Museveni Budget Speech: Confident Path to a $500 Billion Economy.
President Museveni outlined a bold vision to propel Uganda’s economy to unprecedented heights, aiming to reach a staggering $500 billion in the near future. This ambitious goal, he emphasized, is not merely part of a distant 2040 vision but a tangible objective achievable in the coming years.
Reflecting on Uganda’s economic journey, President Museveni highlighted significant growth milestones. Since 1986, the economy has expanded remarkably, from $1.5 billion to $55 billion by the exchange rate method and $180 billion by the PPP method. He pointed out that using the PPP method provides a more accurate reflection of Uganda’s economic strength, underscoring that it now surpasses twice the size of South Africa’s economy during Nelson Mandela’s presidency in 1994.
President Museveni attributed confidence in achieving the $500 billion target to strategic measures, particularly in adding value to Uganda’s abundant raw materials such as coffee, maize, forest products, and minerals. He stressed the importance of enhancing electricity generation and transmission infrastructure, vital for industrial growth. Recognizing the private sector as the primary engine of transformation, he highlighted ongoing efforts to provide affordable financing and develop skilled labor.
Addressing challenges that could hinder competitiveness, President Museveni outlined plans to revitalize rail and water transport for efficient cargo movement. Initiatives include restoring the old metre-gauge railways and commencing the construction of standard gauge railways from Malaba to Kampala and Kampala to Mpondwe, with future expansions planned.
President Museveni also underscored the importance of irrigation in agriculture, identifying it as a critical component for stabilizing Uganda’s economy. He highlighted upcoming developments in the petroleum sector, projecting significant revenue boosts that will be invested exclusively in infrastructure and scientific advancement.
In conclusion, President Museveni called upon Ugandans to seize opportunities in sectors like commercial agriculture, manufacturing, services, and ICT, which have the potential to generate substantial employment. He reassured the public that necessary capital is available through various government initiatives like UDB, PDM, and Emyooga, signaling a commitment to further support economic growth.
However, amidst these promising prospects, President Museveni acknowledged corruption as a significant challenge needing urgent address. He pledged decisive action to eradicate corruption, emphasizing its detrimental impact on national development.
President Museveni’s vision for Uganda’s economic future is one of optimism and strategic foresight, underpinned by concrete plans to leverage natural resources, infrastructure development, and sectoral growth to propel the nation towards prosperity and global competitiveness.