The International Monetary Fund (IMF), in its recently published economic outlook database report of October 2024, has confirmed that Uganda is among the fastest-growing countries whose economy is growing at a 7.5% rate in Sub-Saharan Africa.
The IMF report indicates that Uganda’s substantive projected growth is attributed to crude oil production that is expected to propel economic growth into double digits. As a result, oil is likely to experience 10.8% growth between 2025 and 2026, and the massive investment in oil production amounting between UGX 54.9 trillion and UGX 73.2 trillion is set to boost Uganda’s economy.
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According to the IMF indicators, currently, Uganda is experiencing very high economic growth, much higher than Africa’s average growth of 3.6% and higher than the world’s average growth rate.
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While commenting on the IMF report, the State Minister for Finance (General Duties), Henry Ariganyira Musasizi, also reiterated that indeed Uganda’s economy is booming as a result of the government’s efforts to improve the infrastructure base that have accelerated the growth of the economy, adding that the paved road network has doubled from 3121 km to 6133 km.
“Currently we are able to increase the size of our economy ten times from $55b to $500billion before 2024; also, electricity generation has increased from 595 megawatts in 2011 to 2000 megawatts in 2024, which has increased value addition and industrialization,” Musasizi said.
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He further noted that the increase of Uganda’s per capita income from $898 to 1146 in 2024 and the increase of the Gross Domestic Product (GDP) from $16 to $20 in 2023—all these, including many others—resulted in Uganda being recognized by the IMF as one of the fastest-growing economies.
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Additionally, Prof. Venansius Baryamureeba, a reknown development consultant, reaffirmed that Uganda has already entered the economic boom era, and he attributed it to the government’s wise decision to prioritize infrastructure developments such as roads, power dams, industrial parks, and oil projects, which have played a huge role in the development of the economy.
