President Yoweri Kaguta Museveni has outlined Uganda’s economic recovery journey since 1986, highlighting the country’s growth from an economy valued at approximately USD 3.9 billion to USD 69.3 billion, while calling for accelerated industrialisation, value addition and household wealth creation.
Speaking during Uganda’s 64th Independence Day celebrations on October 9, 2026, held virtually from State House, Entebbe, President Museveni said the country’s next phase of transformation would depend on expanding production, increasing household incomes and retaining more value from locally produced goods
The celebrations were held under the theme: “Embracing Our Sovereignty with Hope and Visionary Leadership.”
Uganda attained independence from Britain on October 9, 1962. Reflecting on the country’s journey, President Museveni said 24 of the 64 years hac been lost to political instability, conflict and economic decline before the National Resistance Movement (NRM) government took power in 1986.
“First of al, I congratulate all Ugandans on this occasion of 64 years of Independence. Those 64 years, some of the years were wasted between 1962 and 1986. We had 24 years of conflict and decline and fighting,”” he said
President Museveni said the economy had contracted to approximately USD 3.9 billion by 1986, requiring the government to pursue a phased ‘ecovery strategy that has since expanded the country’s productive base.
He projected that Uganda’s economy would reach nearly USD 74 billion by June 2027, driven by_ industrialisation, value addition, the anticipatec contribution of oil production and the growth of new sectors
From economic collapse to recovery:
The President said colonial economic policy had left Uganda dependent or a narrow range of agricultural and commodity exports, with much of the population excluded from the formal money economy.
“The British left a small cash economy of 3Ts and 3Cs, including copper, cotton and coffee, tobacco, tourism and tea,” he said
According to President Museveni, the economy reached only a small proportion of the population, leaving many households largely dependent on subsistence production.
He added that the regime of former president Idi Amin further weakened the economy, with several key sectors suffering severe decline
“When ldi Amin came, he destroyed this small money economy. By the time I came in, out of the 3Cs and 3Ts, copper had collapsed, cotton was okay, coffee was struggling, tourism had collapsed, tea had collapsed. It was only tobacco that was struggling.,” he said.
President Museveni said the NRM government subsequently pursued five
