President Yoweri Kaguta Museveni has said that Uganda’s economic growth is unstoppable and called upon citizens to listen to his message of adding value to all the country’s raw materials.
In his virtual 2023/2024 Budget Speech to Parliament today, President Museveni noted that by the end of the coming Financial Year, Uganda’s economy will have grown 37 times in size compared to that of 1986 when the National Resistance Movement (NRM) government came into power.
“As I told you in the state of the nation address, our economy will be US Dollars 55.2 billion by the end of the coming Financial Year,” H.E Museveni told MPs and other government officials during the budget reading ceremony held at Kololo Independence Grounds.
He attributed the economic growth to the success registered on the three (3) tasks; minimum economic recovery “what we set out to do in 1987,” expansion of the sectors that had recovered and diversification from the original narrow spectrum of the economy of the 3 C’s (cotton, coffee and copper) and the 3 T’s (Tobacco, Tourism and Tea).
The President said Uganda now is able to earn money from other items such as Fish, maize, milk, gold in addition to the 4th task of the knowledge economy based on science and high technology.
He, however, said Uganda’s economy remains raw materials-based, calling for the need to add value to all raw materials such as coffee, cotton, timber, cocoa, fish products, gold, iron ore, copper, vermiculite, phosphates, petrochemicals, maize, bananas, etc., and stopping to export them unprocessed.
“By doing this, our economy will jump to USD 550 billion instead of the mere USD 55.2 billion. Therefore, no games, no delays, no corruption, no relenting on PDM and Emyooga, Uganda is unstoppable,” Museveni emphasized, adding that Uganda has been importing leather (hides and skins) from China and India until recently when he set up a leather processing factory in Kawumu.”
The President urged the nation to make use of the over 80 percent literate population, the abundant electricity, the good roads, the railway system that is being repaired or built and the cheap money in the Uganda Development Bank (UDB) to focus all efforts on adding value to all the country’s products.
About import substitution and export promotion, President Museveni called upon Ugandans to make use of the Shs52 trillion budget to stop importation of goods that can be made locally in Uganda.
He noted that the import substitution value of the small industries in Uganda stands at USD 3.6 billion and brings into the country USD 1.6 billion.
“Me I didn’t know that the little work we were doing was something serious. We’re saving you USD 3.6 billion in import substitution and earning you USD 1.6 billion in industrial products,” H.E Museveni noted.
President Museveni also urged the government to borrow less with discipline or not to borrow at all in order to reduce the debt burden given that Shs17 trillion out of the Shs52 trillion budget for the next financial year is meant to pay debts much of it borrowed for no good purpose.
He also called upon the Uganda Revenue Authority to step up efforts in collecting more taxes.
President Museveni also thanked Ugandans who have been praying and wishing him quick recovery since last week when he tested Positive for Covid-19.
The President is currently in isolation at Nakasero State Lodge.
“I want to thank all Ugandans who have been praying for me; I have been watching you praying for me at the National Chairman’s Office, Milly Babalanda (Presidency Minister) and Hadija Uzeiye Muzukkulu, thank you for praying, signing on the board here and all the others who have been wishing me good luck. I appreciate it. It’s good to know that I’m not as bad as some people try to make me; there are Ugandans who appreciate,” he said.