President Yoweri Museveni has called on Ugandans to safeguard the country’s economic achievements and position themselves to benefit from emerging opportunities as Uganda targets a $500 billion economy by 2040.
Addressing NRM delegates at the Special Interest Groups elections at Kololo Independence Grounds, Museveni said Uganda’s economy has grown from just $3.9 billion in 1986 to $66 billion today, a 17-fold expansion. He emphasized that this progress must be protected as the country transitions into a high middle-income economy.
“Our journey has gone through five phases,” Museveni said. He explained that the first phase, minimum recovery, restored consumer goods like soap, salt, paraffin, cement, and clothing at a time of severe shortages. The second phase expanded production, especially in cash crops such as coffee and tea.
The third phase was diversification, where traditionally non-cash products—bananas, maize, cassava, Irish potatoes, milk, beef, and fruits—were absorbed into the money economy. Phase four focused on value addition to raw materials.
“Now we are entering phase five, the knowledge economy,” Museveni said, citing innovations like Kira electric buses built by Ugandans. “We are no longer satisfied with assembling for others. We want to make computers, vaccines, and other knowledge products.”
Museveni stressed the importance of every household joining the money economy. He recalled that in 2013, 68% of homesteads were outside the cash economy, but government initiatives like Operation Wealth Creation had reduced this to 33%. “To reach high middle-income status, every Ugandan must place their family in one of the productive sectors—commercial agriculture, factories, services like tourism and hospitality, or ICT,” he urged.
The President further highlighted the NRM’s role in industrialization, noting that the party has promoted the growth of towns anchored on factories rather than just shops, creating large-scale employment.
“As we protect the gains, we must prepare for the qualitative leap. By 2040, our target is to catapult Uganda’s economy to $500 billion,” Museveni said, rallying citizens to embrace innovation, productivity, and resilience.
