Monday, August 12, 2024

UGANDA: SOROTI DISTRICT HOSTS THE INTERNATIONAL YOUTH DAY CELEBRATIONS – 2024

Corruption: You Don’t Have to Go on the Streets and Riot, Museveni Tells Activists






Theme: “Skills Development for enhancement of youth opportunities”



File Photo/Courtesy: The President made the remarks today while officiating at the International Youth Day Celebrations held at Soroti Core Primary Teachers' College, Soroti District.


chimpreports.com,August 12, 2024, 10:36PM | The President made the remarks today while officiating at the International Youth Day Celebrations held at Soroti Core Primary Teachers' College, Soroti District.





President Yoweri Kaguta Museveni has reiterated his call to the youths to fight corruption through proper channels.

“Avoid and fight corruption. You don’t have to go on the streets and riot, you fight corruption by following up government money and know how it’s being spent. Know the figures and in case there’s some misappropriation, write and report to the RDC, if the RDC doesn’t act, we have got other channels,” he said.

The President made the remarks today while officiating at the International Youth Day Celebrations held at Soroti Core Primary Teachers’ College, Soroti District. The celebrations ran under the theme: “Skills Development for enhancement of youth opportunities”.

The International Youth Day is commemorated every year on 12 August, bringing youth issues to the attention of the international community and celebrating the potential of youths as partners in today’s global society.




President Museveni reassured Ugandans that corruption is easy to be dealt with as long as they work together.

“We can finish these corrupt people, they are not a big problem. All we need are facts,” he said.

The President also urged the youths and activists to insist on free education in government schools. According to President Museveni, Ugandans have refused to implement the program yet it would have helped the whole country.

“When we introduced it, we knew why we introduced it. In 1958, when we were in our area of Kyamate, Ntungamo area, the people who went to Mbarara High School were like four or five from the whole area. Many children were not going to school at all but even those who went, very few would proceed beyond Primary Six. That’s what we wanted to solve. In my view, we need the implementation of free education in government primary and Secondary schools. Those who are rich can send their children to private schools,” he explained.

“Why have leaders kept on bringing back charges in UPE schools? According to the figures I have, the children in primary schools are 11 million but the ones in secondary schools are 1.7 million. Yet the years of primary and the years of secondary are almost the same. It’s 7 years for primary and 6 for secondary. Why do you have 11 million learners in Primary and 1.7 million in secondary, where have the 9.3 million learners gone? You people, you all come from villages, go back and check how many people dropped out of school in each area.”

On the other hand, President Museveni advised the school going children to work with their parents during holidays to stabilise their homestead income.

“Many people don’t know that some of us were influenced by the way we grew up. Like in my case I was a wealth creator from the age of 4. Age of 4 my job was to look after the young cows. By the age of 8, I was looking after the big cows. The children in holidays should participate in wealth creation,” he said.

“I would advise the parents not to over exploit the children like we were exploited. My children and grandchildren now don’t have the same pressure like I had.”

The President further emphasised that when children are still in the school system, they should always participate in sports and exercises so that they are fit. He also advised that they should spend their youthful years doing useful things.

“Participate in spiritual development through religious programs so that you have discipline and fear God. We also need to audit the cultures and we see what we can recommend for our children. Some of the cultures for our people were not good, like mistreatment of women.”

Furthermore, President Museveni encouraged the youths to embrace and understand the four principles of the National Resistance Movement (NRM) of Patriotism, Pan-Africanism, Socio-economic Transformation and Democracy for their prosperity.

“After you have gone through the school system, you should engage in wealth creation through the four sectors of the economy which include commercial agriculture, manufacturing and artisanship, services and ICT. Being a political leader or administrator is also part of the services sector but the jobs there are few. So the government jobs are not enough but the services jobs in the private sector are much more.”

The President also cautioned the youths against environmental degradation.

“The misuse of swamps must stop. The swamps are for water to feed the dry land.”

On the other hand, President Museveni commended the people of Teso for fighting poverty through commercial agriculture.

“I can see most of the people in Teso are now out of the grass thatched houses and most of them are growing citrus fruits. I have put up new people to look after the factory and we shall stabilise the market.”

The Minister of Gender, Labour and Social Development, Hon. Betty Amongi informed the President that the theme of the celebrations resonates with the fact that skills are important for the realisation of opportunities of the youths, and it addresses the high numbers of the youths who are not in employment, not in school and not in the formal sector.

“The recent National Population and Housing Census of 2024 put the youths between 18 to 30 years at 10.4 million, representing 22.6 percent. Youths between 30 to 34 years are 2.8 million, constituting 6 percent. Children between 0 to 17 years are 23.1 million which constitute 50.2 percent. This makes Uganda one of the youngest and most rapidly growing populations in the world, with about 4 percent population growth and 78.8 percent of Uganda’s population are now under the age of 35,” she said.

The Minister also decried the lack of skills and competence among the youths, saying the factors deter them from effectively entering the job market.

“More than 1 million young people enter the job market every year. This presents both a huge opportunity but also a challenge. The 2021 Uganda National Labour Force Survey showed that employers across formal and informal sectors in Uganda identified lack of practical, digital entrepreneurship skills as well as soft skills such as managerial, communication, social, emotional as limiting most youths from entering the job market,” she noted.

“They also assert that our education system is not fully aligned with the Labour force needs leading to a mismatch of skills and competence for employability.”

The Minister of State for the Youth and Children Affairs, Hon. Balaam Barugahara assured the youths that the government is working around the clock to ensure that the challenge of unemployment among them is dealt with.

“Your Excellency, investing in youth skills development is crucial. Such investment supports national peace and stability, enhances resilience and promotes social transformation,” he noted.
The UN Resident Coordinator in Uganda, Ms. Susan Ngongi Namondo called for renewed efforts to ensure that the 73 percent of Ugandans under the age of 30 years are engaged in productive adulthood.

“We have to redouble efforts to ensure that there’s hope across the board,” she said.

The Ambassador of Denmark to Uganda, H.E Signe Winding Albjerg said the Youth Day commemoration was very vital because it aims at celebrating the contribution of the youth towards development especially in leading digital adoption and innovation across the globe.

“Your Excellency, this day also reminds us all to highlight the challenges that young people face in order to be able to realise their potential. On this day, we should challenge ourselves to do more and better for the youths,” she said.

The Chairperson of the National Youth Council-Uganda, Mr. Jacob Eyeru thanked the President for guiding the youth to the right path of attaining education and creating jobs.

“The NRM government also dealt with the issue of our health through immunisation. Now we are dealing with the issue of socio-economic transformation,” he said.

He also commended President Museveni for setting up the skilling hubs that impart skills to the youths across Uganda. This, he said, has helped to deal with youth unemployment in the country.
The event was also attended by the Vice President H.E Jessica Alupo, Ministers, Members of the Diplomatic Corps, Members of Parliament, among others.



Sunday, June 30, 2024

HUMONGOUS LIQUIDITY TURNOVER: PATIENT CAPITAL HANDSHAKE BOOSTS PLOUGHED BACK EARNINGS FOR PARTICIPATING COMMERCIAL BANKS

BoU tasks commercial banks to take serious measures against under capitalisation


The Central Bank has tasked commercial banks to implement risk management practices and controls to prevent under capitalization.




The Bank’s Director of the Pension and Administration department Ralph Bakashabaruhanga says banks should avoid disappointing and abusing their depositors trust.





He advises that commercial banks ensure rigorous internal controls that help them to control fraud among other measures.

This follows the closure of Mercantile Credit Bank last week and EFC Uganda in January due to “serious issues that put customer savings at risk.

“These institutions failed their depositors, employees and broader financial due to under capitalization, poor cooperate governance and insolvency, these are not isolated incidents these representor preterm of government failures that have been and enduring cause of banking sector instability in Uganda,” Mr. Bakashabaruhanga commented.

Bakashabaruhanga made the remarks while addressing students and officials from the Uganda Institute of Banking and Financial Services during their Annual General Meeting held in Kampala on Thursday.



SUPPLEMENT


TENETS OF TRUST LEGACY



GLOBAL SOUTH ALERTTRUST FROM SINCE MEDIEVAL ENGLAND, TO BEYOND AMERICAN DECLARATION OF INDEPENDENCE ON JULY 4, 1776.


TAGLINE: "TREASURE THE PEARL , RIDE SPECIAL MOBILITY."




VISION STATEMENT: "WHOLE BUSINESS SECURITIZATION (WBS) FOR AFRICA AND BEYOND."



Friday, May 10, 2024

OPINION: SOURCING LONG-TERM FINANCE FROM ROBUST CAPITAL MARKETS – THE PROVEN PANACEA FOR PROHIBITIVE INTERMEDIATED AND/OR LEVERAGED SHORT-TERM SOURCES AKIN TO DEBT BURDENED LENDERS SUCH AS COMMERCIAL BANKS

Industrialists Demand For own bank



URN PHOTO/COURTESY: Minister Bahati speaking to industrialists at the UMA exhibition




VIDEO COVERAGE 👇🏾



DAY ONE:







DAY TWO:







independent.co.ug, May 9, 2024 | Kampala, Uganda | THE INDEPENDENT | Uganda’s industrialists, supported by financial institutions, have decided to lead efforts towards the establishment of an industrial bank.

The proposed Uganda National Industrial Bank would serve to reduce the cost of Finance that the private sector persistently fronts as the major challenge to its growth.

This is one of the resolutions from the just-ended two-day Financial Symposium and Exhibition organised by the Uganda Manufactures Association (UMA) at The Lugogo show grounds.

The idea came after the manufacturers realised that all the available sources of funds were not adequately and comprehensively serving their needs.

Francis Ogwang, the Uganda Country Manager, East African Development Bank , agreed with the manufacturers that there was need for other alternatives, adding that many countries have dedicated banks for the different major sectors like agriculture, industry, manufacturing and international trade.

He said that while he believed in a private sector led economic growth, there is need for more government intervention in terms of finance, saying that there should be at least 1 billion dollars ready for lending to the private sector.

Speaking about the the uniqueness from other available long-term lenders like the Uganda Development Bank, Ogwang said an industrial bank should not be under the regulation of the central bank.

He said that because of the strict nature needed by the central bank to control the operations of commercial banks, the industrial bank would not have enough space to sustainably serve its purpose.

An industrial bank, according to Ogwang, is necessary because it would offer both financial, advisory and business incubation services to SMEs and Large industries and mobilise capital specifically dedicated to industrial investments. Other reasons fronted included the ability to ease the competition for the limited Financial resource between the government and private sector and between traders and industrialists.

The mobilisation of cheaper finances would be possible because the industrial bank would be able to have financing partners like the International Finance Corporation, Afrexim BankAfrican Development Bank among others, according to Ogwang.

The manufacturers expressed discontent at the available sources of finance which they said were not responsive to their needs.

They also dismissed the government intervention of the Small Businesses Recovery Fund that was launched two years ago as a relief package for enterprises hit by COVID-19. UMA Executive Director, Dr. Ezra Muhumuza Rubanda, said there was a big problem with the banks mandated to manage the funds, accusing the institutions of “hiding” information about the project and instead fronting their own expensive products.

The recovery fund carries a 10 percent interest, while the agriculture credit facility attracts 12 percent, both far lower than the average 17 percent set by the commercial banks.

Alex Lwanja, the Director in charge of the SBRF and the Agriculture Credit Facility at the Bank of Uganda, said while the ACF had performed well with almost 800 billion shillings disbursed since 2011, the SBRF had only lent out just more than 13 billion shillings out of the 200 billion set aside. He put the blame for the low uptake on the strict conditions set by the ministry of finance, but added that they have been pushing for the revision and several of the conditions have now been amended.

These include opening up the fund to businesses that were established after the COVID-19 outbreak, the number of employees a beneficiary should be employing as well as the maximum amount that had been ceiled at 300 million shillings.

He hoped this would attract more people to apply for the credit facility.

Lwanja also called on any entrepreneur who would be told by a bank that the ACF and the SBRF were not available at the bank, to immediately call him.

****

URN



Wednesday, May 1, 2024

UGANDA; PRESIDENT MUSEVENI GRACES THE INTERNATIONAL LABOUR DAY CELEBRATIONS HELD IN FORT PORTAL CITY ON LABOUR DAY

Museveni Vows to Get Tough On wealth Creation Jobs



File Photo/Courtesy: His Excellent President Yoweri Museveni



ugstandard.com, May 01, 2024 | KAMPALA, UGANDA – In a marked shift in tone, President Yoweri Museveni has warned that he will no longer be polite in his approach to addressing the country’s economic challenges, particularly wealth creation and job opportunities.





Speaking during the International Labour Day celebrations, President Museveni emphasized that jobs cannot exist without wealth, and therefore, the focus should be on creating modern wealth, not traditional wealth.

“I have been polite because I didn’t want to embarrass some people. In the coming days, I will stop being polite,” he said, hinting at a more assertive approach to tackling the issues.

The President drew a distinction between the class struggle in Europe, where imperialists exploited others, and the situation in Uganda, where a collective struggle is needed to create wealth.

“The issue here is to create wealth,” he stressed, emphasizing the need for a collaborative effort to achieve economic prosperity.

This new stance is seen as a call to action for policymakers, entrepreneurs, and citizens to prioritize wealth creation and job opportunities, with the President himself taking a more decisive and assertive lead in driving this agenda.

Only time will tell what specific measures President Museveni will take to address these challenges, but one thing is clear – the days of politeness are over, and it’s time for action.








Thursday, December 7, 2023

STRATEGY TO DEMYSTIFY THE GLOBAL TRADE ARENA SECRETS

PSFU, Mastercard partner to train business development service providers



Courtesy/File Photo: PSFU, Chief Programs and Projects Officer, Ambassador Damali Ssali, addressing the BDS Trainees.


observor.ug, December 6, 2023 | In a bid to drive sustainable growth of businesses, the Private Sector Foundation Uganda (PSFU) in partnership with Mastercard Foundation is conducting a training of more than 200 business development services (BDS) providers across the country. 


TitledGrowthPartners Program, BDS participants were drawn from a pool of at least 1,000 applications that underwent a competitive evaluation process based on their placement and ability to impact enterprise development in their respective communities.


Speaking at the opening of the training at Emin Pasha Hotel in Nakasero Tuesday, PSFU chief programmes and projects officer, Damali Ssali, said the participants would be equipped with information on Uganda’s newly formulated business development support standards, tools, mentorship, and resources needed to drive the growth of enterprises.



The African Management Institute is leading the training with tips on accessing finance for their businesses, strategic business planning, streamlining operations, and managing people, among others. 


“PSFU has been running various projects to support businesses but the impact has been minimal in some enterprises. We discovered that the BDS ecosystem was characterized by various constraints that limit its potential to generate business growth,” Ssali said. 


She added: “Therefore, PSFU through the Lead Firm Project in partnership with Mastercard FoundationLead Firm Project in partnership with Mastercard Foundation decided to contribute to the process of streamlining BDS service delivery by supporting the development of quality standards.”


The BDS standards, now awaiting certification by the Uganda National Bureau of Standards (UNBS), were developed by a technical working group which, among others, comprised officials from the ministry of Trade and PSFU. At least two standards have been finalized but the plan is to set up 10 BDS standards. 


“We felt the need to train the private sector about these standards. Normally, standards are developed on paper but there is no training on how to comply with them. When people are well versed with the standards, it will make our companies more competitive both locally and internationally. This is when we shall be able to export more goods to the region and beyond,” she said. 


According to Ssali, PSFU has so far identified two limitations to business growth; lack of skills to manage businesses and insufficient funds to run the business. She believes that after the training, the BDS providers will be best placed to sensitize business owners who hardly notice gaps in their operations and the standards expected of them in the market.


BETTER SERVICE DELIVERY


The small medium enterprises (SMEs) are also expected to have a diverse range of BDS providers across the country that are equipped with practical strategies to navigate business challenges and seize opportunities. According to the investment specialist in charge of partnerships and engagements at PSFU, Cecilia Kengoro Mutabanura, there will be improved service delivery among the BDS providers after the two-day training.


“We have been seeing inadequate services offered to enterprises by BDS providers out there. After all these years of PSFU giving support to the enterprises, they were not giving the impact that we are looking for. For the outstanding BDS providers, their services are expensive,” Kengoro said. 


She added: “We thought that if we can be able to raise the competencies of a good number of BDS providers, more enterprises would have access to good quality services at affordable prices.”


The BDS services, mainly non-financial such as technical advice, incubations, marketing, consultancy, and management support, are intended to bring out growth or transformation of the businesses. Kengoro said similar BDS trainings have also been held in Mbale, Gulu, Mbarara, and Fort portal in the past three weeks and trainees will continuously receive support to catalyze business growth wherever they are placed.


BENEFICIARIES SPEAK


Dona Sava – Programmes and Projects Lead at Hive Colab


The training is all about ensuring that BDS providers are regulated and operating in a manner that is appealing to our clients. There are many service providers out there but the standards are not only going to regulate us but also expand our networks.


We shall graduate and eventually become certified BDS service providers on the PSFU portal. We hope to use the standards from the training to serve our entrepreneurs better. This will also help them to grow their businesses.


Hassan Sekajoolo – Youth Livelihood Development


This organization works to develop micro-enterprises for youths in the country by taking incomes to the poorest youth. The training is crucial for us because we are working towards eradicating youth unemployment. However, we are getting skills on how to provide this business development support to these young people in the simplest terms to grow from micro-enterprises to big cooperations. 


Joan Kyokutamba – executive director of Shungura Foundation


There are several unemployed youths who don’t know how to seek employment. They have been pushed to create their jobs but their parents didn’t nurture them into this space. BDS providers think this particular space is a professional one that no one should tap into.


However, I have realized that there’s a need to improve our service provision market so that we tap into larger markets and get bigger clientele through such training. 

Wednesday, December 6, 2023

UGANDA'S STELLAR LADY EXECUTIVE BANDWAGON ENGULFS THE CAPITAL MARKETS AUTHORITY

 Josephine Ossiya: What awaits the new capital markets boss?



Courtesy/File Photo:  Josephine Okui Ossiya – CPA, FCCA, MBA, incoming Chief Executive Officer, Capital Markets Authority – Uganda (CMA).


What you need to

 know:


monitor.co.ug, Dec 6, 2023 10:43 AMCapital Markets Authority (CMA) has appointed Ms Josephine Okui Ossiya as the new chief executive officer. She will take office on February 5, 2024.


She ends a drought of a female executives at CMA and will effectively replace Mr Keith Kalyegira, whose two five non-renewable terms ends this year. He had held the position since 2013.


Under his rein, large corporations, including Airtel, MTN, and Cipla Quality Chemical, have listed on the Uganda Securities Exchange and has expanded USE market capitalisation to Shs11.8 trillion. 


“Mr Kalyegira’s commitment extended beyond market expansion. He spearheaded the issuance of Shs110b in private and public debt, broadening the investor landscape and fostering economic growth through a more diversified financial system,” CMA said in a statement.


He has also been instrumental in increasing public understanding of capital markets, as evidenced by the Collective Investment Schemes (CISs), which attracted 65,000 new investors and injected Shs2.2 trillion into the market.


However, the new boss must take on more to feed a market that seems to have a lot of hunger. 

 

It is troubling to understand why the stock market has remained an unappealing avenue for large companies in need of cheap long-term capital.

 

Despite the rising cost of commercial debt, which averages at 18 percent for prime borrowers, no major corporations, save Kakira Sugar Works, have issued corporate bonds. 


Kakira Sugar Works is currently running a Shs76b bond, through which it had sought to raise capital in 2013. This is disturbing.


To-date, only nine corporate bonds have been issued in Uganda, raising a combined Shs289b, with majority of the issuers being financial institutions in the banking sector.


Issuing bonds is one way for companies to raise money. A bond functions as a loan between an investor and a corporation. The investor agrees to give the corporation a certain amount of money for a specific period of time. In exchange, the investor receives periodic interest payments.


CMA says that most companies issue corperate bonds when they are expanding but have failed to understand the alternative resource sourcing capital markets provide.


CMA and Financial Sector Deepening – Africa are currently working together to review the 2003 Corporate Bond Guidelines with the goal of facilitating the process of raising alternative non-bank financing for project development and business expansion for a greater number of local governments and private companies.


The amendments seek to expand the range of debt products that can be issued, and switch from merit-based approval to disclosure-based approval, among other things. 


Green bonds, municipal bonds, and infrastructure bonds are among the products that will be impacted.


Ms Ossiya will also have to work with a market at a time when sovereign investors are showing less interest in buying into companies that are presumed to be a hot sale. 


Airtel would be the best example to illustrate this. Its initial public offering attracted no off shore investor and was only saved by a deadline day purchase by National Social Security Fund, which, as the only institutional investor, bought 10.55 percent of the 20 percent offer.  


This resulted in a 58.18 percent undersubscription. 


Beyond this, Ms Ossiya must address the market’s liquidity challenges. 


Many investors who buy into publicly traded companies struggle to sell. 


Recently some investors tried to sell Airtel stocks right after the company had been listed, but received relatively low bids, according to data from Crested Capital, a stock broker.


This creates posterity challenges and results into market agitation. 


Ms Ossiya will also have to get tough on investor protection. A recent breach of USE investor data, some of which is very personal, put the entire equity markets at risk and ponzi schemes seem to have re-emerged, disguising themselves as licensed collective investment schemes. 


For example, CMA recently had to halt operations of Capital Chicken, which is currently a subject of investigation for embezzling Shs2b from various investors.  Thus Ms Ossiya must make every effort to ensure that this never happens again. 


CMA has signed a memorandum of understanding with the Office of the Director of Public Prosecutions to efficiently prosecute offenses related to the capital markets. 


“We [CMA] aware that during such challenging times, unscrupulous individuals tend to take advantage of the unsuspecting public. Numerous schemers are eyeing the little you have saved,” Mr Kalyegira said recently in a statement.


Work and experience


No doubt Ms Ossiya appears to be a capable pair of hands given her depth of knowledge and experience.                                

She joined the Bank of Uganda board in February 2018 and has served as chief financial officer of Bujagali Energy since November 2014.


In June, she also became the first female president of the Uganda's institute of certified public accountants.


Her previous positions include being a finance director at Eskom, chief financial officer and head of finance at ATC Ghana, and financial controller at Standard Chartered Bank.  


She has worked with the British American Tobacco Uganda, National Social Security Fund, National Water and Sewerage Corporation, Shell (now Vivo), and other financial institutions.


She is a fellow of the Association of Chartered Certified Accountants, a member of the Institute of Certified Public Accountants of Uganda, and a member of the Institute of Internal Auditors of Uganda and the US.





UGANDA: SOROTI DISTRICT HOSTS THE INTERNATIONAL YOUTH DAY CELEBRATIONS – 2024

Corruption: You Don’t Have to Go on the Streets and Riot,  Museveni Tells Activists Theme: “Skills Development for enhancement of youth opp...