Musevenomics Conference: Experts chart bold economic future

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Coined as 'Musevenomics', the President’s strategy for socio-economic and structural transformation emphasises production, productivity and economic sovereignty through industrial transformation rooted in comparative advantage.

Uganda’s top economists, policymakers and development strategists today, May 30, 2025, converged for the second day of the Musevenomics conference at Mestil Hotel in Kampala city.

The two-day forum has brought President Yoweri Museveni’s economic ideology into sharp focus as a guiding framework for the country’s future.

The conference serves as a national dialogue on aligning Uganda’s economic trajectory with these principles.

The President is expected to close Day Two proceedings this evening, with a keynote address that is expected to underscore the importance of Uganda seizing its development destiny through value addition, regional trade and industrial resilience.

Reimagining Uganda's economy

“Musevenomics is about getting our people out of subsistence into the money economy. We must produce with purpose, add value, and sell smart. That is how nations become prosperous,” speakers emphasised, alluding to both local and global challenges.

As the world faces climate shocks, technological disruptions and volatile geopolitics, the conference theme focused on Uganda's preparedness through strategic policy coherence, inclusive growth, and innovative resilience.

From crisis to stability

During the discussions, Uganda’s economic journey was traced from the turmoil of the 1980s to today’s promising prospects.

“Inflation has stabilised from over 160% in 1986–87 to just 3.9% today. Our target is 5%. Uganda moved from negative Foreign Direct Investment in 1985 to around $2.89 billion today,” Bank of Uganda deputy governor Prof. Augustus Nuwagaba said.

Economist Dr Fred Muhumuza contextualised the transformation, saying, “Inflation was over 300% in 1986.

Stabilisation wasn’t just about prices—it brought peace and investor confidence. The Museveni government’s first five years were foundational in both economic and security reform.”

Gen. Caleb Akandwanaho (Salim Saleh), the Chief Coordinator of Operation Wealth Creation (OWC) and chairperson of the Uganda Development Forum, also hailed the decade-long OWC journey, noting, “We have shifted thousands of Ugandans into the money economy. Over the next 5–10 years, we’ll intensify efforts to deepen this transformation.”

Additionally, former finance minister Prof. Ezra Suruma highlighted progress in coffee production.

“The number of households producing coffee grew from 1.6 million to 1.8 million between 1985 and 2024—a positive indicator of expanding economic participation.”

On his part, Uganda Development Corporation (UDC) executive director Patrick Birungi pushed for local processing.

He noted, “Uganda currently earns only 10% of the coffee value from exporting raw beans. If we roast and package locally, we can capture up to 90% of the value.”

Birungi also championed strategic industrialisation, emphasising that “We’re targeting nearby markets, leveraging ICT infrastructure, and strengthening value chains to take Ugandan products global.”

He defended public sector-led industrial interventions, citing global benchmarks. “You can’t dismiss state-led models—look at Singapore’s Temasek or Malaysia’s Khazanah. UDC is our version of that approach, tailored for Uganda.”

The Independent Magazine’s CEO Andrew Mwenda said, “Development occurs in the pockets of international trade. Uganda must tap into global markets with strategic, value-added exports”, while Dennis Galabuzi, the national coordinator of the Parish Development Model (PDM), linked PDM to Uganda’s long-term national vision, saying, “PDM is not just a government program—it’s rooted in our historical mission of Prosperity, Strategic Security, and African Brotherhood.”

Weighed in on the psychology of development, justice minister Nobert Mao, yesterday noted, “When you work for your money, you value it. That’s why socio-economic transformation must be about active participation—not just handouts.”

Vision 2040 and beyond

The conference marks a pivotal moment in Uganda’s Vision 2040 journey, especially as the country gears towards the roll-out of National Development Plan IV (NDP IV), with an ambitious target to grow the national GDP from $50 billion to $500 billion.

“This is not a dream. With sustained reforms, increased value addition, oil revenues and stable macroeconomic indicators, it’s achievable,” Birungi said.

However, Dr Birungi said challenges remain, especially regional instability, supply chain fragility, climate change, reduced foreign aid, and health crises like COVID-19, HIV/AIDS, and Ebola still pose serious threats.

In reaction, Nuwagaba warned that “Musevenomics isn’t a silver bullet”. “It’s a compass—if we follow it with discipline, innovation, and unity, Uganda will reach middle-income and beyond.”

Other economists and experts highlighted that Uganda’s transformation is possible, but it demands strategic clarity, broad participation and homegrown solutions.

With clear evidence of past success and a roadmap to the future, they said Uganda’s journey under Musevenomics continues.

“Transformation is a process,” Mao said and added, “But Uganda has started the journey—and with each step, we walk closer to dignity, prosperity, and economic sovereignty.”