Uganda government targets double digit economic growth, says PS Ggoobi

KAMPALA, UGANDA – The Ugandan government has set its sights on achieving double-digit economic growth in the next decade and a half, according to Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi.

Speaking at the 7th Annual Bankers Conference in Kampala, Ggoobi revealed that the government has a plan to accelerate economic growth, building on the current growth rate of 6%. “We have a good plan for the future in terms of growing the economy,” he said. “We want to see growth in double digits in the next decade and a half, and this plan will be concretized during the implementation of NDP IV.”

Ggoobi also emphasized the government’s commitment to climate change mitigation and adaptation, with various frameworks and policies in place, including the Ministry of Finance Climate Finance Unit. “We have committed to climate change adaptation and mitigation with several policies in place to support this agenda,” he said.

Bank of Uganda’s Executive Director of the Bank Supervision Directorate, Tumubweine Twinemanzi, reaffirmed BOU’s support for the banking sector. “We established an industry ESG framework with Uganda Bankers Association, which was rolled out two weeks ago. Unlike other countries, we allowed the banking industry to take the lead in the framework, and as the regulator, we followed. Business operators can adopt our guidelines while conducting business,” Twinemanzi said.

PostBank Uganda Managing Director and Uganda Bankers Association Chairman, Julius Kakeeto, encouraged entities to embrace Environmental Sustainability Governance (ESG) for a resilient and sustainable financial future. “The regulatory landscape is evolving rapidly to support a sustainable future. Embracing ESG is now more than a regulatory requirement but a strategic move towards enduring sustainability and resilience in a dynamic business environment,” Kakeeto said.

“The banking sector is pivotal in addressing ESG risks, directing capital towards sustainable investments and projects with positive environmental and social impact. We must fully integrate ESG principles into our business practices for a sustainable business environment,” Kakeeto concluded.