The Chairman, Board of Directors Stanbic Bank Uganda, Japheth Kato, has asked government to always consider putting the right people in government agencies in order to improve their effectiveness.
Kato noted that Uganda as a country has the right laws, regulations and institutions to help it develop the economy to the desired level, but lacks the right individuals to push the regulations.
He was referring to a new report that looks at corporate governance requirements across global markets, Africa that was done by KPMG, a global network of professional services firms providing audit, tax and advisory services in association with ACCA (the Association of Chartered Certified Accountants) in which Uganda is ranked as the 5th best country in Africa as far as terms of corporate management requirements are concerned.
However, the same report had indicated that as much as Uganda had all most all the requirements, its GDP per capital was still low compared to other countries that had the same requirements.
This is mainly blamed on lack of implementation of the regulations in place.
“Uganda is doing well in terms of the regulations in place. However, we have a problem of implementation because the people that are supposed to implement are not good enough. While selecting people to govern agencies that affect the economy, the government needs to consider the effectiveness, the morality and the beliefs of these individuals,” Kato said.
He continued, “there is need to create awareness in agencies and private companies. A lot of these good regulations like the capital markets act And bank of Uganda act are not known to the public who would benefit from them. The media, the regulator and companies need to expose this information so that they are put in practice.”
He also asked Ugandans to stop underlooking their country because they are the ones that need to develop it for their own good.
“Ugandans have a bad habit of not believing in themselves. They feel the country is not good at anything which is not true. As much is constructive criticism is crucial for a developing country, it is also a disadvantage when citizens do not believe in their own country. We can only develop Uganda if we work together as one person. We are Ugandans first, before everything else.”