Finance Minister Matia Kasaija has urged Ugandans to remain disciplined, practical, and forward-looking as the country pursues its ambitious tenfold growth strategy targeting a $500 billion economy by 2040.
Speaking while officially opening the two-day 9th High-Level Economic Growth Forum (EGF) at the Serena Hotel in Kampala, Kasaija said the dialogue comes at a time of “unprecedented global change,” shaped by shifting geopolitics, tighter financial conditions, evolving trade patterns, and climate change.
“Despite challenges such as infrastructure deficits, low productivity, youth unemployment, and climate-related vulnerabilities, Uganda must stay focused. With peace and stability as our foundation, we can turn challenges into opportunities for growth,” Kasaija said.
He noted that Uganda’s economy grew by 6.3% last year, above regional and global averages, with low inflation, a sign of resilience in difficult global conditions.
The opening session, chaired by Permanent Secretary and Secretary to the Treasury (PSST) Ramathan Ggoobi, examined global economic dynamics and Uganda’s prospects.
Officials including Moses Bekabye and Dr. Thangavel Palanivel of the UNDP highlighted the need to strengthen fiscal consolidation without undermining growth, while Dr. Albert Musisi of the Ministry of Finance emphasized sustaining growth rates above 7% for at least 15 years.
Key issues identified included low domestic savings, costly financing, low productivity, inadequate infrastructure, and dependence on primary exports.
Uganda’s expenditure, though low compared to peers, was noted to require greater allocative efficiency by shifting resources from recurrent costs to productive sectors.
The second session, chaired by State Minister for General Duties Henry Musasizi, focused on boosting national savings and domestic revenue.
Experts called for effective implementation of the Domestic Revenue Mobilisation Strategy (2025/26–2029/30) to raise Uganda’s tax-to-GDP ratio from 14.4% to over 20%.
They also urged rationalisation of tax exemptions, stronger taxpayer education, and tackling corruption in tax administration.
Discussions also stressed the importance of leveraging diaspora remittances, exporting skilled labour, and dismantling non-tariff trade barriers to expand market access.
Later, the session on resource allocation and efficiency, chaired by State Minister for Planning Amos Lugoloobi, underscored the need to support SMEs, lower the cost of finance, enforce policy implementation, and formalise the informal sector.
Proposals such as centralised bulk procurement of common items were floated to curb wasteful spending.
Keynote speaker Prof. Stefan Dercon warned Uganda to prepare for a global context of declining aid, emerging tariffs, and shrinking finance flows. He outlined several recommendations:
- Maintain fiscal discipline and manage debt prudently.
- Mobilise domestic resources and tap into innovative financing, including climate finance.
- Maximise oil revenues without falling into the “Dutch disease” trap.
- Grow exports and exploit global trade shifts, such as the US-China trade war.
- Invest oil revenues in tradable sectors, not consumption.
Prof. Dercon emphasised the need for unity among leaders and elites, saying “cool-headed management of political and economic policy leadership cannot be overemphasised.”
The forum continues on Friday with further discussions on Uganda’s tenfold growth pathway.
