Monday, June 4, 2018
Uganda has pursued a Private Sector-led approach to its economic policy and management over the last three decades. This has put the Private Sector at the forefront of the growth and development process of the Country. The role of the Public Sector in this context is to provide an enabling environment through policy, continuous regulatory reforms and good infrastructure. Government intervenes through various initiatives ranging from economic policies, plans and regulations. These interventions are targeted at eradicating poverty, modernising agriculture, building an industrial base and ultimately transforming the structure of the economy in a sustainable manner.
In spite of the various constraints and gaps including inadequate infrastructure, limited access to finance and high interest rates, Government efforts have been able to yield economic stability and spread economic opportunities. GDP growth averaged 5.4 percent per annum over the NDP I period (2010/11-2014/15) and poverty declined further from 24.5 percent in 2010 to 19.3 percent in 2013. The Private Sector however remains weak and largely informal. This is partly because past efforts of the Public Sector were too broad and uncoordinated across Ministries, Departments and Agencies (MDAs). Government is now, pursuing a better prioritised Public Investment agenda with more focused execution plans.
It is against this renewed focus in public investment that the Ministry of Finance, Planning and Economic Development (MoFPED) has developed the National Strategy for Private Sector Development (NSPSD) to guide both Public and Private Sector interventions across all three pillars; the Micro, Meso and Macro. This approach will drive the Private Sector in reaching the Country’s vision, goals and targets with respect to employment, income and wealth creation; ultimately delivering social economic transformation.
I thank the Private Sector players who worked with technical staff from my Ministry and the different MDAs in producing this comprehensive Strategy for Private Sector Development.
Matia Kasaija (MP)
MINISTER OF FINANCE, PLANNING AND ECONOMIC DEVELOPMENT