Ugandans are Wealthier, Poverty has Declined: PSST Ggoobi

The Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi,has said Uganda’s economy has all the key ingredients to create wealth and prosperity for all Ugandans,adding that the several economic reforms implemented by the NRM Gov’t over the years have laid a firm foundation for a transformative, resilient and fast-growing economy.

“The NRM Government will continue to take deliberate actions to achieve faster socio-economic transformation and to strengthen her position in the global economy,” said the PSST.

He made the remarks today on behalf of Finance Minister Matia Kasaija at the NRM Party Secretariat at Kyadondo Road in Kampala, where he was invited to update the country on the reforms, progress and future direction of Uganda’s economy under the NRM Government.

Flanked by the NRM Deputy Secretary General Rose Namayanja,Dr.Ggoobi said the economic reforms that have provided the building block of the Ugandan economy today include; Elimination of price controls, liberalisation of the economy, liberalisation of the foreign exchange market, liberalization of the current account and the capital account as well as export diversification, privatization and rationalization of state enterprises among others.

Dr. Ggoobi also highlighted good macroeconomic management to control inflation, creation of Uganda Revenue Authority (URA) in 1991 and investment in infrastructure development.

He said the NRM Government actions have created a stable, robust and resilient economy, adding that the size of the economy is projected to expand 17 times since 1986. By June 2026,Uganda’s economy is expected to be USD 68.4 billion.

The PSST said Uganda has satisfied all requirements and is currently undergoing assessment by the United Nations for graduation to middle income status. He noted that Uganda’s Per-capita GNP stood at USD 1,278 in FY 2024/25 from a low of about USD $570, 10-years ago.

“This is compared to the current benchmark of USD 1,136 for a country to be classified in the lower-middle income category. Our projections indicate that our per-capita income will rise to USD 1,324 by end of FY 2025/26,” said Dr. Ggoobi.

He also said Ugandans are wealthier,adding that poverty has declined from 21.4% in 2016 to 16.1% in 2025, while the proportion of households engaged in the subsistence economy fell from 68.9% in 2010 to 33.1% by FY2023/24.

The PSST said Government is committed to expanding the size of the economy to USD 500 billion by 2040 and to create jobs by focusing resources on the four anchor sectors (ATMS) and their enablers.

“The NRM Government remains resolute to transform Uganda into a modern, inclusive, and competitive economy that works for all,” he said.