FINANCE MINISTER GIVES UPDATE ON THE STATE OF UGANDA’S ECONOMY Key messages 1️⃣Let us avoid panic buying of foreign currency, speculative transactions driven by rumours and other behaviour that can amplify short-term pressure on the shilling. Remain calm, avoid panic-driven decisions. 2️⃣Government and the Bank of Uganda will continue to provide timely, factual communication to support informed decisions and confidence in the economy. 3️⃣Despite the current economic pressures, the fundamentals of our economy remain strong. Uganda's economy continues to grow, supported by increased production, investment and exports. 4️⃣Government and the Bank of Uganda are responding through prudent fiscal management and appropriate monetary policy. 5️⃣Government will rationalise non-essential expenditure, including foreign and domestic travel, workshops, meetings and other administrative costs, while protecting critical public services and priority development investments. 6️⃣Households should prioritise essential expenditure, conserve fuel and energy, and make informed purchasing decisions. 7️⃣Businesses should eliminate waste, improve operational efficiency, source inputs locally where commercially viable, and expand production for export markets. Finance Minister @henrymusasizi1 has this afternoon delivered a statement to Parliament of Uganda on the State of Uganda’s Economy, explaining the recent depreciation of the Uganda shilling and the measures Government and the Bank of Uganda are taking to stabilise the shilling. The Minister said the Ugandan shilling has come under significant pressure, weakening from approximately Shs 3,604 per US dollar in March 2026 to around Shs 4,500 by late October 2026. Musasizi said the underlying pressure arises from an imbalance between the demand for and supply of foreign exchange, particularly US dollars. “When demand for dollars to finance imports and meet other external obligations exceeds the supply generated by exports, investment and other foreign-exchange inflows, the price of the dollar rises,” said the Minister. He said the higher international petroleum costs have increased Uganda's demand for foreign exchange, adding that geopolitical tensions in the Middle East have heightened uncertainty and pushed up petroleum-related costs, including shipping and insurance. The Finance Minister said the demand for foreign exchange has increased across other sectors of the economy, adding that international financial conditions and market expectations have also contributed to the pressure. He also noted that the declining global prices for key agricultural exports, particularly coffee and cocoa and reduced tourism receipts have temporarily constrained Uganda's foreign-exchange inflows. ✳️How Government and the Bank of Uganda are responding? Musasizi said the Bank of Uganda has tightened monetary conditions, including raising the Central Bank Rate from 9.75 percent to 12 percent and increasing commercial banks' cash reserve requirement to 13.5 percent from 11 percent. He said these measures are intended to moderate excessive demand, contain inflationary pressures and support confidence in the shilling. “The Bank of Uganda will continue to manage liquidity and, where necessary, intervene in the foreign-exchange market to address excessive volatility, consistent with its mandate,” he said. Musasizi said Uganda remains committed to a market-determined exchange rate which allows the economy to adjust to changes in external conditions. Commenting about the international reserves, the Minister said they provide an important buffer against external shocks and their prudent management is necessary to address disruptive market conditions while preserving the country's capacity to meet external obligations. On the fiscal side, Musasizi said Government is supporting monetary policy through expenditure restraint and careful prioritisation. 📸 @Parliament_Ug

At our recent webinar on financing Uganda's tenfold growth agenda, UDB’s Chief Economist, Dr. Francis Mwesigye, explained how Uganda has raised money so far, foreign aid, taxation, and domestic borrowing through Treasury bills & bonds.

As the Parish Development Model advances toward the sustainability phase, households which receive financing should acquire prior support to prepare, choose, cost, practice and confirm their enterprises. This is made possible by Practical Training Centers (PTCs) in different regions and possibly all parishes in the near future. Today, I had the opportunity to visit an impressive PTC managed by @UgandaPrisons at the Jinja Agricultural Show Grounds. I thank the institutional leadership for playing its part in supporting the message of wealth creation. @OWC_ug @mofpedU @PDMSecretariat

Kisoro President @KagutaMuseveni Oyeeee General @mkainerugaba oyeeee PLU Oyeeeeee .

⚡🇫🇷🇺🇬 Accelerating Uganda’s energy transition! From Kiira–Nalubaale hydropower rehabilitation to supporting 200+ green SMEs, France and #TeamEurope are mobilising investments to modernise critical infrastructure and make clean energy a driver of sustainable growth and jobs.

PROF. EPHRAIM KAMUNTU SPEAKS ABOUT THE DEATH OF HIS WIFE & SON. In the Video, the Minister of @mia_uga Prof. @KamuntuProf Speaks with emotion about the death of his wife and later his son. He also speaks about how he escaped death at a Roadblock in Kajiado(Kenya) while smuggling guns to Uganda from Tanzania in the fight against Iddi Amin. A life well lived & an impactful one✅

I joined Hon. Prof. Ephraim Kamuntu and his family, colleagues, and the people of Sheema South for his thanksgiving ceremony at Bugongi Town Council Playground, where H.E. @KagutaMuseveni was the Chief Guest. President Museveni and Prof. Kamuntu have known each other since 1959, when they were students at Mbarara High School and later at Ntare School. The President was one class ahead of Prof. Kamuntu. They both recounted their long-standing friendship. Prof. Kamuntu served as the President's campaign manager when he contested for the position of President of the Debating Union, which he won. They were also members of the Scripture Union and played football together at Ntare School. The President used his speech to explain how a visit to a stock farm while he was still a student at Ntare School, where he observed better farming methods, inspired him to begin promoting transformed agriculture. This involved moving from growing food for the household to producing for income and saving for the family, first in Nyabushozi and later across the country, from 1995 to date. He explained, using examples, how families that start small can multiply their goats, cows, and piggery projects, among others, by sustaining their efforts. This is how they can increase their household incomes. Furthermore, he advised families to focus on irrigation, practise zero grazing for cattle and goats, and take full advantage of government programmes such as the Parish Development Model (PDM), which is already helping people get out of poverty. He challenged us, as leaders, to be at the forefront of sensitising people in the fight against poverty. For me, I celebrate Prof. Kamuntu for many reasons. One of them is that in 1986 he donated iron sheets to some of the schools I attended in my constituency.

I have been humbled and privileged to host the Inter-Religious Prayers and Thanksgiving of the Parliament of Uganda this morning at Parliament. Christians, Muslims, and people of other faiths gathered on the Parliament grounds to thank the Giver of life and leadership. We would not be where we are without God’s grace. I reminded colleagues that in the 12th Parliament we see God’s hand in our progress as an institution, and that leadership is a responsibility we carry out in service of the people. I invited staff in attendance to recall the parliamentary prayer that we invoke at the opening of every sitting. In that prayer, we ask God to grant us wisdom and guidance to handle matters before us justly and faithfully for the good of those that God has entrusted to our care. We must take those words seriously. I said that public office is a trust. That trust must show in the laws we pass, in how we use public resources and in how faithfully we represent our constituents. I thanked the Rt. Rev. Samuel George Bogere Egesa, Bishop of Bukedi, for both reminding and challenging us. Every day, even in this House, we stand at a crossroads. I also thanked the religious leaders of all the different denominations that joined us today. In my remarks, I stressed that our people want a better life. Good Schools and healthcare. They want jobs. They demand that we leaders lead by example and use public resources responsibly. I joined all the faithful to pray for wisdom, courage, and humility. I prayed for wisdom and courage to correct our mistakes whenever they occur. This is because a people-centred Parliament begins with us. I thanked the choir, especially Hon. Zambaali Mukasa, for singing so well. I should have joined them, but next time. I thank the Parliamentary staff who joined us in prayer. I thank Imam Kasozi Iddi, whom I met at Makerere University in 1997, for attending. Thank you to everyone who came. God bless Uganda. FOR GOD AND MY COUNTRY!

The Rt. Hon. @ObothOboth hosted us for an inter-religious thanksgiving service for the 12th Parliament at @Parliament_Ug today. In his sermon, the Bishop of Bukedi Diocese, Rt. Rev. Samuel George Bogere Egesa, urged us to reflect on the theme of the service in our everyday work. The theme was drawn from Jeremiah 6:16: “Stand, look for the good way and walk it.” He reminded us that, as leaders, we are often at crossroads, faced with different paths we can take. He urged us to have the courage to pause, reflect and choose the path that promotes integrity, accountability, justice, unity and service. Such leadership enables us to make decisions that benefit all Ugandans. The Speaker said the 12th Parliament recognises God’s hand in the work we do. We are better able to fulfil our duties when we remain mindful that leadership is a responsibility to be exercised in the service of the people. I thank the Speaker for anchoring Parliament in faith and recognising the role of God in our work. I also extend my appreciation to religious leaders from various denominations, Commissioners of Parliament, guests, Members of Parliament and parliamentary staff who joined us for the service.

Uganda’s Coffee Sector: Unlocking Investment, Value Addition and Growth 🇺🇬☕ As part of commercial diplomacy initiatives the PSST @rggoobi and State Minister for Agriculture Hon. Desire Muhoza met with Nicholas Tamari, CEO of Sucafina, at @mofpedU to advance discussions on strategic investment in Uganda’s coffee value chain. The engagement highlighted significant opportunities to scale up high-value Arabica production, boost productivity through quality seedlings and agricultural inputs, and expand value addition through washing stations, processing facilities and improved post-harvest handling. With government committed to addressing production bottlenecks through the budget, and emphasis placed on affordable financing for coffee growers. Uganda is positioning its coffee sector for increased productivity, higher export value and stronger returns across the value chain.

Yesterday in @Parliament_Ug, I raised concerns about the Human Capital Management System rejecting some public servants especially teachers following redeployment. The Ministry clarified that it is digitizing the system while changes in personal details such as names and age may also contribute to the challenge. The goal is a smooth digital transition that safeguards teachers’ records and ensures uninterrupted service.

It is very sad to learn of the death of our brother Hon. Charles Matovu, former Member of Parliament for Busiro South, who passed on yesterday. Hon. Matovu represented his people with vigor and utmost dedication in the 11th Parliament. He was a member of the Parliamentary football team, where his tremendous contribution led us to dominate the East African Parliamentary games. My condolences go out to his family, the people of Busiro South, and the country at large. May he rest in eternal peace.

GGOOBI'S PHD THESIS The Permanent Secretary and Secretary to the Treasury at @mofpedU Dr. Ramathan Ggoobi presented his findings at a public policy dialogue today at Uganda Management Institute. Dr. Ggoobi's thesis: Determinants of Industrial Sector Growth in Uganda brings to light empirical insights on factor inputs, macroeconomic productivity, and institutional governance for Uganda's Industrial Policy. Dr. @rggoobi earned his PhD in Economics at Nelson Mandela University,South Africa. The determinants of industrial sector growth investigated in this thesis go to the heart of Government’s industrialisation and economic transformation agenda inline with the Tenfold Growth Strategy. He observes that despite three decades of reform, industrial output has stagnated at roughly 25% of GDP. This thesis investigated whether physical capital, demographic labour, macroeconomic productivity, or governance failures explain this persistent output plateau across five distinct industrial sub-sectors. Dr. Ggoobi’s thesis offers empirical insights into the factors shaping Uganda’s industrial growth and provides a basis for examining how Uganda's policy interventions can become more effective. Industrial policy involves choices and trade-offs, including targeted infrastructure investment such as industrial parks and other economic infrastructure, industrial land allocation, subsidized power tariffs for investors and industrialists, and fiscal incentives. Given the limited fiscal resources and competing priorities of government, the central question is which interventions will deliver the greatest gains in industrial productivity, jobs and exports for every shilling of public money. Dr. Ggoobi’s work also offers practical guidance for our export-promotion and import-substitution agenda and helps to identify how local producers can compete sustainably in regional, continental and global markets. According to the findings empirical estimation indicates that a 1% rise in control of corruption contributes 9.99% to industrial growth. Also,better institutional quality produces the largest positive long-run association with industrial output. A key insight to note is that high commercial lending rates and unhedged trade exposure represent the single largest macroeconomic penalties to Ugandan industrialists, entirely outstripping the modest benefits derived from domestic credit expansion and stable inflation. Dr Ggoobi concludes by saying that Uganda’s industrialisation agenda cannot rely on blanket liberalisation or uncoordinated FDI attraction alone but requires prioritising affordable domestic financing, aggressive anti-corruption enforcement, and targeted capital formation, while shielding domestic capacity until regional and global competitiveness is realised. #IndustrialSectorGrowth #TenfoldGrowth

This afternoon, Prime Minister @R_Nabbanja is on Zoom for the Prime Minister’s Time. This is a session where the Leader of Gov’t Business responds to written and oral questions from MPs. #PlenaryUg

At the 20th Annual General Meeting of the Microfinance Support Center Limited (MSC), I urged the Board and Management to anchor every decision on the principles of safety, liquidity, and growth of the Centre’s funds. I implored management to resolve all outstanding gaps and to strengthen loan recovery comprehensively so that affordable credit keeps revolving to benefit more Ugandans. Ultimately, MSC’s success will be seen in stronger enterprises, more jobs and higher household incomes across Uganda. @mofpedU @MSCuganda

The annual Renewable Energy Conference held a session on the role of district local governments in providing energy solutions to farmers, and I had the opportunity to participate in this conversation. I extend my gratitude to the Ministry of Energy and Mineral Development, the National Renewable Energy Platform, the panelists, and all partners for this initiative. Reliable energy and a thriving rural economy increase productivity and, consequently, bring about economic growth. @MEMD_Uganda @NREP_Uganda

This morning, I opened the quarterly meeting of sectoral committee chairpersons, regional and zonal whips at Mestil Hotel, convened by the Government Chief Whip, Hon. Dr. @JaneRuth_Aceng, to assess their performance during the first quarter. I made a presentation on how we can use Musevenomics, our homegrown economic philosophy, conceptualised by H.E. @KagutaMuseveni and later elaborated by Gen. Salim Saleh, as an engine for economic transformation. This philosophy has already contributed to macroeconomic stability, increased electricity generation, expansion of the road network, the Parish Development Model and other achievements. The next chapter of this philosophy is helping us realise our ambition of achieving tenfold economic growth and building a USD 500 billion economy by 2040. We will pursue this through commercial agriculture and value addition, full monetisation of our economy, industrialisation and lowering the cost of doing business. I told my colleagues that we must play our part by anchoring Musevenomics in law and the national budget. This will include prioritising value addition, allocating more funding to initiatives that boost production, and strengthening oversight of programmes designed to lift Ugandans out of poverty, among other measures.

Today, I received NRM District Women Chairpersons from the Lango Sub-region at my office at @Parliament_Ug. They visited to learn how Parliament works and how their representatives articulate their interests in Parliament. I commended them for their efforts in mobilising support for @NRMOnline in Lango and turning the region yellow in the recent elections, as well as for championing the interests of women in the region. I encouraged them to shift their focus towards promoting the government’s development programmes such as the Parish Development Model (PDM) and the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) Project, which provides targeted support to women entrepreneurs. Our priority now is to fulfil the mandate entrusted to us by the people and deliver tangible improvements in their livelihoods. I urged the women leaders to be champions in the fight against poverty at the household level. Women already play an indispensable role in ensuring food security, educating children, managing family resources, and supporting productive activities. I told them that they are therefore well-positioned to lead efforts to transform households and improve livelihoods across the region. Thanks to Government Chief Whip, @JaneRuth_Aceng, for bringing the delegation to Parliament.

In my remarks today at the first day of the two-day Uganda-EU Business Forum, I called for increased European Union @EUinUG investment in Uganda’s energy sector to accelerate renewable energy development, drive industrialization and support the country’s ambition of building a US$500 billion economy by 2040. The forum was held under the theme “Driving Investment, Renewable Energy Partnership and Green Industrialization under the Global Gateway Strategy.” Reliable and adequate electricity supply was critical to implementing the Government’s Tenfold Growth Strategy, which prioritizes Agro-industrialization, tourism development, mineral development, including oil and gas, and science, technology and innovation. Uganda targets electricity generation capacity of 20,000 megawatts (MW) by 2040, with Shs 2.1 trillion allocated to energy development in the FY2026/27 national budget. Key priorities include the 380MW Kiba Hydropower Project, a 10MW floating solar plant at Isimba, at least 500MW of utility-scale solar projects in the Elgon and Acholi regions, expanded transmission infrastructure to serve industrial parks and export processing zones. I highlighted investment opportunities in hydropower, geothermal, solar, wind and nuclear energy, alongside technology transfer, manufacturing and value addition. He noted that 27 geothermal sites had been identified, with an estimated potential of 1,500MW. I also emphasized that a diversified energy mix would strengthen manufacturing, enhance export competitiveness and support the production of higher-value goods. I also called for stronger Uganda-EU commercial ties, noting that Uganda’s exports to the EU grew from approximately €500 million in 2019 to €1.8 billion in 2025, while exports of goods and services reached US$18.4 billion in FY2025/26. I urged European investors to pursue joint ventures, public-private partnerships and technology acquisition while supporting market access for Ugandan value-added products to stimulate productivity, job creation and economic growth.

Artificial intelligence is the future!! We cannot ignore it anymore.🤝