The Government of Uganda has defended its economic performance and unveiled bold new growth ambitions, setting its sights on expanding Uganda’s economy tenfold to USD 500 billion by 2040.
Speaking at the Private Sector Development (PSD) Programme Annual Review held on 13th February, 2025, at Mestil Hotel in Kampala, the Minister of State for General Duties, Henry Musasizi, said Uganda’s economy has staged a strong recovery under the leadership of the National Resistance Movement (NRM).
Addressing government officials, private sector leaders, and development partners, Musasizi said Uganda is now ranked among the fastest-growing economies globally, with projections placing it among the top performers by 2031.
According to the minister, key macroeconomic indicators point to stability and resilience factors he said are strengthening investor confidence and positioning the country for sustained expansion.
He cited increased financing to the private sector as evidence of government commitment to enterprise growth.
Over the past five years, capitalization of the Uganda Development Bank has surpassed UGX 1.5 trillion, significantly boosting access to long-term development financing.
Additional funding has been injected through the Emyooga initiative, valued at over UGX 500 billion, and the Parish Development Model, which has disbursed approximately UGX 3.26 trillion to millions of beneficiaries nationwide.
Musasizi argued that these interventions have expanded financial inclusion and strengthened grassroots wealth creation.
Looking ahead, the minister emphasized that the government’s Tenfold Growth Strategy included in the forthcoming National Development Plan IV will require sharper focus and improved execution under the PSD programme.
“This annual review comes at an important time as we plan for the future. We will work carefully and stay focused on achieving clear results,” Musasizi said.
The Tenfold Growth Strategy aims to scale Uganda’s economy to USD 500 billion by 2040 through accelerated industrialization, enhanced private sector competitiveness, and expanded export capacity.
Among the key priorities highlighted during the review were expanding access to affordable and accessible credit, deepening financial inclusion across all regions of the country, clearing outstanding domestic arrears to ease pressure on businesses, strengthening the capacity and competitiveness of the private sector, and accelerating business formalization to bring more enterprises into the mainstream economy.
The minister also officially launched the Private Sector Development Programme Implementation Action Plan, which will guide execution of reforms under the next phase of the programme.
The PSD Annual Review brought together policymakers, development partners, and private sector actors to assess progress, identify bottlenecks, and align strategies aimed at positioning Uganda for sustained high growth.
With these ambitious targets in place, the government now faces the important challenge of turning funding and policy plans into real, measurable economic progress in the years ahead.
