President Yoweri Museveni has highlighted several strategic issues essential for Uganda’s business and economic success, emphasizing that addressing these challenges holistically is critical for the nation’s growth.
He was Speaking during the 5th Bi-Annual Private Sector CEO Retreat Presidential CEO Forum on Northern Uganda on key priorities for development, Museveni touched on security, economic monetization, infrastructure, and the modernization of Uganda’s agricultural and industrial sectors.
According to Museveni, peace was the first strategic challenge Uganda faced, especially in regions such as West Nile, Acholi, and Karamoja, where insurgent groups disrupted stability.
“Without peace, nothing could be done. This issue has now been handled,” he said, referring to the successful restoration of security in these areas.
The second strategic issue is Uganda’s ongoing effort toward full economic monetization.
“Like other African countries, Uganda has never been fully monetized,” Museveni noted. He revealed that in 1969, only 4% of households were part of the money economy. The situation worsened during Idi Amin’s regime, which collapsed the small economy.
By 1986, 68% of households were outside the money economy. However, recent interventions have made significant progress, with 61% now engaged in monetary activities, largely thanks to the army’s efforts.
Museveni also addressed the issue of Uganda’s limited purchasing power, which affects industries like dairy, maize, and textiles. He emphasized the importance of expanding Uganda’s internal market.
“For milk, the production is at 5.6 billion liters, but only 800 million liters are consumed locally. This surplus is artificial,” he explained, adding that increased local demand is crucial for economic stability.
In terms of infrastructure, Museveni pointed out that while Uganda has made progress in road development, more needs to be done, particularly regarding rural roads. He also highlighted electricity, revealing that Uganda has a surplus of 100 MW, but the country’s target is 52,000 MW to meet future manufacturing needs.
Museveni underscored two remaining debts for Uganda’s strategic development: modernizing the railway system and enhancing irrigation to transform agriculture. These, he believes, will help Uganda achieve sustainable growth and improve the livelihoods of its citizens.