Uganda Is Already In Middle-Income Status Museveni Says As He Sets New Economic Targets For Coming Years
President Museveni has revealed that Uganda already attained a middle income noting that the country’s economy can steadily progress if things are done right.
“Our economy has grown from a miserable $1.5 billion in 1986 to $48 billion by end of June 2023. c they are talking about but you need three years consecutively to be recognized as a middle-income country and in my view, all these are low targets that Uganda will easily surpass,” Museveni said while speaking during the 37th liberation anniversary in Kakumiro district.
“In my view, all those are low targets, which Uganda will easily surpass. Why? You remember my admonitions about losing value through the export of raw materials. This low middle-income economy we are now talking about, is still, actually, mainly a raw materials-producing economy, where for a kilogram of $5 coffee, we get $2 for bean coffee while the wiser foreigners who roast the coffee, grind it and pack it for sale in supermarkets, get 50 for the same kilogram.” he added.
Official data indicates that Uganda’s economy stands at about $ 45.7 billion by the exchange rate method or $ 131 billion by the Purchasing Power Parity (PPP) system.
According to Museveni, with value addition to the country’s produce, the economy can easily grow rapidly from a low-income middle economy in which it is currently ranked to a better position.
“We are going to add value to more and more of our coffee and the other raw materials – cotton, maize, forest products, minerals, etc. This broad spectrum value addition movement will jumpstart our economy in a fairly short time to a- half-trillion economy ($ 500 billion).”
“ We now have the electricity and we are adding more, we have the varied and massive raw materials and, increasingly, we have the entrepreneurs – local and foreign and we have the African market that we have put in place with our Pan-Africanist Comrades.”
