The Ministry of Finance in Uganda has recently introduced a 15-year economic growth plan with the objective of significantly enhancing the country’s economy. This long-term strategy aims to increase the economy by tenfold, marking an ambitious goal for the nation’s financial landscape.
With an average economic growth of 4.7 percent over the past decade, the government is taking proactive measures to counteract the challenges, including the impact of global and regional shocks such as climate change, the Covid-19 pandemic, and volatility in commodity prices. These factors, combined with low productivity in key growth sectors, have hindered Uganda’s economic expansion.
Finance Minister Matia Kasaija emphasized the need for intensified economic activity, driven by heightened production levels, scientific research and development, industrialization, and the utilization of oil and gas resources. The upcoming budget for Financial Year 2024/2025 is expected to prioritize people-driven initiatives, particularly in health, education, and water sectors.
The health sub-programme is designed to provide high-quality and accessible health services to all Ugandans by addressing broader determinants of health. This comprehensive approach includes the prevention and control of communicable diseases, community-level health promotion, education and prevention services, and the prevention and control of non-communicable diseases.
In the education sector, the government aims to improve the relevance of learning and knowledge through the promotion of STEM/STEI, research and development in education, and the development of a complete National Vocational Qualifications Framework. Additionally, the government plans to support tourism development, which will require a coordinated merger of all enabler programmes to unlock existing constraints.
Overall, the long-term economic growth plan is a strategic response to the challenges faced by Uganda’s economy. By prioritizing key sectors such as health, education, and tourism, the government aims to drive sustainable economic development and prosperity for the people of Uganda.
Sources:
– Uganda Ministry of Finance, Planning and Economic Development. (2023). 15-year Economic Growth Policy. Retrieved from [insert link]
– Kasaija, M. (2023). Finance Ministry Unveils Plan to Grow Economy. Uganda Herald. Retrieved from [insert link]