“Another example of why Zambia needs a new home bred governance system that must prioritize development over politics of patronage!” – Mpandashalo Mwewa.
By Chinedu Okafor | BIA.
Lusaka, June 14 – Ugandan President Yoweri Museveni projects annual economic growth of 6.5% to 7%, relying on manufacturing, oil and gas activity, and export growth.
Uganda’s GDP is expected to increase from $49.4bn to $55.2bn by the conclusion of the 2023-24 fiscal year.
Despite the challenges of the Covid-19 pandemic, Uganda’s economy shows signs of recovery, with a strong performance in services and industrial sectors, buoyant private consumption, and increased private investment.
Ugandan President Yoweri Museveni provided perhaps his most positive view of the country’s economy yet, projecting it to grow at a rate of 6.5% to 7% per year over the next five years, relying on manufacturing, increased oil and gas activity, and export growth, all of which are dependent on rebounds of regional and international markets, low inflation, and assistance for small businesses.
By the conclusion of the 2023-24 fiscal year, this will increase the nation’s GDP from its current level of $49.4bn to $55.2bn, or $156.76bn in purchasing power parity, and raise the GDP per person to $1,200 from the present level of $1,096.
The World Bank stated in December of last year that the East African country is returning to its pre-pandemic trajectory of growth, with economic recovery bolstered by the strong performance of the services and industrial sectors, buoyant private consumption, and an increase in private investment.
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This is despite the slow recovery of some key sectors from the Covid-19 effect, such as tourism.
The president of the country is still certain that by using the country’s abundant resources and enhancing the value of minerals and high-value agricultural goods like coffee, Uganda’s GDP would grow tenfold, from $55bn to $550bn, in the near future.
“Why? It is because, apart from the said raw materials that are already in place, all the other factors are there. These are an educated workforce, electricity, a better road network, the railway we are about to start building and the old line we are repairing, piped water, telephone lines, the internet,” the president stated.
Editor’s Comments: Zambia can achieve similar economic growth statistics Uganda and Rwanda are posting by coming up with a new home bred governance system that must prioritize development over politics of patronage.
A political system that should not be led by puppets of the West who have lamentably failed to monetise our natural resources but instead have heightened corruption and persecution of their political opponents.
How does the Ministry Finance fail to trace the whereabouts of the K65m cash that was forfeited by Faith Musonda but the President sees no reason to act if it’s not proof enough he tolerates corruption?
Also Read: Mr. President, you’re engaged more in Rhetoric than Action.
Zambia needs serious leadership that will understand that we need to improve tax collection and ensure the mining industry operates for the overall benefit of the economy to achieve sustainable economic development.
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