President Yoweri Museveni has revealed that Uganda has already achieved the entrance points for the lower middle-income status.
To say this, the President was making his State Of Nation Address at Kololo Independence Grounds on Tuesday.
He said Uganda has passed through a lot of hurdles ranging from the locusts, the rising waters of the Lakes, the floating islands, the landslides, the terrorist bombs, the covid-19 and now the rising commodity prices artificially caused by the Ukrainian war but the country has managed to achieve a progressive and transformed economy.
“The Ugandan economy, by the budget time in the next few days, will be standing at US$ 45.7billion by the
exchange rate method and at USD 131.6 billion by the PPP method. This means that the GDP per capita is now $1046.You remember, the entrance points for the lower middle-income status, is USD 1036. We have now passed that figure. Congratulations,” President Museveni stated.
However, Mr Museveni said in order to be declared a middle income country, the nation has to sustain the points for two to three consecutive years.
“I am confident, we shall over perform, in achieving that. Remember that our economy expanded in spite of the lockdowns caused by covid-19 and in spite of the ever increasing population; you can see that the size of the economy,when compared to the population that is always growing fast, has continued to grow and we have arrived at the boundary point as far as the middle income status is concerned,”he added.
Museveni also disclosed that the global crisis caused by Covid-19 and Ukrainian war presented Uganda with plenty of opportunities.
“Before the global destabilization by the
corona-19 and the Ukrainian crises, Uganda was a country of surpluses that were crying out for markets in the form of sugar, maize, milk, chicken, eggs, bananas, cement, mitayimbwa (steel bars), soap, beers etc., etc.This global crisis actually presents Uganda with plenty of opportunities. I saw on the news, that Malaysia had banned the export of chicken and that India had banned the export of sugar.President Joe Biden was crying for baby formula, etc. Many of these products are the ones that have been in surplus in Uganda. We just need to deal with a few quality and bio-hazard issues. The issue of aflatoxins, will be dealt with by proper harvest and drying methods as well as the method of embracing biotechnology.”
The President further noted that despite a few challenges like cattle rustling in the North which Uganda is currently facing, the country is still on the right path of development, which has been the case for the 36 years since NRM government captured power.
“Nevertheless, we are now diverted by our indisciplined cattle rustlers to spend
money on more soldiers (infantry). To fight what war and against whom? To fight a war of ignorance and fight
against our expanded prosperity. All understanding people, should denounce this sabotage…..We only need to be mindful of three points: the environment, corruption and chauvinism in business,” he said.
“You have seen what can happen to countries when they cannot produce their own food. There is no problem Uganda cannot solve, as I have stated earlier, as long as we are able to produce most or
all of our food. To do this, you need soil and, above all, fresh water. This means environmental protection – protecting the wetlands – all of them, the river banks, the lake shores and the forests and also planting trees even in inhabited areas.”
On the other hand, Museveni tasked business people and investors to expose corrupt political actors and public servants who always solicit for bribes and their schemes for frustrating those that do not pay them.
He warned that action against perpetrators will be taken for the benefit of the business atmosphere in the country.
“Another danger to our rapid social-economic transformation is the corruption of political actors and Public servants who do not only steal government money, thereby denying the population the services that money would have provided, but they also parasite on our business people. Business people and investors, do not feel beholden to these parasites,” he explained.
“Therefore, let all the NRM MPs and other positive elements, rally around the patriotic programme of the NRM that has transformed Uganda from the failed state of 1986, with the economy expanding in size 30 times plus in 30 years, in spite of the endless betrayals by certain elements. Those who cause frictions among the NRM fraternity, should be carefully examined. Why can’t you discuss any matter in non-antagonistic ways.”
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