10th Economic Growth Forum
Finance Minister Henry Musasizi while opening the 10th Economic Growth Forum at Sheraton Hotel, Kampala observed that the Forum was happening at a time of rapid technological change, shifting global trade and investment patterns, geopolitical uncertainty, climate-related risks, demographic pressures and an evolving development-finance landscape.
He said these developments present real challenges, but they also create significant opportunities.
"The task before us is to position Uganda to respond with agility, resilience and purpose," said the Minister.
He commended the International Growth Centre for its continued collaboration with the Ministry of Finance in strengthening evidence-based policymaking. This is the tenth High-Level Economic Growth Forum since the Ministry started organizing them in 2017.
Musasizi said several important policy proposals on growing and transforming the economy have been birthed in the growth forums over the years.
He said the economy is estimated to have expanded by 6.4 percent in financial year 2025/26, up from 6.3 percent in financial year 2024/25, adding that Government has now set itself an ambitious but necessary objective: To grow the economy tenfold by 2040 and position Uganda as a competitive upper-middle-income economy.
"I therefore encourage researchers and academics in the room to be bold in presenting evidence, including evidence that challenges conventional thinking. I also encourage policymakers to remain open to new ideas, and the private sector to provide candid feedback on the constraints that affect investment, productivity and competitiveness," said Musasizi.
KEY TAKEAWAYS FROM 10TH ECONOMIC GROWTH FORUM
The Permanent Secretary and Secretary to the Treasury, (PSST) Ramathan Ggoobi said the reflection on the ten-year journey with International Growth Centre (IGC) clearly demonstrated that evidence-based policy making was changing Uganda’s economy.
“Our commitment is to ensure that well researched and actionable ideas from this forum are implemented and translated into impact,” he said.
The PSST on behalf of Government and the Finance Ministry made the following commitments:
1. Uganda is going to adopt Artificial Intelligence (AI) to solve real economic and public service problems.
He said AI will work if we get the following fundamentals right: Reliable electricity supply, affordable internet, skills, data and institutions.
2. Dr. Ggoobi also made a commitment to use the Green Compliance to strengthen exports, attract investments and advance the Tenfold Growth Strategy.
3. Regarding Industrial policy, he committed to support further transformation of Uganda economy using the industrial policy, adding that Government will continue to support the winners to scale not protecting the losers.
“We shall look beyond large farms, but also manufacturing. Our focus will be productivity, jobs, learning and the spillovers wherever they are. He said that this is already the Tenfold Growth Strategy.
He expressed gratitude that research is showing that government has done a better job in designing framework for growth going forward.
4. On export discipline, he said the growth agenda is going to be export led and well diversified by producing products for markets beyond Uganda. He firms will be supported firms to start with the regional market and be prepared for the international market.
“Those who need derisking from government, the first key requirement is export reform,” said the PSST.
5. He also committed that Government is going to do fewer but better projects, well prepared, fully funded, executed on time and able to deliver the returns promised at appraisal. He said they have already started reforms to enforce this discipline.
“We are also going to finance our growth sustainably by plugging the leakages, mobilizing more domestic resources and diversify into the cheaper and innovative capital,” he said.
6. He also committed that they will stop treating the private sector homogenously, adding that government will build a segmented financing system and support the larger firms to scale and access markets.
“I have learnt from research today that financing firms alone does not automatically create the net jobs, what matters is markets,” he said.
The key message from the Forum for Government and Private Sector is Execution.
The Minister of State for General Duties Ciccy Mulondo closed the 10th Economic Growth Forum.
On behalf of government, she committed to translate actionable recommendations into policy measures that will inform financial year 2027/28 budget and the medium term.
She thanked IGC, the Researchers and Speakers for the candid discussions and practical ideas. The Minister said Uganda has all the necessary resources and the task ahead is disciplined implementation to achieve the Tenfold Growth of the Economy.