Uganda Touts Private-Sector Financing Gains as It Targets $500 Billion Economy

Minister of State for General Duties Henry Musasizi speaking at the event.

Kampala, Uganda — Uganda’s government says expanded access to finance and macroeconomic stability are helping drive a strong economic rebound, as officials push an ambitious plan to grow the country’s economy tenfold over the next 15 years.

Speaking at the annual review of the Private Sector Development (PSD) Programme in Kampala on Thursday, Minister of State for General Duties Henry Musasizi said Uganda is now recognized among the world’s fastest-growing economies, with projections placing it near the top of global growth rankings by 2031.

“Macroeconomic indicators reflect resilience and stability, making Uganda increasingly attractive to investors,” Musasizi said at the event held at Mestil Hotel.

The government is betting on a combination of credit expansion, financial inclusion, and private-sector reforms to sustain momentum and meet its long-term targets.

Musasizi said several flagship financing schemes have boosted liquidity for businesses and households in recent years. Capitalization of the state-owned Uganda Development Bank has surpassed 1.5 trillion shillings ($400 million) over the past five years, he said, helping expand long-term financing to priority sectors.

At the same time, the government has channeled more than 500 billion shillings through the Emyooga initiative—targeted at micro and small enterprises—and about 3.26 trillion shillings under the Parish Development Model (PDM), a grassroots program designed to increase household incomes and deepen financial inclusion. These programmes, he said, have reached millions of beneficiaries and expanded access to finance across the country.

The PSD review comes as the government integrates its Tenfold Growth Strategy into the forthcoming National Development Plan IV. The plan aims to expand Uganda’s economy to $500 billion by 2040, up from roughly $50 billion today.

Musasizi acknowledged the scale of the task, saying the strategy introduces new challenges and demands a major leap in delivery capacity across government and private-sector institutions.

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“This annual review is timely, as it allows us to prepare for the road ahead. Our focus will be intentional and results-driven,” he said.

He added that the next phase of the PSD programme will focus on lowering the cost of credit, expanding financial inclusion, clearing domestic arrears, strengthening private-sector capacity, and accelerating business formalization.

The minister also launched the PSD Programme Implementation Action Plan, which will guide execution of the strategy across ministries, agencies, and private-sector stakeholders.

Uganda’s economy is expected to accelerate further as major oil projects, infrastructure investments, and manufacturing expansion come onstream over the next decade, potentially reshaping the country’s growth trajectory and export profile.