In a bid to transform the country’s economy and improve the human capital development of citizens, the government has rolled out a ten-fold growth strategy and implemented the National Development Plan IV (NDP IV) to enhance the country’s economy and the livelihood of citizens.

During the National Budget Consultations FY 2025/26 conference that took place on September 11, 2024, at Speke Resort, Munyonyo, Matia Kasaija, the Minister of Finance, Planning, and Economic Development, said that during the first year of the 4th National Development Plan (NDP IV), it will be anchored on four key growth areas underpinned by the goal of full monetization and formalization of the economy.

“These four areas are the following: agro-industrialization, tourism development, mineral-based industrial development, including oil and gas, and science, technology, and innovation, including ICT (the knowledge economy) (ATMS). These areas will be guided by the NRM Manifesto 2021-2026, the NDPIV, and the attendant Programme Implementation Action Plans (PIAPs),” he noted.

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Ramathan Ggoobi, the Permanent Secretary for the Ministry of Finance, Planning, and Economic Development and Secretary to Treasury, said that the government is on track to change the structure of the economy from a subsistence economy to a modern industrialized society.

“We want to facilitate technology-led productivity growth and rapid capital accumulation—physical, financial, and human capital. We are also looking forward to the link between agriculture and non-agriculture sectors, as well as markets and competitiveness,” Ggoobi said.

Ggoobi also added that the government is ready to facilitate a job-rich growth profile as it is one that ensures enhanced household income and productivity growth within sectors as well as between sectors, leading to structural change.

“We, therefore, want to see a reduction in the rural population and reduction in informality, sustained demographic transition with continued reduction in both the death rate and birth rates, and increased access to electricity. This is the plan of the government,” he added.

The government plans to strengthen governance and the public sector with a focus on eliminating corruption. It also plans to improve implementation and accountability of the results to upscale the economy of the country and improve the human capital development of its citizens.