The Ten Fold Growth Startegy
The Tenfold Growth Strategy is a blueprint for rapidly expanding Uganda’s economy in a transformative, sustainable and inclusive manner.
The goal of the Strategy is to grow the capacity of the country’s economy to its double-digit growth potential. The strategic
target under this goal is to expand the country’s GDP from nearly US$ 50 billion (2023) to US$500 billion (2040). This target responds to a direct challenge from H.E the President for managers of the economy to focus on attainment of a qualitative leap in their approach to economic management.
In pursuit of the goal of growing the capacity of the country’s economy to its double-digit growth potential, Government has prioritized two outcomes: increasing returns from public investment and competitively growing the share of the formal economy for a
larger revenue base.
The aim of the Tenfold Growth Strategy is to:
- Rapidly expand the country’s export basket and tourism offering of exploratory experiences;
- Consolidate the country’s human, financial, physical and natural capital stocks for increased connectivity and capacity in international trade;
- Build a knowledge economy as a new source of economic growth based on technological advancements; and
- Ultimately leverage the country’s central continental location for its transformation into a competitive investment, trade and tourism center in Africa, starting with the East African Community (EAC).
The operational objectives of the Strategy are to:
- Increase budget effectiveness and efficiency;
- Derisk the economy for accelerated private investment;
- Increase dividends from public enterprises as a share of Government revenue; and
- Grow the size and quality of the country’s entrepreneurial class reflected in its vital registers: Business Register; Investor Register; Exporters Register; Farmer Register and Employee Register.
This Strategy duly takes into account lessons from economic history of countries that achieved rapid economic growth rates of the order that the country aspires to achieve as well as a wide range of empirical research works on Uganda.
