Kampala, Uganda: Uganda’s economy is projected to grow even stronger in the coming financial year, after government Thursday unveiled a bold national budget worth Shs72 trillion anchored on commercial agriculture, industrialisation, digital transformation, and expanded market access.
Reading the FY2025/26 National Budget at Kololo Ceremonial Grounds, Finance Minister Matia Kasaija outlined the Shs72.1trillion expenditure plan focused on accelerating wealth creation and pushing Uganda closer to middle-income status.
According to Mr Kasaija, Uganda’s economy has more than tripled in the last 14 years, from Shs 64.8 trillion in FY2010/11 to Shs 226.3 trillion (USD 61.3 billion) in FY2024/25, buoyed by political stability, peace, and growing private sector investment. This has enabled Uganda to meet the benchmarks for graduation from the Least Developed Countries (LDC) category.
“We are now on a firm path to achieve Vision 2040, and with sustained focus, Uganda can reach a USD 500 billion economy by 2040,” Kasaija said, adding that the Ugandan economy grew by 6.3% in ending FY2024/25.
Kasaija attributed his growth to strong performances in agriculture, industry, and services, particularly ICT. The Minister also reported an 8.6% growth rate in the third quarter alone, attributing it to the resilience of Ugandan enterprises in the face of global shocks.
He also praised the country’s positive trade balances with key markets such as the Middle East, EAC, Asia, and the European Union, which continue to absorb Uganda’s leading exports, especially coffee and industrial goods.
FY2025/26 Theme: ‘Full Monetization of Uganda’s Economy’
The 2025/26 budget presented by Kasaija is themed on : “Full Monetization of Uganda’s Economy through Commercial Agriculture, Industrialisation, Expanding and Broadening Services, Digital Transformation and Market Access.”
The Budget prioritizes unlocking the full productive potential of citizens and enterprises by investing in;
1. Commercial agriculture: Scaling up coffee production and local value addition before export.
2. Industrialization: Supporting over 50,000 factories and boosting domestic manufacturing for regional and international markets.
3. Digital transformation: Expanding access to ICT services and platforms that connect Ugandans to economic opportunities.
4. Market access: Deepening local and foreign market entry points, especially for SMEs and agro-based industries.
The Minister emphasized that stability and inclusive development remain the backbone of government’s economic strategy. He said the gains in infrastructure, exports, and job creation are a result of deliberate planning and will be deepened in the coming years.
“Uganda is not just surviving global shocks—we are thriving. And with God on our side, our ambition to become a middle-income country is within reach,” Kasaija affirmed.
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