Uganda Charts a Path to a $500 Billion Economy at 9th High-Level Economic Growth Forum

The 9th High-Level Economic Growth Forum (#9EGF2025), held at the Kampala Serena Hotel, brought together policymakers, economists, and industry leaders to discuss strategies for enhancing Uganda’s competitiveness and driving transformative economic growth. Under the theme “Enhancing Uganda’s Competitiveness and Growth Amidst a Changing Global Economic Environment”, the three-day conference highlighted how targeted reforms can unlock Uganda’s potential and move the nation closer to a \$500 billion economy by 2040.

Export Development and Competitiveness

A major focus of the forum was tackling bottlenecks in Uganda’s export sector. Led by Ann Nambooze, presenters underscored key solutions:

• Compliance with international standards, such as EU coffee certifications
• Promotion of high-value crops like avocado and sesame
• Certification of products to boost global market access
• Tourism positioned as a flagship export sector
• Reducing trade costs through East African Community (EAC) facilitation
• Strengthening infrastructure connectivity
• Digitizing trade and investing in digital skills

“Transforming Uganda’s export sector is essential for tenfold growth,” said Ann Nambooze. “Meeting global standards and adding value will open doors for our farmers, exporters, and service providers.”

The forum highlighted Uganda’s progress in diversifying its export basket, now including 31 new products. However, experts emphasized the need to shift from low-complexity to high-complexity exports to deepen value addition and strengthen Uganda’s position in global markets.

Macroeconomic Stability as a Growth Engine

Governor of the Bank of Uganda, Michael Atingi-Ego, underscored that sustainable growth hinges on macroeconomic stability. “Low inflation, fiscal discipline, and active private sector participation form the bedrock of our strategy to achieve a $500 billion economy by 2040,” he stated.

Driving Growth through Firm Productivity and Innovation

Professor Vittorio Bassi of the University of Southern California emphasized that Uganda’s growth agenda must focus on creating larger, more productive firms. “Evidence shows that bigger firms pay higher wages and drive economic transformation,” he noted. He highlighted four key constraints to SME growth: limited access to finance, markets, technology, and skilled labor.

Prof. Bassi pointed to solutions including:

• Innovative financing models such as revenue-based contracts and local equity markets
• Business plan competitions to identify and support high-growth entrepreneurs
• Policies to expand domestic and international market access
• Investments in digital literacy, internet infrastructure, and technology adoption
• Strengthening certified vocational training to match skills with industry demand

“These reforms are critical for Uganda to boost productivity, attract investment, and create jobs,” Prof. Bassi added.

A Forward-Looking Agenda

Throughout the forum, speakers emphasized the importance of an outward-looking strategy and capacity-building for competitive exports. Public and private sector stakeholders engaged in discussions on agro-industrialization, tourism, mineral industries, and science and technology as key drivers of Uganda’s economic transformation.

The Ministry of Finance Permanent Secretary Ramathan Ggoobi emphasized, “Uganda must seize global opportunities by producing competitive goods and services. Our success in the next decades will depend on how effectively we implement these reforms.”

The 9th High-Level Economic Growth Forum concluded with a clear message: Uganda has both the vision and the roadmap to achieve transformative growth. By addressing export constraints, strengthening firms, investing in skills and technology, and maintaining macroeconomic stability, the country is poised to make significant strides toward a $500 billion economy.