The Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi, has assured participants at the just-concluded Economic Growth Forum that the Ministry of Finance, Planning and Economic Development (MoFPED) will adopt the recommendations raised and incorporate them into the 2026/27 national budget and future development plans.
Delivering his closing remarks on Friday, Ggoobi stressed that economic growth is not an end in itself but a means to achieving better livelihoods for Ugandan’s through job creation, improved health, quality education, and higher household incomes.
He underscored the need for strict adherence to sound economic management principles, particularly maintaining macroeconomic stability, if Uganda is to achieve its ambition of tenfold economic growth.
“The outward orientation of taking full advantage of opportunities in the global economy is critical,” Ggoobi said, adding that raising domestic savings and boosting revenue collection must be pursued without burdening taxpayers through harsh enforcement measures.
He further highlighted the need for improved allocative efficiency, insisting that resources should not be wasted on non-tradable sectors or low-impact activities.
Instead, he called for greater investment in high-return sectors, promotion of foreign direct investment (FDIs), and mobilization of diaspora remittances to bridge the savings gap.
“Exports are the highway to deliver the USD 500 billion economy. We must also close the infrastructure gap and embrace innovative financing as traditional sources become more expensive,” Ggoobi noted.
He emphasized growing larger, more productive firms as well as supporting small and medium-sized enterprises (SMEs) that create jobs.
Calling for collective effort in implementation, Ggoobi urged government partners and stakeholders to work together in turning ideas into tangible results.
“All the time, let’s keep the eye on the ball, and that ball is Tenfold Growth,” he said.
Dr. Richard Newfarmer, the International Growth Centre Country Director for Uganda and Rwanda, echoed the importance of a whole-of-government approach in implementing economic programmes.
He commended participants and presenters, both local and international, for their contributions to the forum.
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