It’s now 58 years since Uganda attained its independence from the British colonial masters on 9th October 1962. Unlike previous celebrations that have been held in public venues attracting thousands of Citizens, this year’s celebration has been a humble one with an invite-only attendance of top government officials and religious leaders at Statehouse Entebbe.
Theme: ‘Celebrating Uganda’s steady progress towards economic take-off and self-sustaining economic growth’
The event started with the unveiling of an economics book named Musevenomics which is an initiative by Operation Wealth Creation.
President Museveni congratulated all Ugandans upon reaching this day and promised to continue working together for the development of the country.
Uganda’s economy has transformed into a level where the country will be self-sufficient and achieve sustainable economic growth and job creation. President Museveni revealed that the main hindering factors to the development of our country are high-interest rates by the commercial banks which have prompted the government to increase the capitalization of the Uganda Development Bank with One Trillion Ugandan shillings.
The Head of State revealed that the Agricultural sector has been transformed to a level where it will be a major source of wealth creation for all hardworking Ugandans. An agricultural bank owned by the farmers is going to be created which does not operate on principles of maximizing profits but to give capital to Ugandans.
The high cost of electricity has been another challenge to the development of the country. We should reduce the cost of power to factories and export power to neighboring countries like DRC and South Sudan. We now have enough electricity which can be sold cheaply to the manufacturers but the business people like UMEME are the ones pushing costs up.
Another bottleneck is poor infrastructure connecting to our regional trading partners in DRC and South Sudan. We have reached agreements with them to construct roads and provide electricity.
He blamed Parliamentarians for questioning him why he is building roads in neighboring countries when we have bad roads in Uganda. We are going to construct those roads because we get a lot of revenue from those countries through trade. Uganda earns over 500 million dollars from Congo every year yet we trade using bad roads and once we help them improve on the infrastructure, we shall even get more revenue.
We now have the opportunity to harness our comparative advantages in agriculture, manufacturing, ICT, mineral development, oil and gas, scientific research, and innovation by employing youths and using our local raw materials to produce goods and services for local consumption as input in local manufacturing and export.
The President finally launched the economics book named after him ‘Musevenomics’ and received a gift from Operation Wealth Creation.