, including Uganda’s exit from the Financial Action Task Force (FATF) Grey List, strengthened fiscal institutions, and the formulation of the Tenfold Growth Strategy.
He said Uganda’s economy continues to register strong performance, citing projected growth of 7 percent this financial year, expected to rise to 10.2 percent with first oil production. The country’s GDP currently stands at USD 68.4 billion, inflation at 3.3 percent, while public debt remains sustainable at 52.7 percent of GDP.
According to Minister Musasizi, foreign direct investment has increased by 151 percent to USD 3.66 billion, exports have doubled to USD 16.25 billion, and the Uganda Revenue Authority is projected to finance 80 percent of the discretionary budget.
He added that formal employment opportunities have more than tripled to 2.32 million jobs, while government wealth creation initiatives continue to impact millions of Ugandans, with UGX 4.4 trillion under the Parish Development Model reaching 10,589 parishes and benefiting over four million citizens, while Emyooga has transformed approximately 2.48 million livelihoods.
Minister Musasizi expressed gratitude to President Museveni for the confidence entrusted in him and reaffirmed his commitment to working with stakeholders to drive Uganda’s economic ambitions and improve livelihoods across the country.
