By: Alexander Kyokwijuka
As we receive the Third National Budget (2022/23) under the National Development
Plan III, we must keep reminded that NDP III aims at fostering economic recovery and
attaining inclusive socio-economic transformation. This is a very good pick for our
country especially as we continue to struggle with the effects of COVID 19. We also
must keep reminded that COVID 19 catalyzed the loss of 1 million jobs, the closure of a
multitude of businesses, and a total shut down of some sectors like tourism and
entertainment which only opened less than a year ago.
To this end, it is a public secret that we must continue supporting efforts and initiatives
that can enable us to accelerate and sustain inclusive economic growth approaches
without necessarily compromising macroeconomic stability and debt sustainability,
given that it is our responsibility to actually meet these our liabilities. My simple
economics tells me that we need to enhance returns from public investment through
the implementation of policies that boost efficiency in public investment, increase domestic
revenue mobilization efforts and maintain price stability. The apparent challenge here
though is how do we boost aggregate demand as well as improve our position with the
rest of the world by boosting exports and building up foreign reserves to cushion the
country against external shocks? This already reading from the escalating prices of
basic commodities like fuel, and soap, among others.
Also, challenge is how my fellow humble citizens, the wanainchi in Ndorwa East and
other far corners of the country can actually get to be part of this game, without being
trapped by the glaring challenges like inefficiency brought about by bureaucracy, human
error in leadership especially at local levels, but yes, do I also know that we must
always not get tired of securing solutions for any apparent challenges.
My humble opinion is that I think our leadership must seriously get up on their feet to
take on all responsibilities that there are. In the glaring and threatening economic
situation, it would be foolhardy for anyone to think that we can keep using the same
methods that we have been using and get different results. The fact that there was a
modest recovery in the economy in FY 2020/21 with a growth rate of 3.4 percent
compared to 3.0 percent recorded in FY 2019/20, brings a ray of hope that if we all as
Ugandans were up to the task, we would be doing better by the end of FY 2023/24.
Our focus as a nation therefore should be on increasing household income and making
all possible efforts to improve the quality of life for every Uganda. We can only do this
by fighting hard to monetize our economy through commercial agriculture,
industrialization, enabled access to markets here and outside the country and
embracing the digital migration wave that is sweeping across the continent and world.
The efforts to sensitize and educate the wanainchi at the household level about investment
and trade, are more relevant now than ever before. The urge to promote inclusive
development is stronger now than ever before.
The apparent lessons that we should have picked from NDP II which ended in
2020/2021 ought to be guiding us on how to take Uganda on a better development path.
From my patriotic efforts, I can get the sense that economic growth is projected to be at
3.8 percent in the FY 2021/2022, and there is hope that this will steadily improve further
to 6 percent in the FY 2022/23. This will however depend on how much we can do as a
collective, as a people, and not necessarily any single person or entity. And the one
million dollar question here is, Can we all contribute to efforts towards the full recovery
of the economy? Can you as a private citizen use that small savings to start a venture
that can employ three or four people and in the end also help you grow your money?
Remember a multitude of Ugandans has lost their jobs since the advent of COVID 19.
Can we stop keeping that land idle and instead plant any cash crop and utilize the
agricultural extension services by the Government to tap into the money economy? If you
are doing a 9 Am to 5 Pm job, can you examine how you are using the
remaining 16 hours of the day and discover how you can use that time to earn an extra
income by selling a service or a product on the market?
In my view, Governments efforts to revive the private sector in order to facilitate the
The private sector-led development agenda, can and will only be possible with the full
participation of every Ugandan. I thus call up upon an active and involved citizenry, as
we receive the National Budget estimates for the FY2022/23, and as we continue to
desire and work towards a middle-income status country. Long live the pearl of Africa,