President Museveni has said he is optimistic the economy will grow at a rate of 10 percent in the new term if all goes well.
Speaking shortly after his inauguration at Kololo independence grounds on Wednesday, Museveni said in the past 35 years his government has been in power, the economy has been growing at a rate of 6.2 per annum adding that all signs indicate that this will go up in the next term.
“With the activation of the oil sector, which has been dormant ever since 2006 when we discovered the petroleum and if you add the expected average growth rate of 6% per annum post-covid-19, the combination will expand the economy to an estimated US$67billion by 2026 using the exchange rate method and US$193billion, using the PPP method; meaning that the economy will be growing at the rate of between 9- 10% in the initial years of oil production,”Museveni said.
The newly elected president was however quick to point out that whereas the 10 percent growth rate is reasonable, he wants something better than that.
“With the rise of the literacy rate from 43% in 1986 to now 76.53%, we can achieve much-faster rates of growth and I will see to that. We have achieved rapid rates of growth in some sectors. These isolated positive rapid rates of growth, can be generalized throughout the whole economy.”
He however emphasized the need for Ugandans to adopt commercial production as well as regional integration so as to widen the market for Ugandan goods.
“I would, therefore, like to use this occasion to remind the African fraternity, that economic and, where possible, political integration in Africa, is a sine qua non of the success for Africa if we are to address the issue of the prosperity of our people and strategic security of Africa, apart from other considerations,” Museveni said.
“I am glad we are working on the CFTA for the common market of the whole of Africa and on the confederation of East Africa as a first step to the East African Political Federation. In East Africa, we should not repeat the mistake of 1963, when some actors made us miss our objective of the Political Federation.”