Uganda is moving closer to becoming an oil-producing nation, with commercial production expected to begin next year. However, a new World Bank (WB) report warns that the country’s biggest opportunity does not lie in future oil revenues, but rather in urgent reforms that can translate economic growth into real jobs and local development. The latest Uganda Economic Update shows that stronger consumer spending and investments successfully drove the economy to a 6.6% growth rate in the second half of last year.
To address this, the government is looking at a wider strategy to ensure citizens benefit. Uganda’s Finance Ministry Economic Affairs Director, Moses Kaggwa, explained that they are actively targeting specific areas to boost employment rather than relying solely on natural resources.
“We have looked at areas that will drive jobs, and that is agro-industrialisation, tourism development, mineral development including oil and gas, and science, technology and innovation, including Information and Communications Technology and the creatives, we are focusing on that,” Kaggwa said.
–ChannelAfrica–
