Overview:
Ggoobi urged private sector players to take advantage of the opportunities presented in the budget, highlighting allocations for skilling the youth and support to small-scale businesses.
The Finance Ministry Permanent Secretary/ Secretary to Treasury Ramathan Ggoobi has outlined budget opportunities in the UGX 72Trillion Budget for the Financial Year 2024/25, urging private sector players to take advantage of them.
This, he said while delivering a keynote speech during the 2024 Post Budget Dialogue organised by Absa Bank Uganda in collaboration with Deloitte among other partners on 14th June 2024 at Kampala Serena Hotel.
“In the next financial year, we have allocated funds for wealth creation initiatives commercial agriculture, and value addition; the Parish Development Model brings more people into the money economy. We have capitalized UDB to provide patient, low-cost capital to support enterprises. There’s money Emyooga, Agriculture credit facility (ACF), etc (shs 2.64 trillion),” he stated.
Ggoobi added, “We have allocated money to skilling the youth and support to small-scale businesses; we are working with the Private Sector Foundation of Uganda to ensure that women-owned businesses mature into formalisation.”
He said the private sector including banks need to align to support and benefit from key budget themes including but not limited to agro industrialisation, mineral development, and tourism ecosystem among others.
On budget priorities for Financial Year 2024/24, Ggoobi pointed at investing in the people of Uganda through education, health, water, and sanitation with a budgetary allocation of UGX 10.2Trillion, Peace and Security (UGX 9.1Trillion), maintenance of infrastructure (UGX 5Trillion) among others.
Mumba Kalifungwa, Managing Director of Absa Bank Uganda, commended the government’s commitment to driving economic growth. “I would like to commend the government for its commitment to driving economic growth and fostering an environment that supports sustainable development. The 2024/25 National Budget has outlined several key areas that we believe will significantly contribute to our nation’s progress.”
Allan Ssenyondwa, Policy and Advocacy Manager at Uganda Manufacturers Association, emphasized the need for an inclusive economy. “The manufacturing sector is producing at 54%; how about if we shift the level of production to 80%? People forget to tell you that some manufacturers are exiting the Ugandan market. What we have to do is ensure that we have an inclusive economy.”
Sarah Chelangat, Commissioner – Domestic Taxes at Uganda Revenue Authority, reassured that the government will continue to strengthen tax administration through digitalisation. “As we look into the next Financial Year, our focus is on strengthening tax administration; technologies like EFRIS will ensure automated returns that summarize sales, and net VAT payable to the Government. This is good for the country.”