President Yoweri Kaguta Museveni has said that according to the latest national census data, 67% of Ugandans are now part of the money economy.
While presiding over the 62nd Uganda’s Independence celebration held at Busikho PTC grounds, Masafu town council in Busia district, the President noted that only 33% of the total population in Uganda has remained outside the money economy. The theme for the celebrations is “Independence Day: A Recommitment to Secure and Fortify our Destiny”
“It is the 33% that are still out of the money economy because of laziness. Why must you remain poor, yet these programs are in place?” President Museveni said.
He attributed the achievement to tireless efforts through initiatives like National Agricultural Advisory Services (NAADS), Operation Wealth Creations (OWC), and Parish Development Model (PDM), among others.
“It is estimated that by the end of June 2025, the economy of Uganda will be $57.5 billion by the exchange rate method and $163 billion by the PPP method. That’s even before we start getting our oil out of the ground. Through government’s measures, we shall grow the economy’s GDP to $500b (by 2040),” Museveni said.
According to President Museveni, despite the opposition, we have added value to several products, such as milk, textiles, tin, cement, and maize.
“With our petroleum resources, we are going to fund all construction of the railways. The importance of the railway is to lower transport costs making it easy for businesses to make profits,” the President noted.
The President further cautioned against divisionism-based religious and tribal differences and called for patriotism.
“Stop this divisionism based on things such as tribe and religion. Love Uganda because you need it for your prosperity. Love Africa because you also need it for your prosperity. We need East Africa and Africa for the bigger market,” Museveni noted.
President Museveni says, “We aim to persuade the governments of Congo and South Sudan to work on roads from Arua to Isiro in the Democratic Republic of Congo-DRC and on to Obo in the Central African Republic.”
He added that Uganda has now entered the knowledge economy of automobiles, vaccines, pharmaceuticals, computer assembling, and eventually manufacturing.
Museveni said there has been active discussion to end African leaders’ exploitative betrayal of promoting raw material exports towards the continent.
“The problem with Africa and other colonies is their focus on producing only raw materials, which has been detrimental to the continent. For instance, Germany, a non-coffee-producing country, earns $65 billion more than the world’s coffee-growing nations,” Museveni noted.
President Museveni further congratulated the Chief of Defence Forces, Gen. Muhoozi Kainerugaba, for rationalizing the parade.
“I commend the current CDF for rationalizing and streamlining the parade and making it shorter. We inherited the traditional parade from our predecessors, but it’s time for a change,” the president said.
The 62nd Independence celebration was graced by the President of the Central African Republic, CAR Faustin-Archange Touadéra, who congratulated President Museveni and applauded him for stabilizing the region.
Other officials, including members of the diplomatic core, also attended the event.
