President Yoweri Kaguta Museveni has said Uganda’s economy has grown from approximately USD 3.9 billion in 1986 to USD 69.3 billion, projecting further expansion to nearly USD 74 billion by June 2027 as the government pursues industrialisation, value addition and household wealth creation.
Speaking during Uganda’s 64th Independence Day celebrations on October 9th, 2026, held virtually from State House, Entebbe, the President said the country’s next phase of economic transformation would depend on expanding production, processing locally produced goods and bringing more households into the money economy.
The celebrations were held under the theme: “Embracing Our Sovereignty with Hope and Visionary Leadership.”
“First of all, I congratulate all Ugandans on this occasion of 64 years of Independence. Those 64 years, some of the years were wasted between 1962 and 1986. We had 24 years of conflict and decline and fighting,” he said.
President Museveni outlined five phases of economic transformation pursued by the National Resistance Movement (NRM) government since 1986, including minimum recovery, expansion, diversification, value addition and the development of a knowledge-based economy.
He cited the recovery of traditional sectors, saying tea production had increased from three million kilogrammes to 60 million kilogrammes, while coffee production had risen from approximately three million bags to nine million bags.
The President identified value addition as a critical pillar of economic independence, urging Ugandans to move beyond exporting raw materials to manufacturing finished products locally.
“When you add value, you get much more money than when you sell raw materials,” the noted.
He cited coffee, milk, cotton, bananas and fruits as products with potential to generate greater earnings through processing, packaging and marketing. He also highlighted science, technology and innovation, including electric vehicle manufacturing and pharmaceuticals, as emerging areas of wealth creation.
President Museveni further identified transport infrastructure as a major constraint on economic growth, estimating that inefficiencies in the sector cost Uganda approximately USD 1 billion annually.
He said railway development, including the rehabilitation of the existing metre-gauge railway and plans for the Standard Gauge Railway (SGR), alongside petroleum pipeline infrastructure and improved water transport, would help reduce logistics costs and ease road congestion.
The President emphasised the need to ensure that economic growth translates into improved household incomes, citing government programmes such as Operation Wealth Creation and the Parish Development Model (PDM).
He said Operation Wealth Creation had increased the proportion of Ugandans participating in the money economy from 32 per cent to 61 per cent, while the PDM had raised the figure to 67 per cent.
He urged political, religious and cultural leaders to identify households still excluded from commercial economic activity and support them in establishing sustainable income-generating enterprises.
The government, President Museveni said, would continue promoting coffee and fruit growing, dairy farming, poultry, piggery and fish farming to expand household incomes and productive investment.
The Vice President, Maj (Rts) Jessica Alupo congratulated Ugandans on the anniversary, commending the country’s progress in peace, stability, unity and women’s empowerment.
“I congratulate you and all the people of Uganda upon reaching 64 years of Independence,” she said.
The Minister for the Presidency, Milly Babalanda said the anniversary was an opportunity to reflect on the country’s liberation struggle and the responsibilities that come with sovereignty.
“Uganda’s Independence wasn’t achieved on a silver plate,” she said, adding that economic independence remained central to the country’s development ambitions.
During the celebrations, President Museveni was decorated with the Order of the Commander-in-Chief (Uganda Prisons Service Medal) in recognition of his leadership and contribution to peace, security and the development of the Uganda Prisons Service.
At least 19 other people, including six women, also received decorations for their contributions to the country. Attorney General Dr. Sam Mayanja used the occasion to launch his book, The Odyssey in the Uganda Land Cobwebs, which examines land matters in Uganda.
The event was attended physically by a select group of distinguished guests, while other Ugandans followed the proceedings on media houses across the country.
