New Finance Minister Unveils Ambitious Roadmap for Uganda’s Economic Growth
The minister-designate, replacing veteran politician Matia Kasaija, presented a five-pillar roadmap that he said would underpin Uganda’s long-term economic transformation
KAMPALA, June 2, 2026 — Uganda’s new Minister of Finance, Planning and Economic Development, Henry Musasizi, has outlined an ambitious economic agenda aimed at transforming the country into a US$ 500 billion economy by 2040.
Speaking after appearing before Parliament’s Appointments Committee yesterday, following his nomination to the Cabinet for the 2026–2031 term, Musasizi who was previously State Minister for Finance, said Uganda was entering a new phase of economic development and pledged to shift the country from what he described as “incremental growth to exponential take-off”.
The minister-designate, replacing veteran politician Matia Kasaija, presented a five-pillar roadmap that he said would underpin Uganda’s long-term economic transformation.
At the centre of the strategy is a target to expand Uganda’s economy more than sevenfold over the next 14 years through the implementation of the government’s Tenfold Growth Strategy. Musasizi said the Ministry would focus on accelerating growth while maintaining macroeconomic stability and improving public sector efficiency.
He pledged to enforce stricter fiscal discipline across government, signalling a shift from expenditure-driven budgeting towards a stronger emphasis on measurable results. The reforms are expected to include tighter budget controls, procurement reforms and more rigorous value-for-money audits on public projects.
The incoming finance minister also highlighted plans to strengthen domestic revenue collection through the second Domestic Revenue Mobilisation Strategy. The objective is to raise Uganda’s revenue-to-GDP ratio to at least 20 per cent, reducing reliance on external financing and enhancing fiscal sustainability.
Musasizi further committed to supporting President Yoweri Kaguta Museveni’s wealth creation agenda by prioritising funding for programmes aimed at commercialising smallholder agriculture and expanding participation in the formal economy.
With Uganda preparing for commercial oil production, the minister-designate said the government would adopt what he termed “smart oil governance” to ensure petroleum revenues are invested productively. He stressed that oil income should be used to finance infrastructure development and industrial growth while avoiding dependence on the sector.
Reflecting on the government’s economic record over the past five years, Musasizi cited a number of achievements, including the delivery of key fiscal reforms, the formulation of the Tenfold Growth Strategy and Uganda’s removal from the Financial Action Task Force [FATF] Grey List.
He said the country’s economic indicators demonstrated growing resilience and momentum. According to figures presented to the committee, Uganda’s economy is projected to grow by seven per cent this financial year, with growth expected to accelerate to 10.2 per cent following the commencement of oil production. Gross Domestic Product [GDP] currently stands at US$ 68.4 billion, while inflation has been contained at 3.3 per cent.
The minister-designate also pointed to rising foreign investor confidence, noting that Foreign Direct Investment had increased by 151 per cent to US$ 3.66 billion. Export earnings have doubled to US$ 16.25 billion, while the Uganda Revenue Authority is projected to finance 80 per cent of the government’s discretionary budget.
Employment growth was another key feature of the presentation. Formal sector jobs have reportedly increased to 2.32 million, more than triple previous levels. Government wealth creation initiatives have also expanded significantly, with the Parish Development Model distributing Shs 4.4 trillion across 10,589 parishes and reaching more than four million Ugandans. The Emyooga programme has similarly benefited an estimated 2.48 million people.
Musasizi expressed gratitude to President Museveni for the confidence placed in him and pledged to work with public and private sector stakeholders to advance Uganda’s development agenda.
“I am deeply honoured by the trust reposed in me by H.E. the President and assure him and the people of Uganda of my unwavering commitment to steering our nation’s economic agenda towards sustainable growth, prosperity and improved livelihoods,” he posted on his X handle [formerly Twitter].
Musasizi assumes leadership of one of the government’s most influential ministries at a time when Uganda is seeking to accelerate economic growth, expand domestic revenues and prepare for the opportunities and challenges associated with becoming an oil-producing nation.
https://thecooperator.news/house-passes-shs-84-3-trillion-2026-27-national-budget/
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