First 100 Days of New Finance Minister – Partnering with You for Accelerated Economic Transformation

Your pledge before the Parliamentary Committee — to drive accelerated economic transformation, enforce fiscal discipline, boost domestic revenue, support wealth creation, and ensure prudent management of oil revenues — while committing to results-oriented delivery, aggressive procurement reforms, and rigorous value-for-money audits, sets a strong foundation.

As debt repayment consumes a large portion of the UGX 84+ trillion FY2026/27 budget and domestic borrowing continues to crowd out the private sector, your leadership in creating fiscal space — without compromising Uganda’s recent exit from the grey list — will define this term.

First 100 Days.

• Debt Navigation & Fiscal Space: Initiate a comprehensive debt sustainability review, confront inefficiencies in loan-funded projects, and engage creditors for refinancing of high-cost domestic debt. Prioritise concessional and PPP financing for infrastructure to reduce internal borrowing pressure, protect private sector credit access, and safeguard Uganda’s standing off the grey list.

• Gold & Minerals Value Capture: Allocate UGX 400 billion to scale Bank of Uganda’s gold purchase programme to 5 tonnes/year. Raise refined gold export levy from $200 to $500/kg with rebates for local content and downstream manufacturing. Explore selective government equity in gold refineries. Target: Lift net retention from $200 million to $1 billion within 24 months.

• Last-Mile Infrastructure Push: Commit UGX 800 billion to accelerate electricity access/stability (30% increase in rural/industrial connections) and cold chain infrastructure for dairy and fish farmers to cut post-harvest losses.

First Year Priorities

• Interest Rate & Farmer Relief: Direct BoU to lower Cash Reserve Ratio and create targeted liquidity windows. Introduce a 12–24 month grace period on interest payments for farmers and agri-enterprises. Aim to reduce average lending rates from 15–20%+ to 8–9% for priority sectors.

• Trade Finance Fund: Capitalise a UGX 500 billion Trade Finance Fund to provide affordable, fast-track financing for exporters, agro-processors, value-addition enterprises, and SMEs.

• Research & Development Fund: Establish a UGX 900 billion revolving competitive R&D Fund for independent think tanks and research institutions, awarded transparently on merit to generate high-quality, evidence-based solutions in minerals beneficiation, energy, space technology, agro-industrialization, fiscal innovation, and wealth creation.

• Smart Revenue Mobilisation: Expand tax base through formalization incentives and digital tracking (target UGX 300–400 billion extra revenue) without new burdens on businesses, protecting profitability and aggregate demand.

• PDM Transformation: Fully digitise PDM beneficiaries and deliver direct cash transfers after rigorous project approvals. This will eliminate middlemen and strengthen household-based wealth creation.

• Formalization & Enterprise Support: Launch UGX 1.2 trillion fund offering rebates and matching grants to factories skilling young people in agro-processing, jewelry, and value addition. Consolidate scattered formalization programmes under a one-stop center in the Ministry of Finance.

Years 2–5: Scaling Impact.

• Achieve nationwide cold chain coverage, full artisanal miner integration, sustained debt restructuring, and procurement reforms.

• Expand last-mile electricity to manufacturing hubs/parks to create 500,000+ new formal jobs. Establish a sovereign wealth fund for prudent oil revenue management. Raise formal economy share to 60%+ of GDP.

Honourable Minister, by combining disciplined debt management with bold value capture, a dedicated Trade Finance Fund, competitive R&D investment, and private sector-friendly financing, you can create the fiscal breathing room needed for real transformation. This is our generational moment to move from managing constraints to engineering inclusive prosperity.

Let us seize it together with courage and discipline.

Respectfully,

Morrison Rwakakamba

Coffee Farmer & Entrepreneur – Rukungiri District.