How Uganda plans to recover from COVID-19 induced economic shocks

Uganda, like many countries around the world, has faced significant economic challenges due to the COVID-19 pandemic. The country's finance minister's budget reading did not take into account the economic shortfalls caused by the pandemic. However, as the East African Community member state navigates its recovery path, economic analysts such as Charles Baudi are closely examining the situation. Baudi, who joined CNBC Africa from Uganda's capital, Kampala, shed light on the current economic landscape and the strategies being implemented to drive recovery. One of the key themes that emerged from the discussion was the impact of the pandemic on Uganda's agriculture sector, which serves as the backbone of the country's economy. Despite the challenges posed by border closures and reduced exports, there is a sense of growth in certain sectors, signaling a potential rebound for the economy. Additionally, Baudi highlighted the government's focus on import substitution strategies and the need to mobilize domestic revenue to offset the decline in foreign direct investments (FDIs). As Uganda grapples with the ongoing effects of the pandemic, the resilience of its key sectors, such as agriculture, will play a crucial role in driving long-term economic stability. While uncertainties remain, the government's initiatives and the dedication of stakeholders like Baudi are instrumental in shaping Uganda's economic recovery trajectory post-COVID-19.