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FILE PHOTO: President Yoweri Museveni.

President Museveni Gives Uganda’s Economy A New Direction

A new target has been set for Uganda’s economy and President Museveni hopes to achieve this in a few years time. He revealed this as he spoke during the 37th liberation anniversary in Kakumiro district.

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.

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