To design effective strategies to combat poverty, policy makers need to know precisely who have and have not benefited from the impressive macroeconomic performance Uganda enjoyed between 1992 and 2000. And this is what the paper endeavours to provide insights into, with a bias in favour of, and thereby focus on the role of, markets. Broadly speaking, the good macroeconomic performance during this period contributed to the reduction of poverty. The agricultural growth policies during 1992 and 2000 are perhaps the most important causes of the increased participation of the chronically poor individuals/households in labour and commodity markets. Some areas benefited more than the others. Because of the conflict that has ravaged the North over 20 years, the benefits were minimal. To make markets operate in ways that include the chronically poor on beneficial terms, Government and other development partners should remove constraints that inhibit the participation of the poor in those markets. The chronically poor need to be specifically targeted with a view to enhancing their productivity through better access to land, credit, agricultural inputs, and extension services.