The Independent Uganda: You get the Truth we Pay the Price
Abidjan, Côte d’Ivoire | THE INDEPENDENT | State Minister in Charge of General Duties, Henry Musasizi asked the Africa Development Bank Group (AfDB) to support Uganda’s ten-fold growth strategy.
Musasizi is representing Finance Minister, Matia Kasaijja at the 60th Annual Meeting of the African Development Bank and 51st Annual Meeting of the African Development Fund hosted by the Republic of Côte d’Ivoire in Abidjan.
The meeting under the Making Africa’s capital work better for Africa’s development.”closed on Thursdays with the election of the new President of the African Development Bank Group, Sidi Ould Tah from Mauritania.
At the meeting, Musasizi made a passionate appeal on the need for the Bank to support Uganda’s ten-fold growth strategy on agro-industrialization, Tourism, Mineral Based Industrial Development including oil and gas and Science, Technology and Innovation.
The oil and gas and the minerals sector have been identified by Uganda as key enablers to powering Uganda’s ten-fold growth strategy.
In 2023, Uganda launched an ambitious growth strategy to expand its economy from USD 50 billion to USD 500 billion by 2040.
The strategy’ is anchored on agro-industrialization, tourism, mineral development, and science and technology innovation (ATMS) to accelerate growth.
It is hoped that achieving this bold ambition could elevate Uganda to one of the most dramatically transformed economies in recent history, akin to Singapore’s meteoric rise and ‘economic miracle’.
Experts however say the ambition and ATMS alone are insufficient. They have suggested prudent fiscal management, improved investment efficiency, stronger governance, and an unwavering commitment to tackling corruption are essential for cultivating a genuinely business-friendly environment to catalyze growth.
They have further suggested that transformation will require doubling the size of the economy every five years, sustaining an annual GDP growth rate above 10 percent, and increasing per capita income from USD 1,039 to USD 7,000.
The IMF has said achieving these goals equally necessitates a surge in domestic savings from the current level of 21 percent to about 40 percent of GDP, an increase in annual foreign direct investment from about USD 3 billion to USD 50 billion, and a substantial rise in tax revenue collection.
The tax-to-GDP ratio will need to be elevated from the current 13 percent to at least 25 percent.
It also calls for a rapid increase in merchandise exports from 13-50 percent of GDP and an increase in exports of medium and high-tech manufactured products from 21-50 percent by 2040.
The government in implementing the strategy targets harnessing resources from oil , gas, minerals and other sectors of the economy for infrastructure development, irrigation, industrial parks development, human capital development, and lowering the cost of money for the private sector.
Some of these ambitions according to Musasizi are aligned with the Bank’s strategy. He thanaked the outgoing President of AfDB, Dr. Akinwumi .A. Adesina for steering the Bank for the past ten years and for the support he has rendered to the Republic of Uganda while at the helm of the Bank.
As at end April, AfDB and Uganda had 20 active signed and on-going public operations with the African Development Bank worth USD 2,123.35 million.
Musasizi revealed that the portfolio is mainly dominated by the Integrated Transport Infrastructure Services Program with projects worth USD 1,619.81 million. “This year’s Annual Meetings marked a historical landmark in the life of the Bank because the Governors gathered in Abidjan to vote the next President of Africa’s Premier Multilateral Development Finance Institution,” said Musasizi.
“I also met the Ugandans working with the African Development Bank. It is worth noting that Uganda has 78 staff serving in various positions at the Bank and is ranked 10th in the Bank wide rating,” he added.
The race for presidency had five candidates, Abbas Mahamot Tolli from Chad, Dr. Samuel Munzele Maimbo from Zambia, Amadou Hott from Senegal, Sidi Ould Tah from Mauritania and Bajabulile Swazi Tshabalala from South Africa. The elections were won by Sidi Ould Tah who has been the President of the Arab Bank for Economic Development (BADEA) for the past ten years.
Sidi is now the president elect for the Bank Group for the period 1st August 2025 to 30th July 2030.
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