Uganda aims to boost Agricultural financing for $500 billion GDP goal

The government’s plan to grow the economy from $50 billion to $500 billion in GDP by 2040 hinges on expanding agricultural financing. With private sector credit currently at about UGX 26 trillion, experts say Uganda needs to multiply this tenfold to UGX 260 trillion to support the growth target. Bank of Uganda Governor Michael Atingi-Ego says increasing private sector credit is a major challenge that will require stronger collaboration among banks and financial institutions. Speaking at the Propagate Summit in Munyonyo, he also highlighted the role of digital financial systems, including financial passports, as key tools to unlock more funding for agriculture and transform farmers’ livelihoods. Racheal Nabisubi reports.