Overview

Uganda has been one of Africa's recent success stories with its groundbreaking accomplishments against HIV/AIDS and reports of robust economic growth. This economic success has been as a result of the implementation of economic reforms. Despite this, private investment has to be increased in order to ensure continued economic growth. In 2001 the country had foreign direct investments totaling US$144.7 million.

New monetary and exchange rate policy operating procedures were implemented in 2002 and have facilitated sterilization operations and resulted in a reduction in volatility in interest and exchange rate movements.

The privatization of the Uganda Commercial Bank in 2002 and its consequent merger with an international bank contributed to the continual strengthening of the country's banking sector. Measurements concerning bank supervision have also been strengthened. Inflation rates in 2001 were exceptionally low with an average rate of 2%.

Agriculture is one of the country's main industry sectors, employing 80% of Uganda's workforce, and made up 31.4% of the country's GDP in 2002 that totaled US$5.9 billion. The main agricultural crops that are cultivated are cassava, sweet potatoes, plantains, millet, sorghum, corn and pulses. Industry and services made up 22.7% and 45.9% of GDP respectively.

The main industry sectors in the country are mostly agro-processing oriented, made up mostly of fish processing, sugar, tea, cooking oil, dairy processing, breweries and soft drinks. The manufacturing of textiles, paper products, as well as, tobacco processing also take place.