President Museveni touring some stalls during the event
HABARI DAILY I Kampala, Uganda I Uganda’s economy is ready for take-off and will most likely experience double digit growth after production of oil kicks off.
According to current estimates, Uganda is expected to produce around 230,000 barrels of oil per day at peak production, with the recoverable oil reserves estimated to last for approximately 25-30 years based on the current discovered resources of 1.4 billion barrels of oil.
However, the projected start date for commercial oil production has been revised from end of 2025 to quarter 4 of 2026, but could stretch slightly into 2027, experts have revealed.
But President Yoweri Museveni has assured that Uganda’s economy will grow into double digits when the country starts producing its oil.
“After June (this year), our economy will grow by 7.3 percent without oil. That’s a high growth speed, very few countries can achieve that. With oil, our rate of growth will go into double digits; more than 10 percent,” he said.
UPDF Officers and Men standing at ease
Speaking today during the 44th Tarehe Sita Anniversary celebrations at Kasasa Township Grounds in Kyotera District, the president, who is also the Commander-In-Chief of the Uganda People’s Defence Forces (UPDF), noted that the economy of Uganda is growing progressively, all in the account of the five phases that the economy and society have gone through since 1986.
“The phases include minimum economic recovery by bringing back the 3Cs (Coffee, cotton and copper) and 3Ts (Tobacco, Tea and Tourism) of the colonial economy which Idi Amin has destroyed,” he said.
He added that the second phase was to expand this small economy, that is why with coffee now, we are at 9 million bags, we used to be at 2 million bags. Phase three is to diversify the economy, phase four is adding value and lastly, phase five, we have entered the knowledge economy which include automobile and vaccines.”
The Tarehe Sita celebrations, observed annually on 6th February, and it is a symbol of the founding of the people’s army ran under the theme: “Celebrating Pan African Solidarity and People’s Sacrifice in the Struggle for Freedom and Democracy for Socio-Economic Transformation.”
Some of the attendees at the Tarehe Sita
Museveni added that as a consequence of the economic growth, although the Government still has a lot to do, Uganda’s economy will be $59.3 billion by June 2025 using the Foreign Exchange Method but $168.5 billion by the Purchasing Power Parity (PPP) method.
“Remember we started with USD4 billion in 1986,” he said.
The President also pledged to handsomely award local scientists who have been able to come up with different innovations like vaccines.
“We must congratulate our people and our universities since some factories are now manufacturing most of the diagnostics we need. We are self-sufficient in sanitizers.”
Additionally, President Museveni urged Ugandans to ensure value addition to their products if they are to benefit more from their economic sweat.
Attendees at the Tarehe Sita baying in the glamour of the event
“The value addition with coffee we are moving. We are supporting a number of groups. Therefore, when we tell you that we are targeting an economy of $500 billion, in the next few years, take serious note of what we are saying,” he said.
He pointed out that the Greater Masaka area is moving forward in terms of commercialization of coffee, palm oil and milk.
“Add irrigation to your efforts and the sky will be the limit. In the Katonga flood plain we can do a lot of fishing. This rice I see there, I don’t think it’s a good idea, we shall talk about it.”
President Museveni further revealed that the National Resistance Army (NRA) from the beginning was fighting for certain philosophical, ideological and strategic principles and targets, citing them as some of the reasons why Uganda has been peaceful all these years.
Armed guards at the Tarehe Sita marching past the President
“I assert that the philosophical, ideological and the strategic stand has enabled Uganda to be peaceful all these years by building a strong army and other state institutions, expanding education and health services, modernising infrastructure, electricity, ensuring freedom of speech and worship and emphasising Pan-Africanism through regional and political integration,” he said.
Jacob Oboth Oboth, the Minister of Defence and Veteran Affairs, Hon. informed the President that as the political leadership at the Ministry, they work closely with the leadership of the army to achieve the goal of maintaining peace and security in Uganda.
Gen. Muhoozi Kainerugaba, the Chief of Defence Forces (CDF), said Tarehe Sita marks a significant day in the history of the UPDF and the NRM and it demonstrates how far the country has come and where it aims to go, terming it as a journey of continuous growth, some challenges notwithstanding.
A cross section of foreign dignitaries at the Tarehe Sita
“As UPDF we have continued to work tirelessly to consolidate the fruits of the liberation struggle to ensure not only peace and security within our border but also supporting our brothers and sisters across the continent. This Pan-African spirit will remain a cornerstone of our mission as UPDF.”
At the same function, 41 individuals were awarded with medals for their exceptional contribution towards Uganda’s liberation.
