Finance Minister Sets Reform-Driven Agenda Targeting $500bn Economy

Corporate editorUpdated 1 week Ago1 Mins read93

Finance Minister Henry Musasizi has outlined an ambitious policy direction for the Ministry of Finance, Planning and Economic Development during his first top management engagement with senior officials at Ministry of Finance, Planning and Economic Development (Uganda).

Chairing his maiden leadership meeting, Musasizi emphasized a shift in focus from routine public spending to measurable economic transformation, anchored on what he described as five strategic pillars aimed at accelerating Uganda’s long-term growth trajectory.

Targeting a $500 billion economy

Musasizi reiterated government’s commitment to the long-term “tenfold growth strategy,” stating that Uganda’s ambition is to expand into a $500 billion economy. The focus, he said, will be on sustained structural transformation rather than incremental growth.

Strict fiscal discipline and value for money

The Minister underscored a tougher stance on public expenditure management, saying the Ministry will prioritize results over spending. He highlighted stricter budget controls, procurement reforms, and enhanced value-for-money audits across government projects.

Enhanced domestic revenue mobilization

Musasizi noted that Uganda will implement a renewed domestic revenue mobilization strategy aimed at increasing the tax-to-GDP ratio to at least 20%. The goal, he said, is to reduce reliance on external financing and strengthen fiscal self-reliance.

Focus on wealth creation at household level

The Ministry will prioritize implementation of the Presidential wealth creation agenda, with emphasis on commercializing smallholder production. The aim is to deepen participation of households in the money economy through improved productivity and market access.

Oil revenue governance framework

On emerging petroleum revenues, Musasizi emphasized the need for strong institutional safeguards to prevent mismanagement. He noted that oil revenues will be directed toward infrastructure development, with a clear policy objective of avoiding overdependence on oil.

Overall, the Minister’s message signaled a policy direction centered on discipline, domestic resource mobilization, and long-term structural transformation as Uganda positions itself for accelerated economic expansion.