Government Should Put Transparent System That can Help Local Investors Not to Collapse
By: Mubiru Arnold Lawrence
The National Economic Empowerment Dialogue (NEED) wants the government and the finance ministry to put in place a transparent system to help local investors with out tracking only those they like and have ties to the ruling government to develop the economy of the country.
This was at a press conference at the party headquarters in Lubaga, Kampala.
The economy of Uganda has collapsed since the out break of the COVID 19 pandemic which forced many businesses and companies to close down while others are battling with debts that are on their necks to date.
Many citizens have been pleading with the government to help them recover, and some have asked for tax exemptions but the government has decidedly to be selective on whom to help which has upset the leaders of NEED.
Members of this party say that it’s time for the government to identify the problems causing these companies to collapse and find solutions because many that have been bailed out again do collapse in the course.
Giving an example of patrick Bitature who was given 246billions to bail him out of the debts yet in 2016, he was among the team of people in Simba group of companies that were given 200billions to bail them out of the debts as they were collapsing. This has worried these leaders and leaving them with questions on how much this billionaire will be given if the same situation hits him the third time.
The likes of Geoffrey Rugazoora was also bailed out with a huge sum of money from the prime Minister’s office for a 15accre farm in mukono and a petrol station business on the orders of president Museveni while many have died poor men for example the late sulaiman kigundu of Greenland bank, Ssembuule The proprietor of sembuule radios in Uganda, and Biyinzika who is at the verge yet he employs more than 500 people and the indirect dependants are more than 5000 but no sounding plans for bailing him out.
They also pointed out the one Mathias Magoola the managing director of daily group in matuga who needs only 600million us dollars, Ssebagala and sons the first electrical importer in Uganda whose business vanished, engineering companies and suppliers have collapsed due to the monies they demand from the government.
It’s at this angle that they ask the government to appoint the Governor of the central bank to replace the one who passed on now close to two years as the only solution to fix the problems of the country’s economy.