Museveni predicts Uganda’s growth rate to go into double digits because of upcoming oil production
President Yoweri Museveni has assured that Uganda’s economy will grow into double digits when the country starts producing its oil.
“After June (this year), our economy will grow by 7.3 percent without oil. That’s a high growth speed; very few countries can achieve that. With oil, our rate of growth will go into double digits; more than 10 percent,” he said.
The President made the remarks during the 44th Tarehe Sita Anniversary celebrations at Kasasa Township Grounds in Kyotera District on Thursday, 6th February.
The celebrations ran under the theme: “Celebrating Pan African Solidarity and People’s Sacrifice in the Struggle for Freedom and Democracy for Socio-Economic Transformation”.
Tarehe Sita is observed annually on 6th February, and it is a symbol of the founding of the people’s army. The day commemorates the heroic efforts of the founding fathers and the people’s revolution.
The President noted that the economy of Uganda is growing progressively, all in the account of the five phases that the economy and society have gone through since 1986.
“As a consequence of all this, although we still have a lot to do, our economy will be USD59.3 billion by June 2025 using the Foreign Exchange Method but USD168.5 billion by the Purchasing Power Parity (PPP) method. Remember we started with USD4 billion in 1986,” he said.
“The phases include minimum economic recovery by bringing back the 3Cs (Coffee, cotton and copper) and 3Ts (Tobacco, Tea and Tourism) of the colonial economy which Idi Amin has destroyed, the second phase was to expand this small economy, that is why with coffee now, we are at 9 million bags, we used to be at 2 million bags.Phase three is to diversify the economy, phase four is adding value and lastly, phase five, we have entered the knowledge economy which include automobile and vaccines.”
The President also pledged to handsomely award local scientists who have been able to come up with different innovations like vaccines.
“We must congratulate our people. Our university and some factories are now manufacturing most of the diagnostics we need. We are self-sufficient in sanitizers.”
Additionally, President Museveni urged Ugandans to ensure value addition to their products if they are to benefit more from their economic sweat.
“The value addition with coffee we are moving. We are supporting a number of groups. Therefore, when we tell you that we are targeting an economy of USD 500 billion, in the next few years, take serious note of what we are saying,” he said.
“The Greater Masaka area is moving forward in terms of commercialization of coffee, palm oil and milk. Add irrigation to your efforts and the sky will be the limit. In the Katonga flood plain we can do a lot of fishing. This rice I see there, I don’t think it’s a good idea, we shall talk about it.”
President Museveni further revealed that the National Resistance Army (NRA) from the beginning was fighting for certain philosophical, ideological and strategic principles and targets, citing them as some of the reasons why Uganda has been peaceful all these years.
