PARIS – Uganda’s Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, has held talks with France’s Assistant Secretary for Multilateral, Development, and Trade Affairs, William Roos, at the French Treasury Directorate in Paris.
Mr. Ggoobi led a delegation to the meeting, which included Uganda’s Ambassador to France, Doreen Ruth Amule, Commissioner Economic Development, Policy & Research, Joseph Enyimu, Commissioner Public Administration, Moses Kabanda, Commissioner Executive Operations, Uganda Revenue Authority, Abel Kagumire, and Head of Public Diplomacy at the Ministry of Foreign Affairs, Margaret Kafeero.
During the meeting, Mr. Ggoobi briefed Mr. Roos on Uganda’s economic progress, highlighting the country’s GDP growth rate of 6% for the year ending June 2024. He also projected a 7-8% growth rate by June 2025.
“The GDP growth for the year ending June 2024 was 6% with a positive projection for the June 2025 year end at 7% – 8%,” Mr. Ggoobi said.
He attributed this growth to the successful implementation of the Paris Development Model, which has transformed the country’s agricultural sector from subsistence to commercial-oriented farming.
Mr. Ggoobi also highlighted Uganda’s stable inflation rates, which are among the lowest in the region. He attributed this stability to effective food price management.
“The Ugandan shilling has remained stable on account of limited controls, allowing for a natural flow and shock control. The economy is fully liberalized with free access to foreign exchange,” Mr. Ggoobi said.
“We do not spend what we do not have, in Uganda,” he added.
Mr. Roos asked Mr. Ggoobi about Uganda’s loan priority areas, to which Mr. Ggoobi responded that the government is taking strict decisions on which loans to undertake.
“We are prioritizing loans for transport infrastructure, such as the Standard Gauge Railway construction, electricity transmission, and irrigation,” Mr. Ggoobi said.
He emphasized that irrigation is a priority area due to the risks associated with climate change, which makes agriculture more unpredictable.
Mr. Ggoobi also highlighted the government’s efforts to secure low-cost capital to support development financing, particularly in the areas of agro-processing, tourism, and mineral development.
“We want to support more farmers, tourism, science, and technology, and tourism industry players to access cheaper lending through Uganda Development Bank capitalization,” Mr. Ggoobi said.
Mr. Roos expressed delight at Uganda’s approach to managing its currency and debt. He encouraged Uganda to increase communication about its successes, citing many examples to be seen.
“France agrees with Uganda on debt sustainability, with caution, encouraging more IMF cooperation in getting the risk-assessment back from moderate to low,” Mr. Roos said.
The two officials also discussed tax policy, with Mr. Roos highlighting the absence of a Double Taxation Agreement between Uganda and France.
“The number of French companies operating in Uganda is growing, and so are their expenditures. Investors would like to study a mutually beneficial taxation agreement,” Mr. Roos said.
Both sides agreed to further cooperation on exchange programs to study and understand various tax collection and exemption processes.
