Principal economist Joel Muhinda has revealed that developing minerals is the key to growing Uganda’s economy ten times more than it is right now in the next fifteen years.
He was speaking at a recent high level technical meeting, at Sheraton hotel Kampala where he represented the Ministry of Finance, Planning and Economic Development.
The meeting, organized by 5 Uganda, focused on the theme “Domesticating the Africa Mining Vision for Just Energy Transition: What is the Way Forward?”
Muhinda emphasized that a comprehensive approach involving strategic planning, regional cooperation, and value addition is essential to leverage Africa’s comparative advantage in mineral resources.
“By harnessing our rich mineral wealth, we can bridge the gap in sustainable socio-economic development,” Muhinda stated.
He highlighted that Uganda is endowed with a variety of minerals, including gold, copper, and platinum group metals, many of which remain underexploited.
These minerals not only have significant economic potential but also play a crucial role in various industrial applications globally.
The country can benefit from the development and exploiting of minerals through economic growth, job creation, infrastructure development, increased household incomes, investment opportunities and support for local governments.
