Ministry of Finance

PSST GGOOBI MEETS PROSPECTIVE DEVELOPMENT PARTNERS IN UK: The Permanent Secretary and Secretary to the Treasury (PSST),Ramathan Ggoobi has given assurance to prospective development partners in the United Kingdom that Uganda has a stable and well managed macroeconomy with significant growth potential over the long term. He said the relative macroeconomic stability is anchored by a prudent monetary policy, adding that the robust foreign exchange reserves provide a strong buffer against external shocks. The PSST made the remarks today at Standard Chartered Bank headquarters in London, during an engagement with Insurers, Banks and Investors on Uganda’s economic update and the strategic priorities to build a 500 billion-dollar-economy by 2040 under the Tenfold growth strategy. “Favourable terms of trade, alongside strong portfolio flows and foreign direct investment have helped boost Uganda's foreign exchange reserves to an all-time high,” said the PSST. Ggoobi said real GDP growth is projected to rise above 7% in 2026, driven by the oil-sector developments, adding that oil production is expected to begin in the 4th quarter of 2026 and peak at 230,000 barrels per day around 2028, lifting growth to around 9%.