The Government has embarked on an ambitious strategy to grow the country’s economy 10 times from the current $49.5b to $500b in under two decades. In this, there are five strategic areas with which great priority will be placed to reach this target ;- Tourism, Agro-industry, mineral-based industrial development, sustainable development of petroleum resources, and building a knowledge economy (according to the 2024/2025 budget framework paper of the Ministry of Finance, Planning, and Economic Development)
The intellectual component of the economy known as the “knowledge economy” involves the efficient acquisition, development, transmission, and use of knowledge to advance economic progress. With this tactic, business owners can improve the economy’s service quality and manufacturing processes . Uganda’s wealth of natural resources presents a golden opportunity to take the country’s economy to the next level, as ageed by Experts at the finance ministry
They anticipate a dramatic acceleration in economic growth for the nation in the next decade. According to the Uganda Petroleum Authority, the country’s oil sector would receive between $15b and $20b in investment over the next five years. That money does not include what the country will gain from oil production and sales.
Both the government and commercial oil corporations have already invested billions of dollars in Uganda’s oil sector in a variety of projects aimed at preparing the country for oil production next year. Many other sectors/industries, such as manufacturing, telecommunications, banking, tourism, ICT, education, minerals development, fisheries, energy, construction/ housing, and agriculture, will continue to grow rapidly.