President Yoweri Museveni of Uganda has proudly declared that the country’s privatisation policy is starting to pay off, boosting economic growth and creating jobs.
Speaking on recently, during a visit to Kaliro Sugar Ltd, a key player in Uganda’s sugar industry, Museveni highlighted that the policy has helped attract foreign investors and fostered the growth of local industries.
The event was attended by senior government officials, including David Bahati, State Minister for Industry, Francis Mwebesa, the Minister for Trade, Industry, and Cooperatives, and Evelyn Anite, the State Minister for Investment and Privatisation. These leaders toured the sugar factory to inspect its operations and discuss the broader economic impact of privatisation.
According to Museveni, the policy has played a significant role in Uganda’s economic transformation by enabling the country to tap into global markets and secure investment from international companies. This has not only boosted industries like sugar, but also created much-needed jobs for the local population.
“This privatisation policy has brought real benefits,” Museveni said, emphasizing how it has helped Uganda become more attractive to foreign investors, which in turn leads to increased job creation and industrial growth. He also pointed out that businesses, such as Kaliro Sugar Ltd, are thriving due to the policy, adding that Uganda is poised to further capitalize on such investments in the future.
The privatisation initiative, which began several years ago, has focused on selling off government-owned enterprises to private investors, allowing for greater efficiency and competitiveness in sectors such as manufacturing, agriculture, and services. The government believes that this approach will continue to stimulate economic growth, reduce inefficiencies, and ultimately improve the standard of living for Ugandans.
In addition to its positive impact on the economy, Museveni stressed the role of the private sector in driving innovation and ensuring that industries are run efficiently. He noted that the government remains committed to furthering reforms that would create a more conducive environment for private businesses to thrive.
With Uganda’s economy showing signs of improvement thanks to privatization, the government plans to expand its focus on attracting more investors in other key sectors, including infrastructure, technology, and renewable energy. However, critics argue that the benefits of privatisation must be more evenly distributed to ensure that the local population, especially in rural areas, fully benefits from the economic changes.
In the coming years, Uganda hopes to solidify its position as an attractive destination for investment and to continue leveraging its privatization policy for long-term growth and development.
