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Dr Iweala Advises Uganda to Invest in Local Entrepreneurs

Bank of Uganda Governor Emmanuel Tumusiime Mutebile (L) greets the
Governor Central Bank of Rwanda John Rwangomba (R) along with Dr.
Ngonzi Iweala (2 R) and former Finance Minister Maria Kiwanuka (2nd L)

The former Nigerian Minister of Finance and economist Dr Ngonzi Iweala Okonjo has tipped developing economies that growth will not be obtained through mere good monetary policies but rather a combination of fiscal policy, pilule http://contemporarydancevideos.com/wp-includes/class-wp-customize-control.php good governance and strong institutions.

She further advised that structural adjustments are required in order to spur competition and innovation.

Making reference to global emerging economies, http://challengemetennis.com/wp-content/plugins/jetpack/json-endpoints/class.wpcom-json-api-get-taxonomies-endpoint.php Dr, Ngozi said African central banks must subsidize borrowing rates that target small and medium enterprises.

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“Africa must stop focusing entirely on foreign direct investment but create a good climate for domestic and regional entrepreneurs,” the renowned economist stated while delivering the keynote address at the 24th annual Joseph Mubiru memorial lecture at Serena Hotel on Tuesday.

The lecture was part of a series of activities to mark Bank of Uganda’s 50 years of existence.

“Uganda cannot follow some African states whose oil has sparked conflict. The oil revenue should be used to finance much needed infrastructure and foster development and also having reserves to prepare for future economic uncertainty.”

For the economy to benefit from this valuable resource, she added that transparency in addition to weeding out corruption are critical.

Start-ups

Andrew Rugasira, founder of Good African Coffee suggested a priority shift, saying Uganda needs to finance startups which have potential to create wealth.

“Short term capital flows by commercial banks won’t create the jobs that are so much required. Attention should also be put on incentivizing agriculture through both credit and extension workers. Farmers won’t engage into commercial production until they see value in it.”

The Bank of Uganda Deputy Governor Louis Kasekende too asserted that for the central bank to deliver results, it cannot function in isolation from other tenets like responsible government.

He mentioned that China and Brazil are evidence that unconventional roles of central banks do not guarantee success.

Among others who attended the event were the governors of Central Banks of Kenya, Rwanda, South Sudan, former Ministers of Finance Maria Kiwanuka and Dr. Ezra Suruma, Speaker of Parliament the Rt. Hon. Rebecca Kadaga.

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