Finance Minister Henry Musasizi has outlined an ambitious five-point agenda for the Ministry of Finance, Planning and Economic Development, including a target of growing Uganda’s economy to US$500 billion (about Shs1.8 quadrillion) and strengthening fiscal discipline across government.
Speaking during his first top management meeting since assuming office, Musasizi said his vision is to steer Uganda from “incremental growth” to “exponential economic take-off.”
The minister said the ministry will focus on five key pillars, beginning with the implementation of a tenfold growth strategy aimed at transforming Uganda into a Shs1.8 quadrillion economy.
“We shall relentlessly execute the tenfold growth strategy to turn Uganda into a 500-billion-dollar economy,” Musasizi told ministry officials.
He also pledged to enforce what he described as “absolute discipline” within the ministry, shifting its culture from spending money to delivering measurable results.
Under the reform agenda, Musasizi said government will tighten budget controls, pursue procurement reforms and conduct rigorous value-for-money audits on public projects to improve accountability and efficiency.
On revenue collection, the minister said government will implement the Second Domestic Revenue Mobilisation Strategy, targeting an increase in the revenue-to-GDP ratio to at least 20 percent in a bid to reduce reliance on external financing.
Musasizi further said the ministry will prioritise financing and monitoring programmes under President Yoweri Museveni’s wealth creation agenda, particularly initiatives aimed at commercialising smallholder agriculture and expanding participation in the money economy.
The minister also stressed the importance of prudent management of Uganda’s anticipated oil revenues, warning against overdependence on petroleum income.
He said oil revenues will be managed through strong institutional safeguards and directed towards infrastructure development.
“The goal is for Uganda to become an oil producer but never an oil-dependent economy,” Musasizi said.
The new agenda comes as government intensifies efforts to expand domestic revenue mobilisation, accelerate economic growth and prepare for the expected start of commercial oil production.
Economists have consistently emphasized that Uganda’s long-term growth will depend on productivity improvements, industrialisation and effective management of natural resource revenues.
Note: Shs1.8 quadrillion is an approximate conversion based on prevailing exchange rates and may vary.
