Harnessing Government Policies for Private Sector under Tenfold Growth
The Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi informed members of Kigo Seven Lakes Golf Rotary Club during their fellowship at Serena hotel, Kigo that all Uganda’s economic fundamentals are in good shape and very supportive of private sector investment.
In a statement delivered on his behalf by the Deputy Secretary to the Treasury (DST), Patrick Ocailap, Ggoobi said Uganda’s return on investment (RoI) is one of the highest in the region at 14% on average; and the return on Equity for listed companies is 30% on average.
He said the Domestic Gross Product (GDP) is growing, inflation is stable, foreign exchange rate is stable (the shilling is most stable currency in Africa), interest rates have plateaued, exports have increased and foreign direct investments (FDI) as well as remittances are flowing in.
The PSST also highlighted that poverty has been reduced to 16% from 20% four years ago – surpassing the 2025 national target of 18.5%.
“Inequality is also down to a lower Gini of 0.38 from 0.41 in 2020. During the next 5 years, it’s projected that Uganda’s GDP is going to more than double, to USD 158 billion in 2030. Public debt is sustainable and within our Charter for Fiscal Responsibility,” said the PSST.
He said Government has borrowed wisely in the past (mainly concessional), and spent the borrowed money in areas that facilitate growth including: Infrastructure - roads & bridges, repairing the railway, waterways (29.3%); Electricity and other energy sources (27.6%); Internet, Education, health, housing & urban development; Science, Technology and Innovation (STI), and private sector development (14%); Water and environment (11.5%); and Agro-industry (5.8%).
Ggoobi said the goal of Government under the Tenfold growth strategy is to make Uganda a 500-billion-dollar economy by 2040 leveraging ATMS: Agro-industrialisation; Tourism and travel; Mineral beneficiation and manufacturing, including oil and gas as well as Science, Technology and Innovation (STI) - knowledge economy and digital transformation.
He noted that ATMS will be enabled by the necessary Infrastructure – roads and bridges, railways, airports and urban infrastructure; Electricity generation, transmission and distribution; Social service sector – education, health, social security, water and environment; Irrigation infrastructure; Industrial Park development; Security and stability as well as financial services - banking, insurance, private equities and strengthening of domestic revenue.

On the side of Government, Ggoobi said certain things are going to be done differently to achieve this good ambition by taking full advantage of the new ways of doing things (emerging technologies), investing in new sources of growth (emerging sectors), and leveraging the new trade and economic relationships (emerging markets).
He also pledged that Government will continue to maintain macroeconomic stability - low inflation, exchange rate stability; improve fiscal discipline; push productivity by working on linkages between the ATMS; proper sequencing of investments and infrastructure as well as strengthening of institutions.
Financing the Tenfold Growth
Ggoobi said the strategy will be funded by tax revenue whose effort is expected to increase from 14% of GDP to 30% by 2040. Other financing sources are: Public debt- borrowing only for strategic infrastructure projects and programs to reduce debt to GDP ratio from 46% in 2023 to 40% in 2040; Capital Markets, by expanding and deepening long-term finance, private equity, and public listings as well as private sector credit.
How to take advantage of the Tenfold Growth
Ggoobi said the demand for household services and consumables will significantly increase over the next 15 years on account of rising household incomes, adding that business opportunities are going to increase in the sectors of food, residential housing, energy (lighting & cooking), travel and tourism, education, groceries, healthcare, clothing and footwear among others.
He also highlighted increased demand for intermediate goods and services between businesses, particularly in the areas of feedstock for manufactures, industrial housing, industrial warehousing, data & ICT services, hotel and hospitality, tour and travel, private security services, accounting, insurance and banking, transport and logistics, media and communication.
The other is Government-to-Business (G2B), well aware that Over 60% of the National Budget is spent through procurement. A doubling of GDP in the next 5 years translates into a similar increase in the size of Government contracts in the areas of utility services (energy & water); infrastructure (transport, energy, water, and ICT); and supplies.
“We’ve started a journey of getting the incentives right. The tenfold growth strategy provides a number of opportunities to private sector in the ATMS and the enablers. Only those that are ready to formalize their businesses and pay their taxes are likely to benefits,” said Ggoobi.