Business
Finance Minister unveils plan for $500b economy
For many, economic growth targets matter because they are ultimately linked to jobs, incomes, investment and business opportunities. A larger economy generally means more production, trade, and potentially greater government revenues to fund public services. However, achieving such growth requires sustained investment, policy implementation and improved productivity across multiple sectors, he observed.
Finance Minister, Henry Musasizi. (File)
By: Jackie Nalubwama, Journalist @New Vision
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Uganda’s new Finance Minister, Henry Musasizi, has outlined an ambitious economic agenda centred on rapid growth, stricter accountability in public spending, higher domestic revenue collection, wealth creation and careful management of future oil revenues. The agenda signals the direction the minister intends to take as he begins his tenure at the Ministry of Finance, Planning and Economic Development.
The vision was presented on June 24 during Musasizi’s first meeting with the ministry’s top management team. In a post on his X (formerly Twitter) account, Musasizi said his goal is to help move Uganda beyond what he described as incremental growth and pursue an “exponential economic take-off.”
The announcement offers one of the clearest indications yet of the priorities that will shape the ministry’s work under the country’s new finance leadership.
Musasizi revealed that he intends to expand Uganda’s economy to $500b (sh1,852 trillion). He told ministry officials that the Government would continue implementing the “tenfold growth strategy”, aimed at transforming the scale of economic activity in the country. “We shall relentlessly execute the tenfold growth strategy to turn Uganda into a 500 billion-dollar economy,” he said.
For many, economic growth targets matter because they are ultimately linked to jobs, incomes, investment and business opportunities. A larger economy generally means more production, trade, and potentially greater government revenues to fund public services. However, achieving such growth requires sustained investment, policy implementation and improved productivity across multiple sectors, he observed.
The minister also announced a tougher stance on public spending and government accountability. Rather than focusing solely on expenditure, Musasizi said his ministry will emphasise measurable results from public investments.
“We shall shift the Ministry culture from spending money to enforcing results,” Musasizi said, adding that his administration would pursue strict budget discipline, procurement reforms and rigorous value-for-money audits across government projects.
In practical terms, value-for-money audits are assessments designed to determine whether public funds are used efficiently and whether projects deliver the benefits they were intended to provide. Procurement reforms, meanwhile, seek to improve how government purchases goods and services, an area often scrutinised because of concerns about waste, delays and cost overruns.
Another major priority is increasing government revenue from domestic sources. Musasizi said the ministry would implement the second Domestic Revenue Mobilisation Strategy with the aim of raising Uganda’s revenue-to-GDP (Gross Domestic Product) ratio to at least 20%.
For many, economic growth targets matter because they are ultimately linked to jobs, incomes, investment and business opportunities. A larger economy generally means more production, trade, and potentially greater government revenues to fund public services. However, achieving such growth requires sustained investment, policy implementation and improved productivity across multiple sectors, he observed.
The minister also announced a tougher stance on public spending and government accountability. Rather than focusing solely on expenditure, Musasizi said his ministry will emphasise measurable results from public investments.
“We shall shift the Ministry culture from spending money to enforcing results,” Musasizi said, adding that his administration would pursue strict budget discipline, procurement reforms and rigorous value-for-money audits across government projects.
In practical terms, value-for-money audits are assessments designed to determine whether public funds are used efficiently and whether projects deliver the benefits they were intended to provide. Procurement reforms, meanwhile, seek to improve how government purchases goods and services, an area often scrutinised because of concerns about waste, delays and cost overruns.
Another major priority is increasing government revenue from domestic sources. Musasizi said the ministry would implement the second Domestic Revenue Mobilisation Strategy with the aim of raising Uganda’s revenue-to-GDP (Gross Domestic Product) ratio to at least 20%.
That figure measures how much tax and other government revenue is collected compared with the size of the economy. A higher ratio generally means a country is generating more of its own resources to fund development programmes, reducing reliance on borrowing or foreign assistance. Musasizi said the objective is to cut external dependency and strengthen Uganda’s financial independence.
The minister also pledged support for President Yoweri Museveni’s wealth creation agenda. He said his ministry will help smallholder farmers move from subsistence production into commercial activity.
According to the ministry statement, funding and monitoring efforts will focus on the commercialisation of smallholders “to ensure every Ugandan enters the money economy.”
This matters because agriculture remains a major source of employment and income for millions of Ugandans. Policies that help farmers produce for markets rather than solely for household consumption can potentially increase earnings and expand economic participation.
Musasizi’s final pillar focused on oil governance, an issue that is expected to become increasingly important as Uganda prepares for commercial oil production.
“We shall manage our impending oil revenues with bulletproof institutional guardrails,” he said, adding that oil revenues would be directed toward infrastructure development. Musasizi said Uganda’s ambition is to become an oil-producing country without becoming dependent on oil.
The minister also pledged support for President Yoweri Museveni’s wealth creation agenda. He said his ministry will help smallholder farmers move from subsistence production into commercial activity.
According to the ministry statement, funding and monitoring efforts will focus on the commercialisation of smallholders “to ensure every Ugandan enters the money economy.”
This matters because agriculture remains a major source of employment and income for millions of Ugandans. Policies that help farmers produce for markets rather than solely for household consumption can potentially increase earnings and expand economic participation.
Musasizi’s final pillar focused on oil governance, an issue that is expected to become increasingly important as Uganda prepares for commercial oil production.
“We shall manage our impending oil revenues with bulletproof institutional guardrails,” he said, adding that oil revenues would be directed toward infrastructure development. Musasizi said Uganda’s ambition is to become an oil-producing country without becoming dependent on oil.