Uganda’s incoming Minister of Finance, Planning and Economic Development nominee Henry Musasizi has pledged a bold shift in economic management, outlining a five-pillar strategy aimed at transforming the country into a half-trillion-dollar economy by 2040.
Musasizi made the remarks after interacting with the Parliamentary Committee on Appointments following his nomination to the Cabinet for the 2026–2031 term.
He said the engagement provided an opportunity to present Uganda’s current economic position and the government’s long-term growth blueprint.
He emphasized that his leadership would focus on transitioning Uganda “from incremental growth to exponential takeoff,” anchored on structural reforms and disciplined fiscal management.
At the centre of his agenda is an ambitious target to expand Uganda’s economy to USD 500 billion by 2040 under the Tenfold Growth Strategy.
He said achieving this would require sustained reforms and coordinated execution across government institutions.
Musasizi also pledged a stricter approach to public financial management, stating that the Ministry would shift from routine spending to results-based accountability.
He highlighted tighter budget controls, procurement reforms, and strengthened value-for-money audits as key enforcement tools.
On domestic resource mobilisation, he committed to rolling out the second Domestic Revenue Mobilisation Strategy (DRMS), with the goal of increasing the revenue-to-GDP ratio to at least 20 percent, reducing reliance on external borrowing.
He further underscored the government’s wealth creation agenda, promising increased funding and monitoring of smallholder commercialisation programmes to integrate more citizens into the formal economy.
In the energy sector, Musasizi called for “smart oil governance,” noting that Uganda must carefully manage forthcoming oil revenues.
He said the focus would be on building infrastructure and strengthening economic capacity while avoiding overdependence on oil.
He pointed to macroeconomic indicators over the past five years as evidence of progress, citing improved fiscal reforms, Uganda’s exit from the FATF Grey List, and growth in key economic sectors.
He also highlighted projected GDP growth of 7 percent, declining inflation at 3.3 percent, and rising foreign direct investment.
According to the nominee, Uganda’s GDP currently stands at USD 68.4 billion, while exports have doubled to USD 16.25 billion.
He also noted improvements in formal employment and expanded household-level empowerment programmes such as the Parish Development Model and Emyooga.
Musasizi expressed gratitude for the confidence placed in him by President Yoweri Museveni, pledging commitment to steer Uganda’s economic agenda towards sustainable growth and improved livelihoods.