President Yoweri Museveni has said that Bujjagali electricity prices are set to go down. The President was speaking during the 54th Independence anniversary celebrations held today at Luuka district headquarters in Busoga Sub-Region. The celebrations ran under the theme “Protection of Our Independence Through Promotion of Patriotism, Unity and Hard Work”. He revealed that there are a number of measures in place to reduce the cost of Bujagali electricity from US 11 to US7 Cents and later on to US5 Cents.
“Recently, in New York, I had a serious discussion with the stakeholders involved in the Bujagali project and agreed on how to bring down the cost of power of that power station,” he said.
He said that the Government’s efforts to construct more power dams will further help to lower the cost of electricity which would, in return, lower the cost of manufacturing. “By handling electricity, the improved roads and ICT backbone, we are on the verge of lowering the costs of doing business in the economy, especially in manufacturing.
In order to further deal with the high cost pushers in manufacturing and business, the President said, government is going to build a modern electrified standard gauge railway. “According to the World Bank, in a manufacturing economy, electricity accounts for 40% and transport accounts for 50%. Therefore, once you tackle these two you significantly lower the costs of doing business in any given economy,” he said.
The President added that the issue of industrializing Uganda will be done through four ways: Ugandan investors, Foreign Direct Investments (FDIs), scientists and lastly the youth, the women and the cooperative groups.