The Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi, has said Uganda’s economy has demonstrated significant progress, with the size of the economy tripling to Shs 202 trillion in the Fiscal Year 2023/24, up from Shs 65 trillion in FY 2010/11.

Ggoobi made these remarks on September 5, 2024, at Hotel Africana, where he noted that this impressive growth reflects a robust economic landscape that has garnered attention both locally and internationally.

“In the last quarter of FY 2023/24, Uganda’s Gross Domestic Product (GDP) grew at an impressive rate of 6.7%, with projections indicating further improvement in the upcoming months,” Ggoobi said.

He added that this growth is complemented by a favorable inflation rate, which currently stands at 3.5% for August 2024, below the target of 5%.

“The stability of the Uganda Shilling against major currencies has contributed to a favorable economic environment, alongside stable interest rates and a consistent yield curve on Treasury bills and bonds,” Ggoobi stated.

Ggoobi further added that lending rates have seen a slight reduction from 18.8% to 17.6%, with the government aiming for further decreases to enhance accessibility to credit.

According to Ggoobi, Uganda’s export sector has also seen remarkable growth, with exports rising to USD 7.5 billion, a significant increase from USD 4.9 billion the previous year.

“Foreign Direct Investment (FDI) inflows amounted to USD 3.01 billion as of June 2024, showcasing the nation’s attractiveness to investors,” Ggoobi revealed.

He remarked that the average income for Ugandans has risen to USD 1,146 in FY 2023/24, compared to USD 898 in FY 2010/11, reflecting improved living standards.

“Life expectancy has increased from 63 years in 2011 to 68 years in 2022, indicating advancements in healthcare and quality of life,” Ggoobi said.

PSST Ggoobi additionally noted that investment returns are also on the rise, with the average return on investment for Uganda’s economy increasing to 14% in 2022, up from 12% in 2017.

According to Ggoobi, Uganda is poised for a promising economic future, with these indicators of growth and stability demonstrating the potential for continued development and prosperity.