We do reckon the president found a shambolic economy that wasn’t vibrant at that time and stunk in mud. We should appreciate that he galvanized it and brought it to a semblance of order.
The insouciant creative personality and wisdom of H.E Y.K Museveni has sidestepped roadblocks that have brought numerous economic transformation that have seen the country develop.
The NRM government inherited a weak broken economy with a GDP of 3.923 billion USD. With the steady stewardship of the legendary revolutionarist, Our economy has moved to now USD 55 billion by the exchange rate method and USD 168 billion by the purchasing power parity method.
By the end of this Financial Year 2024/2025 June, our economy is projected to be USD 59.3 billion by the exchange rate method.
All sectors of the economy have grown. We have seen the transport sector transformed tremendously from bicycles to now electric motor cycles and electric vehicles manufactured locally at kiira motors in Jinja district.
Industrialization has more than doubled across the country with the radical measure of import substitution as advocated by our dear president. This has promoted the development of our domestic industries.
Additionally, the favourable investment policies, a peaceful and security guaranteed atmosphere coupled by healthy foreign relations with other countries has attracted more investors.
The great improvement in education and health sector has increased on the quality and quantity of production. The introduction of UPE, USE ,UPOLET and other education policies like having a government owned/aided secondary school in each subcounty among others has increased on the number of children in schools.
Similarly, government also introduced a policy of establishing a health center III in each subcounty in addition to other national programs of mass immunization has improved on the health of the citizens.
Generally, all sectors have grown. Remember, a healthy population leads to increased production which boosts the economy.
There was a huge out cry of increased inflation mostly after the COVID-19 pandemic but by the last quarter of 2023/24 financial year, the GDP had grown at 6.7% and has kept on improving to date.
Inflation has been greatly arrested and now stands at 3.5%, which is below the target of 5%. The prices of Food, groceries, building materials, etc have reduced greatly. For example, in 2022 and 2023, a kilogram of maize flour cost between shs 3000 to 4000, but currently it costs between shs 1800 to 2000 per kilo. Similarly, sugar cost between shs 5500 to 6000 a kilogram ,but it now costs between shs 3500 to 4000, among others.
The value of the uganda shillings against major currencies is quite stable and the interest rates, treasury bills and bonds are also stable.
Lending rates have slightly reduced from 18.8% to 17.6% of which the government’s target is to reduce later. The only problem left are the money lenders who charge abnormal interests and falsely grab peoples assets in form of security. However, the president has come out and given guidance as regards these money lenders to offer a permanent remedy.
Exports have grown to USD 7.5 billion from USD 4.9 billion. This has come as a result of supporting the development of domestic industries which has boosted internal production.
Above all, the average income earned by a Ugandan has increased to USD 1.146. The introduction of PDM has been crucial in improving household incomes of Ugandans. PDM is a Master card program aimed at including all Ugandans in the money economy and so far it has yielded bearable results.
The writer, George Mubiru, is a researcher, political analyst and Ass. RCC Jinja City.
Tel. 0754877595
Email: georgemubiru93@gmail.com
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