Uganda’s economy has rebounded strongly from past challenges with Finance Minister Matia Kasaija announcing a projected GDP growth of 6% for 2023/24, up from 5.3% in the previous fiscal year. This impressive recovery highlights the country’s resilience and potential for sustained economic progress.
“This year’s growth of 6 percent is even more impressive when compared to Sub-Saharan Africa’s average of 3.8 percent, and the global average of 2.9 percent projected for the year 2024,” Kasaija said at Kololo as he read out the budget.
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Kasaija revealed that the size of the economy is now estimated at Shs 202 trillion (USD 53.3 billion) up from Shs 184.3 trillion (USD 48.8 billion) in nominal terms.
“If Ugandans agreed to share this GDP equally, each citizen would enjoy a GDP per capita of USD 1,146 compared to USD 1,081 registered last Financial Year 2022/23,” Kasaija told parliament.
Excise duty
✅ Increase excise duty on petrol by Shs 100 per litre.
✅ Increase excise duty on diesel by Shs 100 per litre.
✅ Increase excise duty on imported wines from 80 percent or Shs 8,000 per litre to 100 percent or Shs 10,000 whichever is higher
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Winners
✅ Shs 50 billion for Presidential Initiative on Banana Industrial Development
✅ Shs 723 billion equity acquisition Dei Biopharma Ltd
✅ Shs 25 billion for Dr. Margaret Saimo-Kahwa anti tick vaccine
✅ Shs 2.07 billion for Dr Ogwang COVIDEX
✅ Shs 25.24 billion Prof Jennifer Serwanga Sempala to advance her research in human vaccines
✅ Shs 75 billion Coffee Investment Consortium, Great Lakes Coffee and Inspire Africa Coffee
✅ Shs 32.5 billion Kiira Motors
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