Uganda eyes $500 billion economy with ambitious Tenfold Growth Strategy

Uganda has unveiled an ambitious long-term economic plan that aims to grow the size of its economy tenfold—from approximately USD 50 billion in the financial year 2022/23 to USD 500 billion over the next 15 years.

Central to this bold vision, known as the Tenfold Economic Growth Strategy, is a targeted push to boost exports, attract foreign direct investment (FDI), and aggressively develop key anchor sectors.

According to Moses Bekabye, Technical Advisor at the Ministry of Finance, Planning and Economic Development, the strategy draws inspiration from successful economic transformations in Asia. “Countries like China, Singapore, and Malaysia have used similar models to propel their economies forward. We believe Uganda can replicate some of these lessons—particularly by focusing on agro-industrialisation, tourism, mineral development including oil and gas, and science, technology and innovation,” Bekabye said.

Speaking during a high-level investor engagement organized by Standard Chartered Bank Uganda on May 22, Bekabye emphasized that attracting long-term investment is critical. “Uganda has the lowest macroeconomic risk in the region and the highest return on investment. But the government alone cannot achieve this. Partnerships with the private sector are essential,” he said.

FDI as a Cornerstone of Economic Expansion

The Tenfold Strategy places FDI at the heart of Uganda’s growth plans. Standard Chartered Bank, with its global presence and investor networks, is positioning itself as a strategic enabler of this vision. Rola Abu Manneh, CEO for the UAE, Middle East and Pakistan and Non-Executive Director at Standard Chartered Bank Uganda, reaffirmed the bank’s role in guiding investors through Uganda’s opportunities.

“Our global network, product expertise, and policy insights can help businesses make informed decisions. Uganda is ready—and we are committed to helping stakeholders navigate this journey,” she said.

Building Investor Confidence

Uganda’s plan is being rolled out against the backdrop of a stronger regional trade ecosystem. Anna Nambooze, Country Director for TradeMark Africa, highlighted the role of cross-border infrastructure in facilitating growth. “Before TradeMark Africa’s interventions, it took almost 40 hours to clear goods at borders. Now, it takes just four. This kind of efficiency is crucial if Uganda is to meet its export goals,” she said.

However, she warned that more must be done to empower small traders. “As we lay the groundwork for the tenfold strategy, we must leverage technology to support informal traders—many of whom operate on less than UGX 500,000 in working capital. These small players form the backbone of the economy,” Nambooze said.

ESG and Resource Management

Sustainability and responsible resource use are also central to the strategy. Kariuki Ngari, Managing Director & CEO of Standard Chartered Bank for Kenya and Africa, cautioned that Uganda must learn from resource-rich countries like Nigeria to avoid environmental degradation. “As we extract oil and other minerals, ESG [Environmental, Social and Governance] concerns must be at the centre of decision-making,” he said.

Strong Public-Private Partnerships

The Tenfold Strategy hinges on a unified public-private effort. Maria Kiwanuka, Board Chairperson of Standard Chartered Bank Uganda and former Finance Minister, reassured investors of the bank’s continued support. “It’s time for us to walk the talk. We are committed to helping you scale your businesses both at home and across borders,” she said.

The event brought together key stakeholders from government, international finance, trade facilitation bodies and the private sector. With billions of dollars locked in potential, the success of the Tenfold Economic Growth Strategy will depend on execution, sustained investor engagement, and deliberate planning across all levels of the economy.

As Bekabye put it, “This is not just a vision. It is a call to action.”