Uganda Launches National Budget Month for FY 2024/25

The Ministry of Finance Planning and Economic Development of Uganda has inaugurated the National Budget Month for the fiscal year 2024/25, an event marked by comprehensive discussions on the country’s financial and developmental priorities. Presided over by Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury the launch highlighted a series of strategic initiatives aimed at propelling Uganda towards sustainable economic growth and development.

Key Budget Priorities for FY 2024/25

In his opening remarks, the Minister of State for Investment and Privatization underscored several key priorities that will shape the fiscal landscape of Uganda in the coming year:

Human Capital Development: Investing in the people of Uganda through education, health, and social services remains a cornerstone of the national budget. This focus on human capital is designed to enhance the productivity and well-being of the populace, laying a strong foundation for future economic growth.

Peace and Security: Ensuring a stable and secure environment is critical for economic activities and investments. The budget allocates significant resources to maintaining peace and security across the nation.

Infrastructure Development: The construction and maintenance of vital infrastructure, including the standard gauge railway and the metre gauge railway, are prioritized to facilitate efficient transportation and trade.

Wealth Creation Initiatives: Programs such as Emyooga, the Parish Development Model (PDM), and the Agricultural Credit Facility are earmarked for substantial investment to spur wealth creation and economic inclusion across various sectors of the economy.

Maintenance of Existing Infrastructure: Allocating resources to maintain and upgrade existing infrastructure ensures the sustainability and efficiency of Uganda’s development projects.

Science, Technology, and Innovation: Recognizing the pivotal role of innovation in modern economies, the budget emphasizes investment in science and technology to foster a culture of innovation and technological advancement.

PSST Ramathan Ggoobi articulated an ambitious strategy to exponentially grow Uganda’s economy from its current USD 50 billion to USD 500 billion over the next 15 years. This growth trajectory is anchored on four key sectors:

Agro-industrialization: Leveraging Uganda’s agricultural potential to create value-added products and enhance export earnings.

Tourism Development: Promoting Uganda as a prime tourist destination to generate substantial revenue and create jobs.

Minerals Development, Oil, and Gas: Capitalizing on the country’s rich mineral resources and burgeoning oil and gas sector to drive industrialization and economic diversification.

Science, Technology, and Innovation (STI): Integrating STI in various economic activities to boost productivity and competitiveness.

The launch also celebrated Uganda’s notable achievement in the 2023 Open Budget Survey. With a score of 59 out of 100, Uganda ranks first in East Africa and fourth across the African continent in terms of budget transparency. This performance reflects the government’s commitment to fostering openness and accountability in public finance management.

Dr. Munir Safieldon, the UNICEF Uganda representative, lauded this achievement, emphasizing that it underscores the deliberate efforts by the Government of Uganda to prioritize the Open Budget Survey Score as a critical indicator of budget transparency in the National Development Plan (NDP III). This focus on transparency is pivotal in fostering better monitoring, accountability, and public trust in the government’s financial management processes.

The launch of the National Budget Month FY 2024/25 marks a significant step towards realizing Uganda’s economic and developmental aspirations. With a clear focus on human capital development, infrastructure, wealth creation, and innovation, the government is poised to drive sustainable growth and improve the quality of life for all Ugandans. The commendable performance in budget transparency further enhances Uganda’s reputation as a country committed to accountable and transparent governance.