KAMPALA, January 9, 2026 — The Permanent Secretary and Secretary to the Treasury [PSST], Ramathan Ggoobi, has said that Uganda’s economy has all the key ingredients required to generate wealth and prosperity for all citizens.
The PSST noted that the economic reforms implemented by the ruling National Resistance Movement [NRM] Government over the years have laid a strong foundation for a transformative, resilient and fast-growing economy.
“The NRM Government will continue to take deliberate actions to achieve faster socio-economic transformation and strengthen Uganda’s position in the global economy,” he said.
Ggoobi made the remarks on Thursday on behalf of the Minister of Finance, Planning and Economic Development, Matia Kasaija, at the NRM Party Secretariat on Kyadondo Road in Kampala, where he had been invited to brief the public on the reforms, progress and future direction of Uganda’s economy under the NRM administration.
Flanked by the NRM Deputy Secretary General, Rose Namayanja, Ggoobi highlighted key economic reforms that have shaped the country’s economic landscape. These include the removal of price controls, liberalisation of the economy and the foreign exchange market, liberalisation of current and capital accounts, export diversification, privatisation, and the rationalisation of state enterprises, among others.
He also underscored the importance of sound macroeconomic management in controlling inflation, the establishment of the Uganda Revenue Authority [URA] in 1991, and sustained investments in infrastructure development.
According to him, these measures have helped create a stable, robust and resilient economy. He added that the size of Uganda’s economy is projected to have expanded seventeen-fold since 1986 and is expected to reach US$ 68.4 billion by June 2026.
The PSST further revealed that Uganda has met all the requirements for graduation to middle-income status and is currently undergoing assessment by the United Nations. He said the country’s per capita Gross National Product [GNP] stood at US$ 1,278 in the 2024/25 financial year, up from about US$ 570 a decade ago.
“This compares favourably with the current benchmark of US$1,136 required for a country to be classified as lower-middle income. Our projections indicate that per capita income will rise to US$1,324 by the end of the 2025/26 financial year,” Ggoobi said.
He added that Ugandans are becoming wealthier, noting that poverty levels declined from 21.4 percent in 2016 to 16.1 percent in 2025. At the same time, the proportion of households engaged in subsistence activities fell from 68.9 per cent in 2010 to 33.1 percent by the 2023/24 financial year.
Ggoobi said government is committed to expanding the economy to US$ 500 billion by 2040 and creating jobs by focusing resources on four anchor sectors; agro-industrialisation, tourism, mineral development, and science, technology and innovation [ATMS], as well as their enablers.
“The NRM Government remains resolute in its mission to transform Uganda into a modern, inclusive and competitive economy that works for all,” he said.
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