Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury at the Ministry of Finance, addressed the nation this morning, asserting that the economy has rebounded from the challenges posed by the COVID-19 pandemic.
According to Ggoobi, Uganda has managed to withstand various shocks, including high inflation, interest rates, and previous outbreaks such as Ebola. He expressed optimism by stating that the economy is projected to grow by 6% in the fiscal year 2023/24.
Ggoobi highlighted key indicators of economic recovery, stating that the size of the economy has expanded to approximately USD 53 billion. He also mentioned that inflation is under control, export receipts have seen an increase, more jobs have been generated, and foreign direct investments have experienced significant growth. Ggoobi attributed these positive outcomes to effective economic management.
However, public reactions to Ggoobi’s statements have been mixed. Augustine expressed skepticism, questioning the disconnect between the positive economic projections and the realities faced by ordinary citizens. He pointed out the discrepancy between the government’s claims of economic growth and the burdens faced by small business owners, such as high taxes and exorbitant interest rates.
Similarly, Job Bwire voiced doubts about the extent of the economic expansion, stating that he and his friends have yet to experience any tangible benefits. His comment suggests a lack of confidence in the government’s assertions regarding economic recovery.
These reactions underscore a broader sentiment of skepticism and disillusionment among the public regarding government pronouncements on economic matters. Despite official assurances of growth and recovery, many citizens remain unconvinced, citing their own lived experiences and the persistent challenges they face in their daily lives.
