Uganda’s newly appointed Minister of Finance, Planning and Economic Development, Henry Musasizi, has unveiled an ambitious economic agenda aimed at transforming Uganda into a half-trillion-dollar economy by 2040, signaling a shift from steady growth to what he describes as an “exponential economic takeoff.”
Appearing before Parliament’s Appointments Committee following his nomination to serve in the 2026–2031 Cabinet, Musasizi outlined a five-pillar strategy that he believes will accelerate Uganda’s economic transformation while strengthening fiscal discipline and reducing dependence on external financing.
The roadmap builds on gains registered during his previous tenure at the Finance Ministry, where he says Uganda implemented critical fiscal reforms, strengthened public financial management systems, and successfully exited the Financial Action Task Force (FATF) Grey List—a milestone that enhanced investor confidence and improved the country’s international financial standing.
At the center of Musasizi’s vision is the government’s “Tenfold Growth Strategy,” which seeks to increase Uganda’s economy from its current size of approximately $68.4 billion to $500 billion by 2040.
The target aligns with Uganda’s broader development agenda as the country prepares to enter the oil production era, which government projections suggest could lift economic growth from the current 7 percent to over 10 percent once first oil is achieved.
“Our focus is to transition Uganda from incremental growth to exponential takeoff,” Musasizi told the committee, emphasizing that economic expansion must be accompanied by improved living standards and wealth creation for ordinary citizens.
A key component of the strategy involves enforcing stricter fiscal discipline across government institutions. Musasizi pledged to shift the culture within the Finance Ministry from one focused primarily on expenditure to one driven by measurable results.
The minister-designate announced plans for tighter budget controls, accelerated procurement reforms, and rigorous value-for-money audits on public projects to curb inefficiencies and maximize the impact of public spending.
Revenue mobilization is another cornerstone of the proposed agenda. Through the implementation of Uganda’s Second Domestic Revenue Mobilisation Strategy (DRMS), Musasizi aims to increase the country’s revenue-to-GDP ratio to at least 20 percent.
Economists have long argued that Uganda’s relatively low domestic revenue collection constrains government investment and increases reliance on borrowing and donor support. Achieving the 20 percent target would significantly enhance fiscal independence and provide greater resources for infrastructure and social services.
Musasizi also pledged continued support for President Yoweri Kaguta Museveni’s wealth creation programs, particularly the Parish Development Model (PDM) and Emyooga initiatives.
According to data presented during his vetting, the government has disbursed UGX 4.4 trillion through the PDM to 10,589 parishes, reaching more than four million Ugandans. Meanwhile, Emyooga is reported to have impacted approximately 2.48 million beneficiaries through community-based enterprise financing.
Perhaps the most closely watched element of Musasizi’s strategy is his commitment to what he termed “smart oil governance.” With commercial oil production expected to begin in the coming years, Uganda faces the challenge of avoiding the so-called “resource curse” that has hindered development in several resource-rich nations.
Musasizi said government intends to establish strong institutional safeguards to ensure oil revenues are invested in productive sectors and strategic infrastructure rather than fueling consumption-driven growth.
“We will use oil to build infrastructure and muscle, ensuring Uganda becomes an oil producer, but never an oil-dependent economy,” he said.
The minister-designate pointed to several economic indicators as evidence that Uganda is entering a period of accelerated growth. These include inflation remaining at 3.3 percent, public debt maintained at a sustainable 52.7 percent of GDP, foreign direct investment surging by 151 percent to $3.66 billion, and exports doubling to $16.25 billion.
He also noted that the Uganda Revenue Authority is projected to finance 80 percent of the country’s discretionary budget while formal employment has more than tripled to 2.32 million jobs.
As Uganda positions itself for an oil-driven economic transition, Musasizi’s challenge will be translating ambitious targets into tangible outcomes.
Success will depend not only on sustaining macroeconomic stability but also on ensuring that growth reaches households, businesses, and communities across the country.