President Yoweri Museveni has reassured Ugandans of adequate security and steady economic growth following the disruptions occasioned by the global health threat of the Covid-19 pandemic.
Museveni made the remarks while addressing legislators, government officials, foreign diplomats, traditional leaders, and religious representatives during the State of Nation Address – SONA at Kololo Independent Grounds on Wednesday.
He noted that since 1986, the ruling National Resistance Movement – NRM has built and expanded good infrastructures, and consolidated peace, and security that has enabled the country’s economy to grow 30 times bigger from USD 1.5 billion to USD 49.4 billion.
Deriving statistics from the Ministry of Finance, Planning, and Economic Development, the President said the economic growth rate for FY 2022/2023 is projected at 5.5 percent compared to 4.7 percent in the previous FY 2021/2022.
While the Ministry of Finance projects the economy to grow at an average rate of 6.5 percent per annum for the next five years, Museveni disagreed saying he believes Uganda will grow faster than the Ministry has projected.
He pointed out that economic stability, the establishment of more factories, implementation of the Parish Development Model – PDM, support to Small and Medium Enterprises – SMEs, increased Oil and Gas sector activities, and growth in regional trade will spur Uganda’s rapid economic growth.
He said the country’s industrialization drive to establish government-owned industrial parks in Kampala, Mbale, Soroti, Koboko, Gulu, Luweero, and Mbarara among others is yielding and creating 2.5 million jobs for the population for the next five years.
The President also explained that by the end of FY 2023/2024, Uganda’s Gross Domestic Product – GDP is projected to grow up to 207.22 trillion Shillings, an equivalent of USD 55.2 billion.
In terms of the Purchasing Power Parity – PPPs method (a measurement of the price of specific goods in different countries), Museveni observed that will grow Uganda’s GDP per capita to USD 1,186 up from USD 1,096 as of the current FY 2022/2023.
Museveni emphasized that his government has embarked on regional integration efforts to promote intra-African trade, noting that 86 percent of Uganda’s exports are being channeled to Africa than to the rest of the world as of February 2023.
On security, the President said the country’s borders and the general security situation remain secure save for the spillover effects occasioned by activities of negative armed groups in neighboring Eastern Democratic Republic of Congo – DRC, and South Sudan.
Citing the recent incidents of misuse of firearms and killing of innocent civilians in the country are being handled by the Government with immediate effect that includes; strengthening the capacity of security agencies to address emerging security threats, addressing discipline, and welfare of security personnel in uniforms, among others.
The President also pointed out that the Government is strengthening the anti-corruption institutions and expediting the roll-out of electronic government systems in the health, education, and tax procurements to ensure transparency and accountability.
He also eulogized departed senior government officials, Members of Parliament, and dozens of soldiers of the Uganda People’s Defense Forces – UPDF who lost their lives in Somalia following a deadly attack by the Al-Shabaab militants.
The State of Nation Address in which the President delivers a speech on the socioeconomic and political situation of the country is an annual event prior to the budget reading convened by the Speaker of Parliament under Article 101 (1) of the Constitution.
The event in which the President is heard in silence started at 2:00 pm and subsequently marked the first sitting to commence the third session of the 11th Parliament led by Anita Among which was inaugurated in May 2021.
