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The president said despite the country attaining the middle income status, the aim now is set a little higher than that.
“Our economy has grown from a miserable $1.5 billion in 1986, to $48 billion by end of June 2023. We have already entered the middle income status they are talking about. But you need three years consecutively to be recognized as a middle income country. In my view, all these are low targets that Uganda will easily surpass,” Museveni said.
According to official data, the country’s economy stands at about $45.7billion by the exchange rate method. Alternatively, considering the Purchasing Power Parity (PPP) system, it stands at $131 billion.
President Museveni said that if a few things are done right, the country can easily reach this target.
“In my view, all those are low targets, which Uganda will easily surpass. Why? You remember my admonitions about losing value through the export of raw-materials. This low middle-income economy we are now talking about, is still, actually, mainly a raw materials producing economy. Where for a kilogram of $5 coffee, we get $2 for bean coffee while the wiser foreigners who roast the coffee, grind it and pack it for sale in supermarkets, get 50 for the same kilogram.”
According to him, value addition to the country’s produce can easily thrust the economy rapidly.
He also said it is important to emphasize development and wealth creation by Ugandans.
Check Also;
- Vice President Jessica Alupo Says Museveni’s Will Run For Office In 2026
- Uganda Won’t Achieve Middle Income Status Until 2040; World Bank
- Liberation Day: NRM Apologises To Ugandans For Leadership Mishaps
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![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
