Uganda will easily surpass low middle-income status, says Museveni
What you need to know:
- Current government data shows that Uganda’s economy started 2023 on a weak footing with the country’s public debt stock rising beyond Shs86trillion amid hardships but Mr Museveni projects a GDP per capita of $1, 067 by FY2023/24.
President Museveni Thursday said “Uganda’s economy will easily surpass the low middle income status.”
“We have already entered the middle-income category which they have been talking about but we need three consecutive years [with a GDP per capita above $1,030] to be recognized,” he remarked, adding that “all these are low targets which Uganda will easily surpass.”
Starting only its second financial year above the minimum $1,030 GDP per capita cap for low middle income status countries, Mr Museveni forecasts “Uganda’s economy to soar to $48billion by the end of June 2023, up from $1.5billion in 1986 when he captured power.”
Current government data shows that Uganda’s economy started 2023 on a weak footing with the country’s public debt stock rising beyond Shs86trillion amidst hardships but Mr Museveni projects a GDP per capita of $1,067 by FY2023/24.
“We are going to add more value to more and more of our raw materials like coffee and cotton. This will jump start our economy to $500b in a fairly short time,” the Ugandan leader said at the 37th anniversary of the ruling National Resistance Movement (NRM) party.
He added: “This middle income we are talking about is mainly a raw material producing economy. Europeans benefit from the sleeping Africans by doing value addition. I don’t want to hear this economy of $40billion, $50billion or $60billion. That is an economy of sleeping people.”
Addressing a gathering in the traditional NRM stronghold district of Kakumiro in mid-western Uganda, Mr Museveni encouraged Ugandans to focus on wealth creation.
“Every adult must engage in the four sectors of wealth creation that include commercial agriculture, industrialization, service provision and ICT,” he reiterated.
Mr Museveni,78, further viewed that the broad spectrum of value addition will enhance his economic outlook since “Uganda now has all enablers of wealth creation.”
“We now have the electricity and other developments such as hospitals, security and education which are a foundation for domestic wealth creation that can end poverty. We have raw materials. Increasingly, we have the entrepreneurs as well as the African market,” he explained.