The newly appointed Minister of Finance, Planning, and Economic Development, Henry Musasizi, has declared that his primary mission is to transition Uganda from a phase of incremental growth to an “exponential economic takeoff.”
Musasizi, who also serves as the Member of Parliament for Rubanda East and the National Resistance Movement (NRM) chairperson for Rubanda District, unveiled his ambitious blueprint on Monday via his official X (formerly Twitter) account. This followed his successful vetting by the Parliamentary Committee on Appointments for the 2026-2031 Cabinet.
‘I interacted with the Parliamentary Committee on Appointments following my nomination… I shared our progress, outlined Uganda’s current robust economic baseline, and committed to the roadmap for Uganda’s economic growth agenda,’ Musasizi stated.
To achieve this rapid economic transition, the Minister outlined five strategic pillars designed to transform Uganda into a $500 billion (half-trillion-dollar) economy by 2040:
The Tenfold Growth Strategy: A relentless execution of aggressive growth models to multiply the country’s economic output.
Absolute Budgetary Discipline: Shifting the Ministry’s culture from mere spending to enforcing tangible results. Musasizi promised strict budget discipline, aggressive procurement reforms, and rigorous value-for-money audits on all public projects.
Aggressive Revenue Mobilization: Implementing the second Domestic Revenue Mobilization Strategy (DRMS) to push Uganda’s revenue-to-GDP ratio to at least 20%, effectively cutting down external dependence.
Presidential Wealth Creation Agenda: Prioritizing funding and tracking the commercialization of smallholder farmers to ensure all Ugandans enter the formal money economy.
Smart Oil Governance: Managing impending oil revenues with “bulletproof institutional guardrails.” Musasizi emphasized that oil windfalls would build infrastructure and economic muscle, ensuring Uganda becomes an oil producer but never an oil-dependent economy.
Defending his track record, Musasizi highlighted major milestones achieved over the last five years, including securing Uganda’s exit from the Financial Action Task Force (FATF) grey list, strengthening fiscal institutions, and formulating the Tenfold Growth Strategy.
According to the Minister, Uganda’s economic foundation is currently strong and accelerating.
Musasizi also noted that the Uganda Revenue Authority (URA) is now projected to finance 80 per cent of the country’s discretionary budget. On poverty alleviation, he revealed that Shs4.4 trillion disbursed via the Parish Development Model (PDM) has reached 10,589 parishes, empowering over 4 million Ugandans, while the Emyooga initiative has transformed 2.48 million lives.
Expressing gratitude to President Yoweri Kaguta Museveni for the appointment, Musasizi assured the nation of his unwavering commitment to sustainable growth and prosperity.