KAMPALA, Uganda – June 22, 2026
Uganda’s economy is poised for significant expansion as the government projects a growth rate of 10.2 percent in the 2026/27 financial year, driven largely by the anticipated commencement of commercial oil production, increased foreign investment, and continued infrastructure development.
The projection follows the presentation of the national budget by Finance Minister Henry Musasizi, who highlighted oil production, industrialization, agriculture, and digital transformation as key pillars of economic growth. Government estimates indicate that Uganda’s economy will reach approximately $69.3 billion by the end of June 2026, with further expansion expected once oil exports begin.
President Yoweri Museveni has also expressed optimism about the country’s economic outlook, projecting that Uganda’s Gross Domestic Product could rise to $80 billion in the near term. The President attributed the expected growth to increased productivity in agriculture, manufacturing, services, information technology, and the emerging petroleum sector.
Investor confidence continues to strengthen, with Foreign Direct Investment reaching $3.2 billion in the twelve months ending March 2026. The government says the stable macroeconomic environment, low inflation, and major infrastructure projects have helped attract both local and international investors. 
In a further boost to the business sector, national carrier Uganda Airlines recently signed an agreement with Boeing to acquire 10 new aircraft worth nearly $1 billion. The investment is expected to strengthen trade, tourism, cargo transport, and Uganda’s position as a regional aviation hub.
Economists, however, caution that sustaining growth will require prudent management of oil revenues, continued support for private-sector development, and improvements in infrastructure and job creation to ensure that the benefits reach ordinary Ugandans.
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