Honourable Minister Musasizi,
Your pledge before the Parliamentary Committee — to drive accelerated economic transformation, enforce fiscal discipline, boost domestic revenue, support wealth creation, and ensure prudent management of oil revenues — while committing to results-oriented delivery, aggressive procurement reforms, and rigorous value-for-money audits, sets a strong foundation.
As debt repayment consumes a large portion of the UGX 84 trillion FY2026/27 budget and domestic borrowing continues to crowd out the private sector, your leadership in creating fiscal space — without compromising Uganda’s recent exit from the grey list — will define this term.
First 100 Days.
• Debt Navigation & Fiscal Space: Initiate a comprehensive debt sustainability review, confront inefficiencies in loan-funded projects, and engage creditors for refinancing of high-cost domestic debt. Prioritise concessional and PPP financing for infrastructure to reduce internal borrowing pressure, protect private sector credit access, and safeguard Uganda’s standing off the grey list.
• Gold & Minerals Value Capture: Allocate UGX 400 billion to scale Bank of Uganda’s gold purchase programme to 5 tonnes/year. Raise refined gold export levy from $200 to $500/kg with rebates for local content and downstream manufacturing. Explore selective government equity in gold refineries. Target: Lift net retention from $200 million to $1 billion within 24 months.
• Commit UGX 800 billion to accelerate last mile electricity access/stability and cold chain infrastructure for dairy and fish farmers to cut post-harvest losses.
First Year Priorities.
• Interest Rate & Farmer Relief: Direct BoU to lower Cash Reserve Ratio and create targeted liquidity windows. Introduce a 12–24 month grace period on interest payments for farmers and agri-enterprises. Aim to reduce average lending rates from 15–20% to 8–9% for priority sectors.
• Trade Finance Fund: Capitalise a UGX 500 billion Trade Finance Fund to provide affordable, fast-track financing for exporters, agro-processors, value-addition enterprises, and SMEs.
• Research & Development Fund: Establish a UGX 900 billion revolving competitive R&D Fund for independent think tanks and research institutions, awarded transparently on merit to generate high-quality, evidence-based solutions in minerals beneficiation, energy, space technology, agro-industrialization, fiscal innovation, and wealth creation.
• Smart Revenue Mobilisation: Expand tax base through formalization incentives and digital tracking (target UGX 300–400 billion extra revenue) without new burdens on businesses, protecting profitability and aggregate demand.
• PDM Transformation: Fully digitise PDM beneficiaries and deliver direct cash transfers after rigorous project approvals. This will eliminate middlemen and strengthen household-based wealth creation.
• Formalization & Enterprise Support: Launch UGX 1.2 trillion fund offering rebates and matching grants to factories skilling young people in agro-processing, jewelry, and value addition. Consolidate scattered formalization programmes under a one-stop center in the Ministry of Finance.
Years 2–5: Scaling Impact.
• Achieve nationwide cold chain coverage, full artisanal miner integration, sustained debt restructuring, and procurement reforms.
• Expand last-mile electricity to manufacturing hubs/parks to create 500,000 new formal jobs. Establish a sovereign wealth fund for prudent oil revenue management. Raise formal economy share to 60% of GDP.
Honourable Minister, by combining disciplined debt management with bold value capture, a dedicated Trade Finance Fund, competitive R&D investment, and private sector-friendly financing, you can create the fiscal breathing room needed for real transformation. This is our generational moment to move from managing constraints to engineering inclusive prosperity.
Let us seize it together with courage and discipline.
Respectfully,
M. Rwakakamba
I interacted with the Parliamentary committee on Appointments following my nomination to serve as Minister of Finance planning and economic development in the Cabinet of 2026-2031.
I shared our progress,outlined Ugandas current economic robust base line,and committed to the roadmap for Ugandas economic growth agenda.
Going forward my focus is to transition Uganda from incremental growth to exponential takeoff through five pillars
1. The USD 500 Billion Target: Relentlessly execute the Tenfold Growth Strategy to turn Uganda into a half-trillion-dollar economy by 2040.
2. Enforcing Absolute Discipline: Shift the Ministry’s culture from spending money to enforcing results. I will demand strict budget discipline, aggressive procurement reforms, and rigorous value-for-money audits on all public projects.
3. Aggressive Revenue Mobilisation: Implement the second Domestic Revenue Mobilisation Strategy (DRMS) to push our revenue-to-GDP ratio to at least 20%, cutting external dependence.
4. Presidential Wealth Creation Agenda: Prioritize funding and tracking the commercialisation of smallholders to ensure every Ugandan enters the money economy.
5. Smart Oil Governance: Manage our impending oil revenues with bulletproof institutional guardrails. We will use oil to build infrastructure and muscle, ensuring Uganda becomes an oil producer, but never an oil-dependent economy.
Over the last five years, we delivered key budgets and reforms, secured Uganda’s exit from the FATF Grey List, strengthened fiscal institutions, and formulated the Tenfold Growth Strategy.
Today, Uganda’s economy is strong and accelerating: 7% growth this year, rising to 10.2% with First Oil; GDP at USD 68.4 billion; inflation at 3.3%; debt sustainable at 52.7% of GDP; FDI up 151% to USD 3.66 billion; exports doubled to USD 16.25 billion; and URA projected to finance 80% of the discretionary budget. Formal jobs more than tripled to 2.32 million. UGX 4.4 trillion via PDM has reached 10,589 parishes empowering over 4 million Ugandans while Emyooga has Transformed 2.48 million lives.
I am deeply honoured by the trust reposed in me by H.E. the President
@KagutaMuseveni and I assure him and the people of Uganda of my unwavering commitment to steering our nation's economic agenda towards sustainable growth, prosperity, and improved livelihoods.
I look forward to working collaboratively with stakeholders to drive Uganda's development ambitions.