By Naome Namusoke/KMA updates
Entebbe, Uganda – Uganda’s economic trajectory is under scrutiny as key stakeholders warn of a looming crisis unless urgent reforms are implemented. The Permanent Secretary in the Ministry of Finance, Planning, and Economic Development and Secretary to the Treasury, Ramadhan Ggoobi, has issued a strong call for stricter regulations and enforcement mechanisms to address persistent issues that threaten the nation’s economic development goals.
The Permanent Secretary in the Ministry of Finance, Planning, and Economic Development and Secretary to the Treasury, Ramadhan Ggoobi addressing members of the Forum.
Speaking during the 13th CPA Economic Forum held in Entebbe, Ggoobi emphasized that Uganda’s ambitious Ten-Fold Growth Strategy—which aims to substantially increase national development by 2040—could be derailed by unchecked mismanagement, corruption, unprofessionalism, and weak implementation of existing policies.
Uganda has been pursuing a transformative economic agenda anchored on the Vision 2040, with plans to shift the country from a low-income to a middle-income status. The government introduced the Ten-Fold Growth Strategy to enhance productivity across various sectors, stimulate industrialization, and create employment opportunities.
However, despite achieving a GDP growth rate of approximately 5.2% in FY 2023/24, the country continues to grapple with challenges including low-quality production, poor public service delivery, and widening salary disparities, especially among local government employees.
Samuel Frederick Mwogeza,the interim Chief Executive Officer of Stanbic Bank Uganda delivers his remarks.
The CPA Economic Forum, organized by the Institute of Certified Public Accountants of Uganda (ICPAU), brought together accountants, economists, policymakers, and private sector leaders under the theme “Sustainable Economic Growth: Transforming Today, Thriving Tomorrow.”
Ggoobi, delivering the keynote address, pointed out that Uganda’s economic potential remains solid but is being undermined by systemic weaknesses. “We must carry out a national clean-up across all institutions to restore discipline and professionalism. Without this, our economic future is at risk,” he warned.
Participants at the forum raised several red flags including Salary inequities within public service structures, especially between central and local government staff, Unethical behaviour and misconduct among some accountants, Lack of professionalism, accountability, and transparency in handling public funds.
According to Derick Nkajja, CEO of ICPAU, the forum provides a strategic platform for policy-oriented dialogue. “As accountants, we are not just bookkeepers but change agents. We must contribute to shaping a sustainable economy by upholding integrity and championing good governance,” he noted.
The President of ICPAU echoed similar sentiments, calling for stronger collaboration between the private sector and government institutions to enhance service delivery and restore public trust.
PHOTO
Ggoobi outlined four critical areas that require immediate attention to boost productivity and ensure long-term growth these include Governance and Institutional Reforms – Enforcing laws, reducing corruption, and increasing accountability.
Human Capital Development – Addressing salary gaps and improving the welfare and training of public servants.
Quality and Value Addition – Encouraging the production of high-quality goods and services to compete in regional and global markets.
Professional Standards – Strengthening ethics and oversight within the accounting profession and the broader public service.
While Uganda continues to recover from the effects of the COVID-19 pandemic, Ggoobi made it clear that the journey to sustainable growth must be built on solid institutional foundations. He pledged that recommendations from the CPA Economic Forum would be considered in the national budgeting process to shape future fiscal policies.
“The goal is not just economic growth, but inclusive, disciplined, and accountable growth. That’s the only way Uganda will thrive tomorrow,” Ggoobi concluded.
During the 2023/24 financial year, Uganda recorded a GDP growth rate of 5.2%, with an estimated unemployment rate of 9.2%, a public debt of UGX 96 trillion (approximately 48.2% of GDP), an insurance penetration rate below 1%, and a tax-to-GDP ratio of 13.5%.
About the CPA Economic Forum
The CPA Economic Forum is a flagship event hosted annually by the Institute of Certified Public Accountants of Uganda (ICPAU). It serves as a policy think tank, gathering expert input and submitting economic reform proposals to government bodies including the Ministry of Finance, Planning, and Economic Development.