Key Insights on the Economic Growth and Development Agenda
By: CPA Noor Nakabugo Nakato
The Institute of Certified Public Accountants of Uganda is hosting the 6th CPA Economic Forum from 18-20 July 2018 at Imperial Resort Beach Hotel Entebbe. The theme of the Forum is SUPPORTING THE ECONOMIC GROWTH AND DEVELOPMENT AGENDA.
The Chief Guest, Dr. Wilberforce Kisamba Mugerwa, the Executive Chairperson National Planning Authority, represented by Dr. Patrick Birungi, Director Planning and Development - National Planning Authority, highlighted some of the steps the Government has taken to enhance growth and development in Uganda.
The country’s growth and development has been mainly in six phases which include Pre-reform phase, Fundamental Phase, Poverty Eradication Phase, Decentralization phase, growth and transformation Phase and the middle income phase.
Under the Comprehensive National Planning Programme (Uganda Vision 2040) government aims at transforming Uganda from a predominantly peasant to a modern and prosperous country within 20 years, among others. The plan aims at, increasing the per capital income to 139 USD to 700 USD, moving away from low to middle income status by 2040, improving the quality of life through reduction on the country’s population growth rates, eliminating vulnerability of the foreign exchange rates and interest rates among others.
Government has made strides to improve service delivery by doubling the Gross Domestic Product, increasing per capital income, improving the agriculture, tourism and oil & gas sectors. The Entebbe express highway and Bujagali dam are on course to bring about development. Bujagali project has added power by 250 mega watts, Plans to have Isimba and Karuma power project are underway to increase on the capacity.
Infant and maternal mortality rates have reduced from 100 – 54 and 438 – 336 every year, respectively. Life expectancy has increased from 55 – 63 years. However the development plans have been hindered by growth momentum and low domestic revenue.
Ineffective financing of development priorities, institutional rigidity and weak governance, poor budget discipline leading to frequent supplementary expenditure, public borrowing and poor implementation of the projects due to costly compensation plans and land acquisition cost among others.
Dr. Birungi called upon Accountants to produce transparent and efficient accounting systems, consolidate gains by re-enforcing Uganda’s growth and development through education and health, promote public sector competitiveness , strengthen integrated planning to ensure that government achieves its objectives, influence public expenditure allocation, enhance national revenue collection, focus on human capital by skilling the youth, mobilise adequate resources and inform and influence tax policy and administration in order to enhance efficiency.
With accelerated intervention, Uganda can achieve its growth and development in the following ways; through financing priority projects, ensuring stability of the foreign currency, having government systems streamlined to fulfillment of the national planning objectives and providing solutions to the climate change through provision of irrigation systems during drought.