By Hadijah Namyalo Uzeiye
EDITOR: Last week, Ugandans celebrated 62 years of independence. Uganda, Burundi, Rwanda, and Algeria were the four African countries pronounced independent in 1962. Burundi and Rwanda became independent on July 1, Algeria on July 5, and Uganda on October 9.
Of the four aforesaid countries, Uganda and Rwanda were in February this year listed among the top 11 African countries projected to experience the strongest economic performance in 2024.
The forecast was made by the African Development Bank Group (AfDBG) in its macroeconomic performance and outlook (MIPO). With the overall real gross domestic product (GDP) growth for Africa estimated at between 4.2% in 2024 and 2025 respectively, AfDBG estimates Uganda’s growth at 6% and Rwanda at 7.5%. AfDBG, therefore, concludes that Africa will account for 11 of the world’s 20 fastest-growing economies in 2024.
In addition, Africa is projected to remain the second-fastest growing region after Asia. But behind those exciting economic figures, there is a challenge of continued unemployment in Africa. That challenge was acknowledged by AfDBG in its African Economic Brief of 2017, Volume 8, and Issue 7.
Under the article, “Transforming Africa’s agriculture through Agro-Industrialisation,” AfDBG writes, “Africa’s Millennial Challenge” and others, analysed “Economic growth in Africa has been accelerating for the past two decades. The continent enjoyed sustained average growth of between 3.5%. This episode of rapid economic growth, where four of the 10 fastest growing economies in the world have in the past 10 years were African countries.
Amidst the optimism, however, there is a recognition that while the benefits of growth have not been shared equally across Africa, high and widespread inequalities persist.”
Conscious of these economic challenges, especially unemployment, President Museveni in his speech read by Prime Minister Robinah Nabbanja, highlighted the need for Africa to take urgent action to advance sustainable industrialisation as a key element in furthering economic diversification and value addition, creating jobs and thus reducing poverty and contributing to the implementation of the 2030 Agenda whose goals and targets include ending poverty in all its forms, reducing inequality and the promotion of sustainable, inclusive economic growth, full and productive employment and decent work for all.
Also, President Museveni in his independence speech highlighted to the public that prospects for jobs can be found in industries not public service.
He said: “Public Service jobs are only 470,000. The majority of the jobs, therefore, must be in the private sector. Already, manufacturing is employing 1.121 million people.” As a country, we must not be afraid that industrialisation cannot be achieved. We can be inspired by the history of Japan.
Like Uganda, Japan was once largely dependent on agriculture, producing rice, wheat, barley, sericulture, vegetables and livestock. Agriculture then propelled Japan to industrialisation by initially focusing on the textile industry.
In a bid to achieve further industrial success, the Japanese government promoted the private sector through legal framework and economic policies. And as a result, Japan became the first country in Asia to attain developed country status.
Today, Japan is ranked as the fourth largest economy in the world by nominal GDP behind US, China and Germany. With such hindsight, let’s review our industrial strategy so that we can spur industrialisation, which will generate jobs.
The writer is a Senior Presidential Advisor, Political Affairs at Office of the NRM National Chairman/National Co-ordinator Bazzukulu
Do you have a story or an opinion to share? Email us on: dailyexpressug@gmail.com Or join the Daily Express WhatsApp channel for all the latest news and trends or join the Telegram Channel for the latest updates.
