Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi has opened the 7th Economic Growth Forum saying Government is not only focused on achieving a high-top line of growth; but growth that is inclusive and green.
“Uganda’s economy continues to show remarkable resilience even in the face of significant domestic and external headwinds,” Ggoobi said, adding that they have arrested inflation and reduced it below the target.
Mr Ggoobi also said Government has avoided new taxes, kept exports and imports flowing and worked hard to reduce short-term interest rates, adding that they have also resisted the temptation of replacing consumer preferences with planners’ preferences, avoided populist policies and responded to the mounting risk of climate change.
The Permanent Secretary said at the end of the Forum, we should know how Uganda should grow, where the highest growth prospects are and the activities that should be prioritised.
According to Dr. Albert Musisi, Commissioner Macroeconomic Policy Department, Uganda’s Economic Growth has averaged 6.6% over the last 30 years above the sub-Saharan average (3%) despite the several internal and external shocks.
Musisi said some of the binding constraints to achieving faster and sustained growth in Uganda include: External and internal shocks, low productivity, costly local and foreign finance and public sector inefficiencies and effectiveness, referring to the inadequate coordination between MDA’s.
The theme of the two-day Forum is; “Strengthening Uganda’s Competitiveness to foster accelerated Economic Growth”.
