Matia Kasaija, the Minister of Finance, Planning and Economic Development, has disclosed that Uganda’s economy is currently on a positive growth trajectory.
Kasaija revealed that the economy is experiencing a growth rate of approximately 6%, and without the hindrance of COVID-19, this figure could have been higher. He emphasized that the country is now aiming for a 7% growth rate in the upcoming financial year.
“If it weren’t for COVID-19, our economy would have grown even more. Presently, we are at around 6%, and our target is 7%,” stated Kasaija during his address at the opening ceremony of the GoldMine Microfinance Kabalagala Branch.
He urged Ugandans to engage in businesses that generate employment opportunities for citizens while contributing taxes to the country.
Recently, the World Bank, in its latest economic update, reported that Uganda’s real gross domestic product (GDP) growth increased from 4.6% in the financial year 2022 to 5.2% in the financial year 2023, indicating a steady economic recovery amidst ongoing domestic challenges and a complex global environment.
In the meantime, Kasaija called for transparency among microfinance institutions, emphasizing that they should focus on fostering the growth of their clients rather than merely collecting residual funds.
“You should maintain honesty and regularly engage with your clients to assess their progress. Are they advancing alongside your services, or are they facing setbacks? Together, we can establish a solid tax base for the government,” remarked Kasaija.
In response, Allan Tayebwa, the Managing Director of Goldmine Finance, expressed enthusiasm about the expansion of their services to Kabalagala. He highlighted the significance of the new branch in fulfilling the company’s commitment to offering innovative financial solutions and personalized services to meet the evolving needs of its customers.