President Yoweri Kaguta Museveni has said that Uganda’s economic

growth is unstoppable and called upon citizens to listen to his message of

adding value to all the country's raw materials.

In his virtual 2023/2024 Budget Speech to Parliament today, President

Museveni noted that by the end of the coming Financial Year, Uganda’s

economy will have grown 37 times in size compared to that of 1986 when

the National Resistance Movement (NRM) government came into power.

“As I told you in the state of the nation address, our economy will be US

Dollars 55.2 billion by the end of the coming Financial Year,” H.E Museveni

told MPs and other government officials during the budget reading

ceremony held at Kololo Independence Grounds.

He attributed the economic growth to the success registered on the three

(3) tasks; minimum economic recovery “what we set out to do in 1987,”

expansion of the sectors that had recovered and diversification from the

original narrow spectrum of the economy of the 3 C’s (cotton, coffee and

copper) and the 3 T’s (Tobacco, Tourism and Tea).

The President said Uganda now is able to earn money from other items

such as Fish, maize, milk, gold in addition to the 4th task of the knowledge

economy based on science and high technology.

He however said Uganda’s economy remains raw materials-based, calling

for the need to add value to all raw materials such as coffee, cotton, timber,

cocoa, fish products, gold, iron ore, copper, vermiculite, phosphates,

petrochemicals, maize, bananas, etc., and stopping to export them


“By doing this, our economy will jump to USD 550 billion instead of the

mere USD 55.2 billion. Therefore, no games, no delays, no corruption, no

relenting on PDM and Emyooga, Uganda is unstoppable,” Museveni

emphasized, adding that Uganda has been importing leather (hides and

skins) from China and India until recently when he set up a leather

processing factory in Kawumu.”

The President urged the nation to make use of the over 80 percent literate

population, the abundant electricity, the good roads, the railway system that

is being repaired or built and the cheap money in the Uganda Development

Bank (UDB) to focus all efforts on adding value to all the country's


About import substitution and export promotion, President Museveni called

upon Ugandans to make use of the Shs52 trillion budget to stop importation

of goods that can be made locally in Uganda.

He noted that the import substitution value of the small industries in

Uganda stands at USD 3.6 billion and brings into the country USD 1.6


“Me I didn’t know that the little work we were doing was something serious.

We’re saving you USD 3.6 billion in import substitution and earning you

USD 1.6 billion in industrial products,” H.E Museveni noted.

President Museveni also urged the government to borrow less with

discipline or not to borrow at all in order to reduce the debt burden given

that Shs17 trillion out of the Shs52 trillion budget for the next financial year

is meant to pay debts much of it borrowed for no good purpose. He also

called upon the Uganda Revenue Authority to step up efforts in collecting

more taxes.

President Museveni also thanked Ugandans who have been praying and

wishing him quick recovery since last week when he tested Positive for

Covid-19. The President is currently in isolation at Nakasero State Lodge.

“I want to thank all Ugandans who have been praying for me; I have been

watching you praying for me at the National Chairman's Office, Milly

Babalanda (Presidency Minister) and Hadija Uzeiye Muzukkulu, thank you

for praying, signing on the board here and all the others who have been

wishing me good luck. I appreciate it. It's good to know that I'm not as bad

as some people try to make me; there are Ugandans who appreciate,” he


The Minister of Finance, Planning and Economic Development, Hon. Matia

Kasaija said that the 2023/2024 Budget will support Uganda's

transformation from a raw materials-based economy to a manufacturing

and knowledge-based economy since it promotes value addition, business

growth, and job creation for the youth, women and all Ugandans.

“The NRM Government has laid a strong foundation to accelerate the

socio-economic transformation for all Ugandans. The Budget for next

Financial Year 2023/2024, therefore, has been prepared to advance this

strategic mission,” Hon. Kasaija said while presenting to Parliament on

behalf of His Excellency the President estimates of revenue and

expenditure for the Financial Year 2023/2024.

Running under the theme: “Full Monetization of Uganda’s Economy

through Commercial Agriculture, Industrialization, Expanding and

Broadening Services, Digital Transformation and Market Access”, next

Financial Year's budget (Shs52.7 Trillion) was approved by Parliament on

18th May, 2023.

Hon. Kasaija assured that Uganda’s economy has remained resilient and is

on a steady recovery path. He noted that the economy this year is

projected to have grown by 5.5% compared to 4.6% last year.

“This year’s performance compares favorably with the average growth rate

for Sub-Saharan Africa estimated at 3.6% for calendar year 2023. The size

of the economy is estimated at Shs. 184.3 trillion, compared to Shs. 162.9

trillion last year. This is equivalent to US$ 49.4 billion compared to US$

45.6 billion last year,” the Minister said.

“This expansion is on account of good performance of the Services sector

which grew at 6.2%, compared to 4.1% in the previous year. Agriculture

has also performed strongly, growing by 5.0%, despite the dry spell in the

first quarter of the financial year. In particular, food crops, livestock and

fishing performed well. Industry grew at 3.9%, driven largely by

manufacturing and construction activities, especially in the oil and gas


Hon. Kasaija also divulged that inflation is reducing steadily on account of

well-coordinated fiscal and monetary policy.

“Inflation has significantly decreased since October 2022 when it peaked at

10.7%. Last month, the pace at which prices were rising slowed down to

6.2%. Prices of key items such as soap, sugar, fuel at pumps, among

others, have significantly reduced.”

By April 2023, the Minister explained that Uganda’s exports of merchandise

goods amounted to US$ 4.2 billion compared to US$ 3.1 billion over the

same period last financial year.

According to Hon. Kasaija, this represents a 35.5% increase, mainly driven

by an increase in exports of gold, coffee, fish, sugar, beans, maize and light

manufactured products to regional markets.

He also disclosed that the government targets to create over 2.5 million

jobs for Ugandans in the next five years. He said this will be achieved by

effectively implementing the Parish Development Model (PDM),

industrialization, wealth creation and full monetization of the economy.

“PDM will boost household incomes as well as the development of micro-

enterprises. Since the launch of the PDM in February 2022, a total of Shs.

590.2 billion has been disbursed to all the 10,459 parishes nationwide,

translating into Shs. 50 million per parish. The balance will be disbursed by

end of this month. Next financial year, the PDM has been allocated 1.1

trillion,” he said.

“The Emyooga initiative will further boost household incomes and micro

enterprises at parish and sub-county levels by directly funding parish and

sub-county level enterprise groups.”

On the other hand, Hon Kasaija said next year, Mulago Super Specialized

Hospital and the new state-of-the-art Intensive Care Unit at the Uganda

Cancer Institute will be fully operationalized. He said they will provide

specialized care to all Ugandans and reduce medical referrals abroad.

He also revealed that the government will in the next few weeks resolve the

plight of medical interns and doctors designated as senior house officers, in

view of their important role in supporting the healthcare system.

“In the meantime, I have provided Shs. 22.6 billion to clear outstanding

arrears for medical interns and senior house officers for the financial year

ending June 2023.”

While making her remarks, the speaker of Parliament Rt. Hon. Anita Annet

Among started with informing the house that H.E the President is doing well

in isolation and asked Ugandans to continue praying for his quick recovery.

“I assure you of our unwavering support, love and prayers for a faster

healing as you continue to lead and guide our country. As Parliament, we

convey our wishes for the President’s speedy recovery. As the Bible says

in Isaiah 53:5, “…. And by His stripes, we are healed…,” Rt. Hon. Among


She however expressed dismay over negative messages from sections of

insensitive Ugandans who have made it a habit to spread false and

alarming information intended to create panic and uncertainty in the country

about the President’s health.

“I urge all Citizens of goodwill to spread love and continue praying for our

country and leaders. As a God-fearing Nation, we commit our President to

the Almighty God for his complete healing. Our president is very okay and

is with us virtually,” Speaker Among said.

The function was also attended by the Vice President Major (Rtd) Jessica

Alupo Rose Epel, His lordship the Chief Justice and his Deputy, the Deputy

Speaker of Parliament Thomas Tayebwa, the National Vice chairperson of

NRM Al-Hajji Moses Kigongo and NRM CEC members, the Prime Minister

and Leader of Government business Rt. Hon. Robinah Nabbanja, the

Leader of Opposition in Parliament Hon. Mathias Mpuuga, several cabinet

Ministers, among other government officials.


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