Uganda’s economy grows to 5.3% since Covid-19 pandemic- Govt

By Francis Lubega

10^th Jan 2023

The government has reported an economic growth of 5.3% in this financial year 2022/2023 since the re-opening of the country from the Covid-19 Pandemic.

The State Minister for Finance and Planning Amosi Lugolobi while appearing before the parliamentary Finance Committee chaired by Keffa Kiwanuka on Tuesday, said the success has been through the government programs like Parish Development, Emyooga, investment in Uganda Development Bank, Uganda Development Cooperation, Agricultural Mechanization, among others.

Such programs have enabled Ugandans to recover and boost their economic businesses that were formally affected by the pandemic.

Bugolobi further added that the government has invested 1bn USD in the oil and gas sector and the projection of the first oil output is expected in 2025 which will further boost the economy.

However, Lugolobi has noted some recurrent challenges among which; outflow of the capital where investors are currently opting to invest in developed countries and the high risk of climate changes which the government is striving to find solutions about.

COVID-19 disrupted Uganda’s economic activities to the extent that growth tapered to 2.9% in Financial Year 2019/20 according to the COVID-19 Macroeconomic Policy Response in Africa (CoMPRA).