The newly appointed Minister of Finance, Planning and Economic Development, Henry Musasizi, has outlined an ambitious agenda centred on economic growth, domestic revenue mobilisation, wealth creation, and prudent management of public finances. Speaking shortly after appearing before Parliament’s Appointments Committee, Musasizi said his priorities would be anchored on five key pillars aimed at accelerating Uganda’s economic transformation and advancing the government’s long-term development goals.
At the core of his agenda, he said, is the implementation of the government’s 10-fold economic growth strategy, which seeks to significantly expand the size of Uganda’s economy over the coming years. Musasizi also pledged to intensify domestic revenue mobilisation efforts, citing the recently approved Domestic Revenue Mobilisation Strategy as a critical instrument for boosting government revenues.
According to the minister, Uganda’s tax-to-GDP ratio currently stands at approximately 13 per cent, but the government, he said, is targeting an increase to 20 per cent through improved tax administration and a broader tax base.
Another major priority will be supporting wealth creation programmes, particularly the Parish Development Model (PDM), which the government considers its flagship initiative for transitioning households from subsistence production into the money economy. Musasizi noted that progress has already been registered through various wealth creation interventions, but acknowledged that many households remain outside the cash economy.
He added that financing for wealth creation initiatives, including the Uganda Development Bank, the Uganda Development Corporation, and other government-backed funds, would remain a priority. The minister also signalled a stronger focus on expenditure controls and value-for-money audits to ensure public resources deliver tangible development outcomes. He cited delayed infrastructure projects as examples of inefficiencies that must be addressed.
With Uganda preparing to become an oil-producing nation, Musasizi stressed that petroleum revenues should complement, rather than dominate, the economy. “We want to be oil producers, but we do not want an economy that depends on oil. Oil revenues should support the budget, but we must continue investing in other sectors that have growth potential,” he said.
On public debt management, Musasizi pledged to keep borrowing within sustainable levels while prioritising concessional financing from development partners over commercial loans. He said the government would continue engaging institutions such as the World Bank, the International Monetary Fund, and the African Development Bank to secure more affordable financing options.
“We shall ensure that our debt remains manageable by raising more domestic revenues and mobilising concessional financing because it is cheaper than commercial borrowing,” he said.
Musasizi also addressed concerns about delays in the release of funds to government programmes despite parliamentary appropriations. He attributed the challenge largely to cash-flow constraints and weaknesses in planning.
“Sometimes there is a budget, but we fail to raise adequate resources. We want to strengthen programme-based budgeting so that every item in the budget is linked to a clear plan and a clear source of financing,” he explained.
The minister further signalled support for proposals to reduce spending on activities considered non-essential and redirect resources toward sectors that stimulate economic growth. He defended recent government proposals to cut expenditure on public celebrations and other recurrent activities in favour of productive investments.
Musasizi revealed that future budgets under his leadership could see some traditional expenditure items removed altogether as the government seeks to fast-track economic expansion. “You will see some items in the budget not getting allocations because we must make sure that we deliver the 10-fold growth strategy,” he said.
Musasizi replaces former Finance Minister Matia Kasaija, one of Uganda’s longest-serving cabinet ministers, who was dropped in the recent cabinet appointments-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
