President Museveni Urges Prosperity Over Profiteering in Africa’s Economic Agenda

President Yoweri Kaguta Museveni returned to Uganda this evening following his participation in the World Bank’s International Development Association (IDA)- Africa Heads of State summit in Nairobi, Kenya. Upon arrival at Entebbe International Airport, he was greeted by Vice President H.E Jessica Alupo, Head of Public Service and Secretary to Cabinet Ms. Lucy Nakyobe, and other officials.

During the summit session, President Museveni delivered remarks stressing the significance of socio-economic transformation and the necessity of loans that foster prosperity. “I was pleased to hear the president of the World Bank discussing prosperity rather than profiteering,” he noted.

Addressing the root causes of Africa’s current challenges, President Museveni pointed to persistent philosophical, ideological, and economic mistakes dating back to the 1960s. He advocated for a shift towards socio-economic transformation, emphasizing the importance of qualitative change alongside quantitative growth.

Highlighting the prerequisites for private sector growth, President Museveni urged for low production costs in transportation, electricity, and manufacturing funding. He reiterated his call for Africa to cease raw material exports and instead prioritize value addition at the source for sustainable development.

“The hemorrhage of Africa must cease. The crises we witness stem from six decades of stagnation since independence. Despite population growth, our economies remain stagnant,” President Museveni remarked.

The International Development Association (IDA) is a development finance institution providing concessional loans and grants to low-income countries. Headquartered in Washington, D.C., United States, it operates as a member of the World Bank Group.