The Ministry of Finance has officially launched the National Budget Month for the fiscal year 2024–25. This significant event, held at the Kampala Serena Hotel on June 4, 2024, was spearheaded by Ramathan Ggoobi, Permanent Secretary/Secretary to the Treasury, Ministry of Finance, Planning, & Economic Development. The launch underscored the comprehensive and inclusive approach taken in preparing Uganda’s national budget, which aims to drive economic growth and development through targeted investments and strategic priorities.
Ggoobi welcomed various stakeholders, including heads of government institutions, civil society organizations, technical officers, and members of the media fraternity, to the launch. He highlighted the extensive consultations that began in September 2023, involving a wide range of stakeholders such as the President, Cabinet, Parliament, civil society, local governments, development partners, the private sector, academia, community leaders, youth and women groups, people with disabilities, and average citizens.
“The input from the consultations informed the preparation of the budget strategy for FY 2024–25 under the theme ‘Full Monetization of Uganda’s Economy through Commercial Agriculture, Industrialization, Expanding and Broadening Services, Digital Transformation, and Market Access,’” Ggoobi stated.
Following these consultations, the detailed Budget Framework Paper and Draft Estimates for FY 2024/25 were prepared and submitted to Parliament, which approved the budget on May 16, 2024. The Appropriation Bill now awaits the President’s assent. The budget for FY 2024/25 focuses on several key priority areas: investing in human capital development, ensuring peace and security, constructing the Standard Gauge and Metre Gauge Railways, supporting wealth creation initiatives such as the Parish Development Model and Emyooga, maintaining existing infrastructure, and promoting science, technology, and innovation.
“These priorities support the key growth drivers identified to grow the economy tenfold, namely Agro-Industrialization, Tourism Development, Mineral-based Industrial Development including Oil and Gas, and Science, Technology, and Innovation,” Ggoobi explained. He further emphasized the government’s commitment to increasing revenue generation, controlling borrowing, and ensuring the efficient and effective use of limited resources.
Ggoobi noted that preparing a good budget is one thing, but effectively implementing it to achieve the desired results requires the engagement of key stakeholders in the implementation, monitoring, and oversight of the budget. He pointed out that since 2018, the Government of Uganda has collaborated with civil society organizations during Budget Month to take the approved budget to the people. “The partners take the approved budget to the people to provide full disclosure of the budget content, explain in simple language what the budget entails, account to the people of Uganda about earlier commitments, and obtain feedback from the citizens to inform future budgets and policies,” he said.
The launch of this year’s National Budget Month includes several activities designed to reach the public more effectively. These activities range from media engagements on topical issues before and after the budget speech, the Budget Reading on June 13, and post-budget dialogues on tax measures and economic recovery, to regional dialogues with the private sector and taxpayers. Additionally, there will be dialogues with journalists and editors on the national budget.
In his concluding remarks, Ggoobi thanked the National Budget Month partners for their close collaboration in promoting good governance in the budget process. “For God and my country,” he declared, reaffirming the government’s commitment to transparency, accountability, and sustainable development. This National Budget Month aims to foster a deeper understanding and engagement with the budget, ensuring that it serves the interests and needs of all Ugandans.
