The Ministry of Finance, Planning, and Economic Development reviewed its achievements and outlined plans for Uganda’s economic growth during its end-of-year staff meeting and thanksgiving service, held under the theme “Securing Uganda’s Sustainable Economic Growth – Together.”
Chaired by Minister of State for General Duties Hon. Henry Musasizi on behalf of Finance Minister Matia Kasaija, the event focused on the Ministry’s progress in 2024 and future strategies for driving economic growth.
Hon. Musasizi emphasized the pivotal role of collaboration in addressing challenges and enhancing operational efficiency. “Teamwork is extremely crucial in enhancing operational efficiency and overcoming challenges,” he remarked, setting the tone for the discussions.
Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi, presented a detailed roadmap for achieving Uganda’s ambitious goal of growing the economy tenfold. He outlined three key priorities for the Ministry:
1. Building on past successes. 2. Addressing institutional inefficiencies and challenges. 3. Developing a Strategic Plan for FY2025/26 – FY2029/30, with innovative initiatives to guide policy actions toward the 10-fold growth agenda.
“There is only one common taskGrowing the Economy Tenfold,” Ggoobi asserted.
The PSST commended the Ministry’s leadership and staff for significant milestones in 2024. Among the accomplishments highlighted were sustaining economic recovery, ensuring price stability, and advancing financial inclusion.
“Through proper coordination of fiscal and monetary policy, we were able to sustain the economy’s recovery from the shocks experienced at the beginning of the 3rd National Development Plan,” he said. He noted that Uganda’s economy has fully recovered, with a projected real GDP growth rate of 6.4% for FY2024/25, aligning with the Strategic Plan’s target range of 6%-7%.
He also underscored the progress made in budget coordination, fiscal consolidation, and operationalizing the Financial Inclusion Pillar of the Parish Development Model (PDM). Ggoobi revealed that Ushs.2.094 trillion had been successfully transferred to 10,589 PDM SACCOs, benefiting over 2.1 million Ugandans.
“This intervention and other government wealth creation initiatives have contributed to the decline in the proportion of households in the subsistence economy from 39% to 33% as per the recent National Census Report,” he noted.
The event concluded with a sermon by the Bishop of West Ankole Diocese, Rt. Rev. Johnson Twinomujuni reminded attendees of their responsibility to serve the nation and honour their relationship with God. “Care about your relationship with God, the Chief employer, and bear fruit by ensuring that the economy thrives during your term of service,” he urged.
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