President Yoweri Kaguta Museveni has revealed that although the Country has been faced with economic shocks, household businesses have responded positively to Government investment in especially infrastructure and the various wealth creation initiatives.
This was part of the President June, 7 address to the nation at the Kololo Independence Ground on Wednesday.
He said that the various Government interventions has led to 60 percent of households increasing their incomes in the year ending December, 2022, compared to 43 percent whose incomes increased in the same period a year ago. He added that that means that the Government’s effort to create wealth at household level, is taking root which he speculated will be further enhanced by the Parish Development Model and Emyooga Government initiatives.
As prices stabilised towards end of 2022 and incomes increased, access and affordability of essential goods and food products, has improved. The prices of fuel, sugar, maize flour, beans, cooking oil and eggs, have all reduced since their peak between August and December of 2022.
An Expanded and Diversified Economic Base
Museveni remnisced when the NRM Government took over in 1986, the economy depended on a few cash crops namely: coffee, cotton, tea and tobacco. Since then, the economy has become bigger and diversified. Some of the agricultural produce which were only for consumption at home such as maize, beans, matooke, fish, milk, etc., have become commercial, contributing to household incomes.
Other crops that have joined the traditional cash crops include: sunflower, from which we now make edible oil, palm oil trees, vanilla, avocado, oranges and mangoes, which are raw materials for the agro-processing plants.
We now produce enough sugar (in fact we now have surplus sugar which we are exporting to our neighbours), steel products, cement, other building materials such as tiles at Kapeeka Industrial Park, mineral extraction and beneficiation, etc.
“We shall soon produce oil and gas and the infrastructure development to enable this is currently under construction, including the EACOP, power and water infrastructure and Kabaale International Airport.” he said.
Museveni, further added that Uganda has a vibrant economy and workforce, that is transforming the economy into a digital one.
He said that there are many businesses and financial transactions taking place within the Country, using the internet and other online avenues. This is not only improving efficiency, but also creating many jobs for the youth.
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