Its Your Role To Transform Uganda Into A Stable Middle Income Economy- PSST Ggoobi Tells Ugandans

The Parmanent Secretary and Secretary to the Treasury Ramanthan Ggoobi  has urged all Ugandans to ensure that the economy of this country keeps on the steady-state growth path and transforms into a stable middle income economy.

 He said the 10-fold growth strategy targets to grow the economy by leveraging agro-industrialization,tourism development,mineral based manufacturing including petroleum products as well as science,technology and Innovations (STIs).

This was in a meeting with all Accounting Officers of Government for Financial Year 2024/2025 at Imperial Royale hotel,Kampala. 

The purpose of the meeting was to communicate and seek feedback on the budget execution for FY 2024/25.Said the PSST Ggoobi.

 He said, the economy has fully recovered from the various shocks,crises and false alarms adding that last FY the economy grew by 6% up from an average of 4.1% between FY 2019/20 & FY 2022/23.

 ''Inflation at 3.9% in June,2024 has has been contained within the target rate,adding that the Uganda shilling and interest rates have remained relatively stable. Exports have increased to over USD 7.5 billion up from USD 4.9 billion in 2023," said the PSST,adding that the economy is projected to grow by between 6% and 7% in FY 2024/25,rising to double digits in the medium term.

He reiterated the key priorities for FY 2024/25 and that include: Investing in the people of Uganda (health,education and water); peace and security; road maintenance including (rehabilitation of the metre gauge railway and construction of standard gauge railway); the knowledge economy,research and development; wealth creation initiatives( PDM,Emyooga); value addition by leveraging existing infrastructure and management of natural disasters and regional as well as international commitments.