The Permanent Secretary to the Treasury (PSST), Dr. Ramathan Ggoobi, has said global economies are adjusting to tighter financial conditions, geopolitical tensions and shifting trade dynamics, noting that amid this uncertainty lie opportunities, especially for African economies that have invested in stability, institutional reforms and deeper markets.
Dr. Ggoobi said Uganda is determined to be among those resilient economies.
He made the remarks on Tuesday while officiating as Chief Guest at the Absa Africa Financial Markets Index and Economic Outlook Forum held at the Sheraton Kampala Hotel.
Despite the global challenges, Dr. Ggoobi said Uganda’s economic growth is projected at between 6.5 and 7 percent this year, an election year.
“Uganda is ranked among the fastest-growing economies not just in the region but globally, and is expected to remain so in the medium term,” he said.
He attributed the positive outlook to prudent macroeconomic management and sustained structural reforms, particularly in financial markets and regulatory frameworks. As a result, Uganda’s nominal GDP is expected to expand to about USD 68.4 billion by June 2026, with projected per capita income exceeding USD 1,399.
Other key outcomes include controlled inflation averaging 3.5 percent, a stable Uganda shilling, increased export earnings, and growth in foreign direct investment, tourism receipts and remittances.
Dr. Ggoobi outlined key priorities for the financial sector, including rebuilding capital markets to provide long-term debt and equity financing, attracting venture capital to support higher-risk innovation with lower collateral requirements, and exploring the establishment of an SME-focused stock exchange for firms that do not yet meet main-board listing criteria.
He also underscored the need to further capitalize the Uganda Development Bank (UDB) to meet growing demand for long-term, affordable financing.
“We are working towards building a USD 500 billion economy by 2040, and our strategic bets are the ATMS and key enablers,” Dr. Ggoobi said.
He emphasized that financial inclusion remains central to Uganda’s transformation agenda, citing the Parish Development Model (PDM), which has digitally delivered over USD 1 billion to citizens previously considered unreachable by traditional financial systems.
“My message today is simple: Uganda’s economic fundamentals are strong, our policy direction is clear, and our opportunities are expanding. The task ahead is to deepen financial markets and sustain momentum through continued reforms and partnerships,” he said.
Dr. Ggoobi thanked the Absa Group and its partners for providing a platform that brings together policymakers, regulators and market leaders to reflect on Africa’s financial progress and future direction.
