Finance Ministry lauds Masheda Foods as a model for “Tenfold” growth

Uganda’s Permanent Secretary of the Ministry of Finance, Planning, and Economic Development, Ramathan Ggoobi, officially launched Masheda Foods’ new catfish processing factory, hailing it as a prime example of the country’s ambitious strategy to transform its economy.

During the launch event, Ggoobi celebrated the new facility as a step toward achieving a $500 billion economy within the next 15 years, a goal he said is part of a “tenfold growth strategy.”

He emphasized that the country must shift from being a “poor country” to a wealthy one.

Ggoobi laid out the strategy, summarized by the acronym ATMs: Agro-industrialization, Tourism, Mineral-based industrialization and manufacturing, and Science, Technology, and Innovation.

He noted that the first area, which focuses on adding value to agricultural products, could grow into a $20 billion industry. The government aims to see tourism generate $50 billion and the minerals sector bring in $25 billion.

Ggoobi praised Secretary to the Treasury, Ministry Foods Director Sherinah Ainembabazi Nabakooza as a confluence of the ATMs, embodying all four strategic pillars. He noted her work in agro-industrialization by processing and exporting fish, her involvement in tourism through her other ventures, and her support for the creative industry.

Marvin Lwasa, the managing director of Masheda Foods, described the new factory as a “blueprint for Ugandan-owned agribusiness.”

Located in Buyala, Mpigi District, the facility spans 25 acres and includes 107 fish ponds. With a monthly production capacity of 110 tonnes, the factory is a fully integrated operation, from its own hatchery and feed mill to filleting and packaging.

The company’s products, which include smoked fillets, burgers, and sausages, are already being exported to over 60 retail outlets in Kinshasa, with growing markets in Nairobi and the Democratic Republic of Congo. Masheda Foods also plans to launch on Amazon in late 2025 to serve the Ugandan diaspora in Europe.

Lwasa highlighted the company’s commitment to sustainability and social impact. Masheda Foods sources over 80% of its inputs locally, aligning with the Buy Uganda, Build Uganda agenda.

Sherinah Ainembabazi Nabakooza, Director, Masheda Foods, in her comments about the launch said; “With the opening of our new processing facility, Masheda is stepping into a new league of premium aquaculture.”

“We are dedicated to delivering the freshest, highest‑quality catfish products while setting the standard for excellence in fish processing.”

The company also runs two key social programs: a youth rehabilitation program that has trained over 500 formerly homeless youths in fish farming, and an initiative called Nkore Designs, which provides training and income to over 50 single mothers in the Buyala area who weave high-quality reed crafts.

Ggoobi highlighted the importance of exports, stating, “Economies transform when they start to create more and more of foreign exchange.”

He celebrated Masheda’s effort to turn a non-tradable item like catfish into a tradable commodity, bringing new money into the country. He pointed out that while Uganda’s entire economy is $61 billion, the global fish market is worth $170 billion, presenting a massive opportunity for growth.

According to Ggoobi with new income comes a better quality of life.

“When societies get money, politics ceases to be a factor,” he said. He said the factory creates jobs and, with them, income for households.