The government of Uganda will in the next financial year of 2024/2025 prioritize job creation.
This was announced by the Minister of Finance, Planning, and Economic Development, Matia Kasaija, while presenting the budget speech for the new financial year at Kololo Independence Grounds on Thursday, June 13, 2024.
Kasaija said this will be achieved through various government programs of wealth creation, including Paris Development Model (PDM), Emyooga, youth skilling programs, and commercial agriculture (four-acre model), among others.
He added that the economy is expected to grow in the next financial year, as the gross domestic product (GDP) is estimated to grow to 6% from 5.3% in 2022/23, with more employment opportunities created.
Minister Kasaija attributed the economic growth to factors including low inflation and stable exchange rates.
He said this has allowed good investment plans, increased investments in the oil and gas sector supported by foreign direct investment, increased demand for Ugandan products, the recovery of tourism and peace, and security for people and their properties.
“I am pleased to report that Uganda’s economy has fully recovered from various internal and external shocks that impacted performance in the past four years. With the growth of industrialization through mining and construction, agricultural improvement through mechanizing, and good weather conditions, among others,” said Kasaija.
The Minister said there has been an increase in employment opportunities, with an increase of more than three million jobs, creating an increase of 4.2% from 3.8% in 2022/23, stating that this has been possible with the Presidential Wealth Accumulation Initiatives like Emyooga, PDM, and the Youth Skilling and Development Program.
“The latest reports indicate that the direct beneficiaries of the Presidential initiative on jobs and wealth creation (Emyooga) reached 2,237,402 beneficiaries in December 2023. In the past year alone, Emyooga funds have created 378,640 new direct jobs. This was about 40,000 additional new jobs created compared to the new jobs created in the previous year,” he added.
The budget for FY 2024–25 is the fifth and therefore the last to implement the Third National Development Plan (NDPIII). It will also lay the foundation for implementing the government’s strategy for expanding the size of the country’s GDP from about USD 50 billion in FY2022/23 to USD 500 billion by the year 2040.
