economy 1 June 2026 Daily Monitor (Uganda)
New Finance Minister Unveils Five-Pillar Plan for Uganda's Economic Leap
Uganda's new Finance Minister, Henry Musasizi, has detailed a robust five-pillar strategy aimed at transitioning the nation's economy from steady growth to an "exponential economic takeoff" and a $500 billion valuation by 2040. Source: https://www.monitor.co.ug/uganda/news/national/new-finance-minister-musasizi-outlines-five-pillar-economic-strategy-5481700
Newly appointed Minister of Finance, Planning, and Economic Development, Henry Musasizi, has laid out an ambitious agenda focused on propelling Uganda towards significant economic expansion. Speaking after his vetting by the Parliamentary Committee on Appointments, Musasizi expressed his commitment to shifting the country’s economic trajectory from incremental gains to substantial growth.
Musasizi detailed a five-pillar strategy designed to elevate Uganda’s economy to an impressive $500 billion by the year 2040. This plan includes a ‘Tenfold Growth Strategy’ to aggressively expand economic output, and a commitment to ‘Absolute Budgetary Discipline’ involving strict spending controls, procurement reforms, and value-for-money audits.
Further pillars focus on ‘Aggressive Revenue Mobilization’ to increase the revenue-to-GDP ratio to at least 20%, reducing reliance on external aid, and prioritizing the ‘Presidential Wealth Creation Agenda’ to empower smallholder farmers and integrate them into the formal economy. The final pillar, ‘Smart Oil Governance,’ emphasizes prudent management of anticipated oil revenues, ensuring they are used for infrastructure development without creating an oil-dependent economy.
Reflecting on past achievements, Musasizi pointed to Uganda’s exit from the Financial Action Task Force (FATF) grey list and the formulation of the Tenfold Growth Strategy as evidence of progress. He also highlighted the success of initiatives like the Parish Development Model (PDM) and Emyooga, which have significantly disbursed funds and impacted millions of Ugandans.
Minister Musasizi assured the nation of his dedication to fostering sustainable prosperity, thanking President Yoweri Museveni for the appointment. The Uganda Revenue Authority is now projected to fund 80% of the country’s discretionary budget, indicating a strengthening fiscal position.