DST Patrick Ocailap urges private sector players to leverage the economic fundamentals in Uganda’s tenfold growth plan.

The Deputy Secretary to the Treasury (DST) at the Ministry of Finance, Mr. Patrick Ocailap, has urged members of Kigo Seven Lakes Golf Rotary Club to take full advantage of the opportunities in the ten-fold strategy through embracing and adapting to emerging technologies as key drivers of private sector growth and economic transformation

The Deputy Secretary to the Treasury, Mr. Patrick Ocailap, was representing the PSST Mr. Ramathan Ggoobi  as guest speaker at Serena Hotel, Kigo, under the theme: "Harnessing Government Policies for Private Sector under Tenfold Growth".

Ocailap said all the economic fundamentals are in good shape,adding that GDP is growing, inflation is stable and the foreign exchange rate is also stable with the shilling being the most stable currency in Africa.

"Poverty is down to 16% from 20% four years ago – surpassing the 2025 national target of 18.5%. Inequality is also down to a lower Gini of 0.38 from 0.41 in 2020," said the DST.

He said that during the next 5 years, it’s projected that Uganda’s GDP is going to more than double, to USD 158 billion in 2030.

Regarding the Tenfold Growth, Ocailap said the goal is to make Uganda a 500-billion-dollar economy by 2040 by effectively implementing the ATMS and the Enablers.

"We want to do certain things differently to achieve this good ambition," said Ocailap, adding that the government is taking full advantage of the new ways of doing things, investing in new sources of growth & leveraging the new trade and economic relationships.

He told the Rotarians that Uganda's Return on Investment (RoI) is one of the highest in the region at 14% on average; while return on Equity for listed companies is 30% on average.

"Government is pro-private sector and the economy is fully liberalized - with open capital account...," he said.

The Club President Mr. Kin Kariisa, applauded the government of Uganda for stabilizing the economy and especially the Uganda shilling.

DST Patrick Ocailap