Finance Minister Henry Musasizi has challenged Ugandan businesses to leverage government wealth creation funds to build competitive, export-oriented enterprises capable of competing in regional and international markets, as the country pursues its ambition of achieving a $500 billion economy by 2040.
Speaking at the 17th National Competitiveness Forum at Serena Hotel in Kampala on Friday, Musasizi said government’s wealth creation and affordable financing initiatives should move beyond supporting individual beneficiaries to building sustainable businesses, according to The Source Reports.
The forum, held under the theme “From Funds to Firms: Turning GoU Wealth Creation Initiatives into Competitive Enterprises for Uganda’s US$500 Billion Economy,” was organised as part of ongoing consultations for the 2027/28 financial year budget.
“The challenge we must address going forward is how to significantly increase productivity,” Musasizi said, adding that higher productivity is essential for sustaining economic growth and creating productive employment.
He said Uganda needs to sustain annual economic growth of about eight per cent over the medium term, increase productivity, formalise businesses, create productive jobs, and improve household incomes under the Fourth National Development Plan and the Tenfold Growth Strategy.
Musasizi revealed that government has invested heavily in financing programmes intended to reduce risks for private investors and improve access to affordable capital. By June 2026, government had disbursed:
- Shs 4.4 trillion through the Parish Development Model
- Shs 760 billion under Emyooga
- Shs 1.35 trillion through the Agricultural Credit Facility, supporting about 14,000 projects
- Shs 1.6 trillion to capitalise Uganda Development Bank
- Shs 200 billion to the Small Business Fund
- Shs 176 billion to support large-scale commercial farmers
Additionally, the $217 million GROW Project supports women-led enterprises.
“Government is resolute to support business growth and transformation to large and profitable firms, with a strategic focus on export-oriented enterprises,” Musasizi said.
State Minister for Privatisation and Investment Aminah Mukalazi said government should shift its focus from counting beneficiaries of wealth creation programmes to measuring the number of sustainable enterprises created, jobs generated, and products exported.
“We must now become just as good at building firms,” Mukalazi said. She noted that much government support still ends up in small and scattered economic activities, limiting the ability of beneficiaries to achieve economies of scale and compete in bigger markets.
Mukalazi proposed organising household enterprises into clusters linked to anchor companies, aggregators, processors, and exporters to give producers access to reliable markets, quality standards, and predictable prices.
“Competitiveness is not decided in a room. It is decided at the counter and on a supermarket shelf,” she said, emphasising the importance of certification, packaging, traceability, and branding.
Permanent Secretary and Secretary to the Treasury Ramathan Ggoobi reported that Uganda’s exports had increased by about 229 per cent over the past four years, from $5.6 billion in June 2022 to $18.4 billion.
However, he said many enterprises and farms were still operating below their potential because of fragmented supply chains, post-harvest losses, limited value addition, and high working-capital costs.
“We are losing up to 40 per cent of what we harvest,” Ggoobi said.
The minister urged the private sector to strengthen partnerships, adopt technology, add value to products, improve storage and logistics, comply with quality standards, and access export financing. He also encouraged businesses to exploit opportunities presented by regional and continental markets under the East African Community, Common Market for Eastern and Southern Africa, and the African Continental Free Trade Area.
“The proposals arising from this Forum will inform budget prioritisation going forward,” Musasizi said.
The forum marks a strategic pivot in Uganda’s economic development approach, where the success of wealth creation programmes will increasingly be measured by their ability to generate export revenue and enhance global competitiveness, rather than simply by the number of beneficiaries reached.
