Uganda: Yoweri Museveni’s message to bring 68 pct of people into money economy

President of Uganda, Yoweri Museveni has summoned for all people including the organizations working for promoting trade and investment in the east African country to exert more efforts in uplifting 68 percent of the population who are still living the subsistence way of life.

The 74-year old Ugandan politician, Yoweri Museveni opined that 68 percent of the people living in Uganda are poor as they are living outside the money economy. In other words, they are producing and earning nothing. Uganda's Head of State was closing a two-day West Nile Investment Symposium at Muni University in Arua City, West Nile Sub-Region over the weekend.

The symposium ran under the theme "Transformation of Africa's Upper Nile Valley through Pan African Peace Building and Holistic Development". It was organized by the Department of Operation Wealth Creation in partnership with the Uganda Investment Authority and Muni University, among others.

"In order to produce something you need four things; land which is a natural resource, labour which we have in plenty, capital money and entrepreneurship, the spectacles to see where the opportunity is and turn it into profit. You can't have 68 percent of the homesteads (eating what they produce) and you think you're an economist. You're just a total failure. Infant mortality rate, how many children are dying when they are still young? Why are they dying? Because they have problems, mainly because of problems of having no money. What does it mean that 68 percent of the homesteads are outside the money economy? We have a few modern farmers who are part of the 32 percent and other entrepreneurs. Those will continue but let us wake up this 68 percent," he said.

Museveni further said that getting the 68 percent of the Ugandans into the money economy is crucial as a country but more so as leaders because leading people who have no money in a modern era, is criminal and a great betrayal to the people of the country. He further extended gratitude to the West Nile Investment Symposium for putting the need for market integration high on the agenda noting that integration is important as investors are always attracted by bigger market.

On the other hand, Museveni also unveiled the 5-year Northern Region Strategic Development Plan and summoned for the leaders and people to embrace practices that can attract investors and increase consumption.

Also Read: World Bank's report on Policy Improvement shows Uganda's 'above average' performance