London, United Kingdom – Uganda’s Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi, has assured prospective development partners in the United Kingdom that Uganda’s economy remains stable, well-managed, and positioned for sustained long-term growth.
Speaking during a series of investor engagements at Standard Chartered Bank headquarters in London, Dr Ggoobi said Uganda’s macroeconomic stability is anchored on prudent monetary policy and strengthened by robust foreign exchange reserves.
“We have a stable and well-managed macroeconomy with significant growth potential over the long term,” Dr Ggoobi said, adding that “the relative macroeconomic stability is anchored by prudent monetary policy, and our strong foreign exchange reserves provide a strong buffer against external shocks.”
He further noted that Uganda’s external position has been strengthened by improved trade performance and capital inflows.
“Favourable terms of trade, alongside strong portfolio flows and foreign direct investment, have helped boost Uganda’s foreign exchange reserves to an all-time high,” he said.
According to the PSST, Uganda’s real GDP growth is projected to accelerate beyond 7 percent in 2026, driven largely by developments in the oil and gas sector.
“Real GDP growth is projected to rise above 7% in 2026, driven by oil-sector developments,” he said, adding that “oil production is expected to begin in the fourth quarter of 2026 and peak at about 230,000 barrels per day around 2028, lifting growth to around 9%.”
The engagement brought together insurers, banks, and investors to review Uganda’s economic outlook and its long-term development agenda under the Tenfold Growth Strategy, which targets building a US$500 billion economy by 2040.
Dr Ggoobi emphasised Uganda’s readiness to deepen partnerships with international investors, highlighting the need for both capital and technical expertise.
“We are asking UK investors to focus on bringing technical know-how and capital to Uganda,” he said during a separate engagement with the Westminster Africa Business Association and the Eastern Africa Association at the Uganda High Commission in London.
He added that Uganda’s development strategy is anchored on job creation and industrial transformation.
“We are targeting to create 500,000 jobs per year for the next five years,” Dr Ggoobi said, noting that key priority sectors include agro-industrialisation, tourism, minerals development, including oil and gas, as well as science, technology, innovation, ICT and creative industries.
The Chief Executive Officer of Standard Chartered Bank Uganda, Sanjay Rughani, welcomed the engagement, describing it as an important platform for strengthening Uganda–UK investment dialogue.
“This was a great opportunity for Uganda to strengthen dialogue with UK investors,” he said, adding that the bank “fully supports Uganda’s Tenfold Growth Strategy.”
Uganda’s High Commissioner to the United Kingdom, Nimisha Madhvani, reaffirmed continued efforts to attract investors. “I will continue encouraging investors to explore the abundant investment opportunities in Uganda, the Pearl of Africa,” she said.
Dr Ggoobi also reiterated Uganda’s broader investment message, stressing that the country is open and prepared for partnerships.
“We are not simply resource-rich; we are investment-ready,” he said in an earlier engagement in London, adding that Uganda offers significant opportunities across energy, mining, and industrial value chains.
The Ministry of Finance’s engagements in the UK form part of ongoing efforts to strengthen investor confidence and mobilise financing for Uganda’s long-term development and structural transformation agenda.