Musevenomics Policies Steer Uganda Towards Prosperity
As Ugandans from all occupations gather at Kololo Independence Ground to celebrate President Museveni’s enormous achievements, I would like to use this article to exult our leader for his remarkable achievement-transformation of our economy.
Since taking office in 1986, Museveni has implemented a series of bold economic reforms that have transformed the country’s financial landscape. Through a combination of prudent fiscal management, strategic investments in key sectors, and a commitment to fostering a business-friendly environment, the President’s economic policy has sparked a remarkable recovery from myopic predecessors’ turmoil.
Over the years, Uganda’s GDP has grown steadily at 6.7% in 2024, unemployment rates have considerably plummeted, and foreign investment has surged, with statistics revealing that Foreign Direct Investments (FDIs) stood at $1.5bn in 2022, according to UNCTAD’s World Investment Report, 2023.
The once-struggling economy has been revitalized, with key sectors such as the agro-processing industry out of the robust agricultural sector, the service sector, industry, and manufacturing sectors, experiencing unprecedented growth under Museveni.
The President’s leadership has also led to significant improvements in infrastructure development, education, and healthcare, stable security, creating a solid foundation for long-term economic sustainability. As a result, the country has regained its position as a regional economic powerhouse, attracting international recognition and acclaim.
To quick forgetters, our leader was named 12th among 24 leaders globally whose individual contribution has had a significant positive impact on their countries’ economic growth in a study conducted by New York University’s Professor William Easterly and World Bank’s researcher, Steven Pennings.
After the study, Museveni found himself above Lee Kuan Yew of Singapore and South Korea’s Park Chung Hee, the renowned successful leaders who transformed their country’s economies from poverty to prosperity within a generation.
Winning Interventions
In his efforts to ensure Ugandans proper and put money in their pockets, the president has been strategically making interventions. There was the introduction of National Agricultural Advisory Services (NAADs), through which the government made tremendous efforts to realization of the agro-industrialization agenda prescribed by the National Development Plan III. Its pursuit overarching aim was to accelerate the economy’s growth right from the household level, especially in the rural areas, across Uganda.
Indeed, the intervention saw a significant increment in access to quality farm inputs for agricultural production, improved post-harvest handling and storage, increased agro-processing and value-addition, and strengthened institutional coordination for improved service delivery.
With time, the intervention was graduated into Operation Wealth Creation (OWC), through which production of milk, significantly increased to 5.4 billion litres in 2022 from 2.81bn litres in 2020/2021.
In the tea sub-sector, production steadily increased and Uganda produced 81,675 metric tons in 2022 worth $88.36M compared to 50,055 tons produced in 2017. Production of bananas increased from 11.1 million tons in 2020/21 to 11.23 million tons in 2021/22 reflecting an increase of 1%.
Overall, the volume of exports for fruits and vegetables increased to 101,297 million tons valued at $71.58M in 2022/23 from 62,999 million tons valued at $47.05 in 2021/22.
Courtesy of OWC, maize production increased from 3.5 million tons in 2021/22 to 4.737 million tons in 2022/23, indicating an increase of 35%. Ultimately, maize exports increased from 165.491 million tons in 2021 to 190,573 million tons in 2022.
Parish Development Model (PDM)
PDM is another game-changer wealth creation initiative visionary president introduced to argument others, previously coined. Unlike primary programmes, PDM was an all-rounder socio-economic transformer that targeted all Ugandans at parish levels.
Through it, President aimed to eliminate peasantry by focusing on commercial agriculture, ICT, industry and the service sector. It also encompassed crucial factors of production including capital, labour, land, entrepreneurship, knowledge, markets, building a critical mass of wealth creators and works, etc. PDM has largely, achieved its objectives across Uganda, and according to our indicators; we hope that 10,594 parishes will be vibrantly involved.
Reinforcement of Cooperative Movement
Considering their role in boosting people’s welfare and economic interests through organised groups, the president is in the final stages of reinforcing cooperative movement across Uganda. Structured into 16 forms, the Government has already created 45, 356 cooperatives spread in all regions.
A breakdown of the figure above indicates that there are 10,678 PDM SACCOs, 6,886 EMYOOGA SACCOs, 13, 442 (traditional) SACCOs, 11, 153 agricultural marketing SACCOs, 497 transport SACCOs, 30 health services SACCOs, 21 water and environment SACCOs, 390 diary SACCOs.
Others are 112 Housing SACCOs, 28 energy SACCOs, 331 Fishing SACCOs, 76 mining SACCOs, 151 area cooperative enterprises, 168 unions, 1, 305 multipurpose SACCOs, and 88 others (crafts, bouncers, artists, etc).
In conclusion, I pronounce that the Musevenomics policies have truly been a game-changer, restoring hope and prosperity to our nation. As we look to the future, it is clear that the country’s economic trajectory will continue to soar under the President’s visionary leadership.
The writer is the NRM deputy Secretary General