The Permanent Secretary for the Ministry of Finance and Economic Development and Planning, Ramathan Ggoobi, has urged all Ugandans in the Diaspora to reflect on remote investing in transformative sectors.
He made these remarks on December 18, 2024, during the inaugural Ministry of Foreign Affairs Diaspora Convention at the Speke Resort Munyonyo.
Ggoobi emphasized the vital role of the Ugandan diaspora in the nation’s socio-economic transformation of the country.
“’Move beyond traditional remittances and engage in meaningful investments in your homeland,” Ggoobi said.
He added that the Ugandan diaspora is a crucial stakeholder in the country’s development, which contributes over $1.4 billion annually (approximately UGX 5.5 trillion), which represents 3% of Uganda’s GDP.
“These remittances significantly bolster household incomes and support sectors such as education, healthcare, and small and medium enterprises (SMEs), fostering local economic growth,” Ggoobi said.
Beyond financial contributions, the diaspora enriches Uganda’s human capital through skills transfer and opens global markets for Ugandan products, including coffee, tea, and crafts.
Additionally, their role as tourism ambassadors further enhances revenue from this vital sector, leading to economic growth and future prospects.
According to the Ggoobi, Uganda’s economy has potential and has shown resilience, rebounding from global and regional shocks with broad-based growth.
He stated that Uganda aims to grow its economy tenfold by 2040, targeting $500 billion through investments in four strategic sectors, namely agro-industry, tourism, and mineral-based industrialization.
“This ambitious vision includes raising average incomes to $7,000 per capita, which is why they should look into investing back home,” Ggoobi said.
Uganda has emerged as a premier investment destination, recently recognized as the Best in Africa at the Annual Investment Meeting (AIM) in the United Arab Emirates (UAE).
The Permanent Secretary outlined several key investment opportunities for the diaspora.
“Affordable Housing Addressing Uganda’s 2.4 million-unit housing deficit with returns of 12–18 percent. Capital Markets: Leveraging the Uganda Securities Exchange (USE) and upcoming commodities trading,” Ggoobi said.
Ggoobi advised the diaspora people to invest in digital transformation and driving innovation through ICT hubs and automated solutions.
He added that the government is actively working to strengthen relations with the diaspora through developing a national diaspora policy for structured engagement.
The call to action is a clear indicator that the Ugandan diaspora has the potential to play a pivotal role in shaping the future of Uganda through strategic investments and partnerships.
