A file photo of the dollar note
A report by the National Planning Authority (NPA) has envisioned that the economy would expand to a GDP of $581b, with a per capita income of $9,500 (Shs32.6m), with 90 percent of Ugandans fully integrated in the money economy by 2040.
The report shows that this implies a more than tenfold increase in the current GDP of $50b (Shs171.6 trillion) in the remaining 15 years. It, however, reveals that, per the current performance of the first three plans, the country is lagging behind the desired socio-economic transformation targets.
“This necessitates, among others,” Mr Joseph Muvawala, NPA’s executive director, says of the fundamental change required, “innovative and transformative policy actions, better prioritisation, and closure of implementation gaps to yield double-digit growth and achieve the desired socio-economic transformation targets before 2040.
While the National Development Plan IV (NDPIV) is alive to these needs, Mr Bill Nkeeto, the Dean of the Faculty of Business Management at Victoria University, says the Global Agenda 2030 of the Sustainable Development Goals (SDGs) should not be lost upon it.
A moderate performance, he adds, has been registered on some SDG indicators like good health and wellbeing (SDG 3); industry, innovation, and infrastructure (SDG 9); inclusive and equitable quality education and promotion of lifelong learning opportunities for all (SDG 4); as well as access to basic education (and life on land (SDG 15).
“Specifically, more needs to be done in areas of zero hunger (SDG 2), climate action (SDG 13), access to clean water and sanitation (SDG 6), eradicating poverty (SDG 1), fostering sustainable cities and communities (SDG 11), and decent work and economic growth (SDG 8). This further necessitates the need for faster growth,” he says.
He adds that the NDPIV is developed to respond to unique circumstances, exploit available opportunities to fast-track the realisation of the desired socio-economic transformation aspirations towards the achievement of the qualitative leap.
Mr Nkeeto notes that towards this, the proposed NDPIV strategic direction is informed by the country’s socio-economic and political history, as Uganda Vision 2040, lessons learnt from the previous NDP implementation, research and evidence, stakeholder engagements, Agenda 2030, Africa Agenda 2063, EAC Vision 2050, ten-fold growth strategy, and other regional and international commitments.
This strategic direction encapsulates the consolidation of development gains; accelerated and collaborative implementation to close the implementation gaps from the previous plans; stronger follow-up, management, and accountability for results; and leverages all existing opportunities, particularly defining transformative approaches to drive faster growth for socio-economic transformation.