Overview:
The economy is projected to grow by between 6% and 7% in the 2024/25 financial year, rising to double digits in the medium term
KAMPALA, UGANDA – Uganda’s exports have increased to $7.5 billion, up from $4.9 billion in 2023, according to the Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi.
Speaking at a meeting with government accounting officers at the Imperial Royale hotel in Kampala, Ggoobi said “the economy has fully recovered from the various shocks, crises, and false alarms.”
He noted that the economy grew by 6% in the last financial year, up from an average of 4.1% between 2019 and 2023. “Inflation at 3.9% in June 2024 has been contained within the target rate,” he added.
Ggoobi also highlighted that the Uganda shilling and interest rates have remained relatively stable. “Exports have increased to over $7.5 billion up from $4.9 billion in 2023,” he said.
The economy is projected to grow by between 6% and 7% in the 2024/25 financial year, rising to double digits in the medium term. “The task is now upon all Ugandans to ensure that the economy of this country keeps on the steady-state growth path and transforms into a stable middle-income economy,” Ggoobi urged.
He outlined the 10-fold growth strategy, which targets to grow the economy by leveraging agro-industrialization, tourism development, mineral-based manufacturing, including petroleum products, as well as science, technology, and innovations.
The key priorities for the 2024/25 financial year include investing in the people of Uganda, peace and security, road maintenance, including the rehabilitation of the meter gauge railway and construction of a standard gauge railway, the knowledge economy, research and development, wealth creation initiatives, value addition, and management of natural disasters and regional and international commitments.