PRESIDENT Yoweri Museveni has said he expects the country's economic growth rate to more than double following the discovery of oil and gas.
Museveni voiced his optimism at a joint press conference at State House Entebbe, also addressed by Togolese president Faure Gnassingbe who ended his four day state visit yesterday.
He said the combination of the two should be able to spur economic growth immensely, reversing the slow economic growth rate, currently at 5.5 percent.
We are fortunate to have found oil and gas. Our rate of growth is going to be much higher, Museveni said while responding to a question. He said with the discovery of the two, the coming into operation of Bujagali at the end of the month upon its completion and a projected bumper crop harvest, the nations economic growth rate should more than double.
We should be able to achieve 12, 13 or 15 percent economic growth rate he said. The countrys initial growth rate of an average of 8.3 percent per year, he said, had taken a knock from the current global economic crisis, plummeting to 5.5 percent.
But he also blamed the current low economic growth rate on what he termed as past mistakes, mainly of delaying electricity projects. Some of these electricity projects we undertaking now should have been ready 10 years ago but because of the confusion in the political class, the civil servants and to some extent outside friends the projects delayed, Museveni said.
Museveni voiced his optimism at a joint press conference at State House Entebbe, also addressed by Togolese president Faure Gnassingbe who ended his four day state visit yesterday.
He said the combination of the two should be able to spur economic growth immensely, reversing the slow economic growth rate, currently at 5.5 percent.
We are fortunate to have found oil and gas. Our rate of growth is going to be much higher, Museveni said while responding to a question. He said with the discovery of the two, the coming into operation of Bujagali at the end of the month upon its completion and a projected bumper crop harvest, the nations economic growth rate should more than double.
We should be able to achieve 12, 13 or 15 percent economic growth rate he said. The countrys initial growth rate of an average of 8.3 percent per year, he said, had taken a knock from the current global economic crisis, plummeting to 5.5 percent.
But he also blamed the current low economic growth rate on what he termed as past mistakes, mainly of delaying electricity projects. Some of these electricity projects we undertaking now should have been ready 10 years ago but because of the confusion in the political class, the civil servants and to some extent outside friends the projects delayed, Museveni said.
