Uganda stands at a pivotal point in its development journey. This moment is marked by an unshaken determination to overcome global uncertainties while fast-tracking domestic transformation. The 8th High-Level Economic Growth Forum, held from August 29th to 30th, 2024, at Kampala Serena Hotel, symbolized the country’s ambition to rise above emerging challenges and fulfill its long-term aspirations.
The forum’s theme—“Seizing Opportunities for Structural Transformation to Increase Productivity and Resilience”—is not merely a slogan. It’s a call to action for all Ugandans to redouble their efforts in propelling the country to new heights of economic prosperity. Policymakers and economic experts offered their perspectives on how Uganda, a Rising Nation, can forge a resilient path in an increasingly intricate global landscape.
Laying the Groundwork for Structural Transformation
A major takeaway from the forum was the urgency to promote a strategic, long-term agenda centered on structural transformation. Uganda’s path to inclusive and sustainable growth demands more than just reactive approaches; it requires a forward-thinking, intentional, and focused strategy across several key areas.
Agro-Industrialization and Manufacturing: With Uganda’s competitive advantage in agriculture, policies must emphasize advancing agro-industrialization and boosting value addition. By fostering an environment conducive to agro-processing and manufacturing, Uganda can shift from subsistence production to wage-led economic growth, thereby transforming the nation.
Urbanization as a Catalyst for Growth: As urbanization accelerates, Uganda must leverage the shift from rural to urban livelihoods. Empowering small-scale producers and connecting them to urban opportunities can create jobs, spark innovation, and enhance productivity in sectors like manufacturing and services.
Turning Climate Change Challenges into Growth Opportunities: Uganda’s vulnerability to climate change brings both risks and prospects. By utilizing climate finance through innovative instruments such as carbon financing, debt-for-nature swaps, and green bonds, Uganda can convert environmental threats into avenues for growth.
Tourism and High-Productivity Services: Uganda’s flourishing tourism industry is a cornerstone of its future growth. Strategic investments in digital infrastructure and national branding will position Uganda as a premier destination in Africa. By promoting high-productivity services like ICT and business solutions, Uganda can tap into new revenue streams in the evolving digital economy.
Finance, Savings, and Innovation: The Lifeblood of Growth
Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury (PSST), outlined Uganda’s ambitious plan to elevate the economy from USD 50 billion to USD 500 billion by 2040. This transformative agenda is anchored on four key sectors: agro-industrialization, tourism, mineral development, and science, technology, and innovation (STI), including ICT and research and development.
To sustain this monumental growth, Uganda must address financing constraints by enhancing both public and private savings. Ggoobi emphasized that Uganda’s economic resilience—reflected in the 6.0% growth achieved in FY 2023/24, surpassing the Sub-Saharan Africa average of 3.8%—is a testament to the government’s commitment to macroeconomic stability, infrastructure development, and human capital investment.
Inclusive Growth and Uganda’s Demographic Dividend
With a youthful and expanding population, Uganda has a rare opportunity to harness its demographic dividend by investing in education, healthcare, and skills training. Programs like the Parish Development Model (PDM) hold the key to unlocking the potential within the agricultural sector, where the majority of Ugandans are employed. By expanding access to credit for unbanked individuals, Uganda can build a more inclusive economic framework that benefits all citizens.
Global Integration and Competitiveness
In an increasingly interconnected world, Uganda must bolster its global competitiveness by expanding exports and integrating into the African Continental Free Trade Area. Richard Newfarmer, IGC Country Director, stressed that Uganda’s exports must grow at double-digit rates to achieve its lofty economic goals. Success in this arena depends on both the performance of the global economy and Uganda’s ability to implement supportive policies that drive trade and investment.
From Policy to Action: A Path for Uganda, A Rising Nation
The policy recommendations from the 8th High-Level Economic Growth Forum will directly influence Uganda’s national budget strategy for FY 2025/26. Now, it is incumbent upon policymakers, businesses, and citizens to align their efforts with these forward-looking strategies.
Uganda’s journey to economic greatness is not without hurdles, but as the forum emphasized, the potential for structural transformation is immense. With persistent effort and innovation across all sectors, Uganda—a Rising Nation—can not only confront its current challenges but also thrive on the international stage.
To fulfill the President’s 10-fold growth strategy, Uganda must remain laser-focused on the key drivers of transformation: agro-industrialization, urbanization, climate resilience, high-productivity services, and global competitiveness. Through hard work, creativity, and collaboration, Uganda can rise as a middle-income economy, unlocking a prosperous future for all its people.
This is Uganda’s moment to rise—a Rising Nation with boundless potential to shape its destiny.
