Uganda is stepping up efforts to diversify its economy following a sharp decline in global coffee prices, with the government now prioritizing value addition in agriculture, tourism, minerals, and innovation to bolster foreign exchange earnings.
Speaking at the 13th Certified Accountants Economic Forum in Entebbe, Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury at the Ministry of Finance, underscored the urgent need for stronger policy enforcement to align with Uganda’s development agenda.
“We have very good tropical fruits, which are in high demand globally. We want to add value to them, along with other livestock products like meat and dairy, to drive agro-industrialization across the country,” Ggoobi said.
His remarks come amid concerns over Uganda’s heavy reliance on coffee exports.
The country faces a projected shortfall of 7.43 million 60-kg bags of coffee this year, translating into a revenue loss of approximately $2.09 billion (Shs7.73 trillion) due to falling prices on the global market.
The downturn has exposed Uganda’s vulnerability to external shocks, reigniting calls for export diversification.
Agriculture, which contributes 24.9% to Uganda’s GDP and employs 68% of the population, remains at the heart of this strategy.
According to a United Nations report, Uganda has the potential to feed over 200 million people globally, positioning itself as a key supplier of food products to nations grappling with climate change and food insecurity.
Ggoobi pointed out that Uganda is well-placed to expand its agricultural exports—particularly fish and fruits—into new markets.
He cited the United Arab Emirates, which currently imports nearly 40% of Uganda’s agricultural exports, as a key trading partner for future growth.
The forum also tackled the need for stronger financial and tax reforms to support commercial agriculture and other priority sectors.
By focusing on value addition in tourism, minerals, and innovation alongside agriculture, Uganda aims to increase export revenues, create jobs, and achieve long-term economic stability.
Ggoobi reiterated that diversification is no longer optional but a necessity for Uganda’s sustainable growth.
“We must shift from exporting raw materials to exporting finished products. That’s where our future lies,” he emphasized.