PSST tells Ambassadors to Embrace 10-Fold Growth Strategy
28th August, 2024
The Permanent Secretary and Secretary to the Treasury (PSST) Ramathan Ggoobi has called upon Ambassadors to support the 10-fold growth of the economy strategy by branding and marketing Uganda to attract more tourists, more investors and more export markets.
This was during the annual retreat of Ambassadors at the Civil Service College in Jinja.
Ggoobi said the Finance Ministry remains committed to supporting Missions Abroad to build the capacity of their staff to deliver to the aspirations of the country, in addition to revamping the infrastructure at the foreign missions.
He however cautioned the diplomats to ensure proper planning, budgeting, execution and accountability of the public resources under their charge.
The week-long retreat happened under the theme: Strengthening Governance and Performance of the Foreign Service for National Development.
Ggoobi also told the Ambassadors that Uganda's GDP growth has recovered from the various shocks, crises and false alarms reaching 6% in FY 2023/24 from 3% in FY 2019/20.
He said this recovery is on account of good macroeconomic management, relatively good weather and improving global economic conditions.
The PSST noted that growth has been broad-based with all the sectors growing-services by 6.6%, industry by 5.8% and agriculture by 5.1% in FY 2023/24.
He said on the current path, growth is projected at 6.4% this FY and at least 7% over the medium term, adding that GDP growth under the 10-fold growth strategy, including oil and gas production is expected to surpass 10% in the initial years.
Ggoobi also said since 2016, there has been exponential growth of foreign direct investment (FDI) due to favorable investment climate, business protection, improved infrastructure, political stability and abundant natural resources.
He said FDI is projected to grow even faster as the start of oil production draws closer in FY 2025/26, adding that exports in FY 2023/24 grew by 47.5% to USD 7,941 million, in addition to the recovery of the tourism sector.
The Permanent Secretary Ministry of Foreign Affairs, Vincent Bagiire said Missions Abroad play a critical role in promoting the development of the country, adding that they also regularly participate in discussions for regional peace and security through engagements with regional and international bodies.