Museveni Says Uganda Has 'So Much Potential' to Develop to 'High Middle-income Status'

President Yoweri Museveni has said Uganda has potential to grow to high middle-income status.

"It is high time we rapidly developed to high middle-income status. We have so much potential to do this," he said.

Museveni, who was speaking during NRM liberation Day celebrations, said that while the country's GDP has grown over the years, the pace is not to his satisfaction.

"On this day in 1986, the economy was $1.5b and the population was 15m. We hall have grown economically to $44b by July with a population of 44.2m & GDP per capita of $980 (short of the middle-income status) which we would by the way have achieved had it not been for COVID-19," he said.

"Yes, we have been developing in spite of the increase in population, but I am NOT satisfied with this level of growth, we should NOT be contented at all."

The president cited some regional examples to illustrate his observation.

"I say this because some people have achieved it at individual homestead or area levels for instance the group near Fort Portal in the Rwengaju Parish led by Mr. Nyakana. They are now earning Shs240m per year from about 1-acre (Commercial agriculture)," he said.

President Museveni said tomorrow he'll launch the Parish Development Model but to fully exploit its benefits the East African nation has to tap into the four sectors of economic development.

"I will be launching the Parish Development Model tomorrow, and I want us to take advantage of the full potential of the economy of Uganda through our four sectors: Agriculture, ICT, Services, and Industry," he said.

"Agriculture alone cannot walk us there; we need all the four,  for instance. I was watching on TV our grandchildren are now drinking that we have opened, they are just drinking like mad. The drunkards are very happy now, that is all services."