Written By | Our Reporter
Dr Ramathan Ggoobi, said Uganda's economy has all the key ingredients needed to generate wealth and prosperity for all citizens
Search
Kampala
The Permanent Secretary and Secretary to the Treasury (PSST), Dr Ramathan Ggoobi, has said Uganda's economy has all the key ingredients needed to generate wealth and prosperity for all citizens, citing decades of economic reforms implemented by the National Resistance Movement (NRM) government.
Dr Ggoobi said the reforms have laid a firm foundation for a transformative, resilient and fast-growing economy. “The NRM government will continue to take deliberate actions to achieve faster socio-economic transformation and to strengthen Uganda's position in the global economy,” Dr Ggoobi said.
He made the remarks on Tuesday while representing the Minister of Finance, Planning and Economic Development, Matia Kasaija, at the NRM Party Secretariat on Kyadondo Road in Kampala, where he had been invited to update the country on the reforms, progress and future direction of Uganda's economy under the NRM government.
Flanked by the NRM Deputy Secretary General, Rose Namayanja, Dr Ggoobi said key economic reforms that form the building blocks of Uganda's economy include the elimination of price controls, liberalisation of the economy, liberalisation of the foreign exchange market, and the opening up of both the current and capital accounts.
Other reforms, he said, include export diversification, privatisation, and the rationalisation of state enterprises.
Dr Ggoobi also highlighted prudent macroeconomic management aimed at controlling inflation, the establishment of the Uganda Revenue Authority (URA) in 1991, and sustained investment in infrastructure as critical milestones in Uganda's economic journey.
NRM's Rose Namayanja chat with PSST Secretary Dr. Ggoobi
He said these actions have created a stable, robust and resilient economy, noting that the size of Uganda's economy is projected to expand 17 times since 1986. By June 2026, the economy is expected to reach USD 68.4 billion.
Dr Ggoobi further revealed that Uganda has met all the requirements for graduation to middle-income status and is currently undergoing assessment by the United Nations.
He said Uganda's per capita Gross National Product (GNP) stood at USD 1,278 in the 2024/25 financial year, up from about USD 570 a decade ago. “This compares favourably with the current benchmark of USD 1,136 required for a country to be classified as lower-middle income. Our projections show that per capita income will rise to USD 1,324 by the end of FY 2025/26,” he said.
Dr Ggoobi added that Ugandans are becoming wealthier, with poverty levels declining from 21.4 per cent in 2016 to 16.1 per cent in 2025. He also noted that the proportion of households engaged in subsistence agriculture dropped from 68.9 per cent in 2010 to 33.1 per cent by FY 2023/24.
Looking ahead, Dr Ggoobi said the government is committed to expanding the economy to USD 500 billion by 2040 and creating millions of jobs by focusing resources on four anchor sectors: agro-industrialisation, tourism development, mineral-based industrialisation, and science, technology and innovation, along with their enablers.
“The NRM government remains resolute in transforming Uganda into a modern, inclusive and competitive economy that works for all,” he said.
Torch Media Africa
