President, HE. Gen. Yoweri Kaguta Museveni has reiterated his call to Ugandans to create wealth through commercial agriculture with “ekibaro” (calculation).
“Some of the people don’t know our history very well but this part of the world is mainly a place of wealth creators. In the villages, if you don’t work for wealth, they call you a vagabond,” he said.
The President made the appeal on Thursday 29th February 2024 during his Presidential Address on Wealth Creation, held at State Lodge, Nakasero.
President Museveni said that the National Resistance Movement (NRM) government emphasizes politics of economics and wealth creation and they have always urged people to be wealth creators and reject the politics of parasites/ sectarianism.
Thus the discussion below gives a glimpse on why wealth creation is important to Uganda.
1. Poverty Reduction; Uganda faces significant poverty challenges, and wealth creation has been essential for lifting people out of poverty by providing income-generating opportunities.
2. Economic Growth; Generating wealth contributes to overall economic growth by increasing the country’s GDP and creating a more stable and prosperous economy.
3. Job Creation; Wealth creation stimulates job opportunities across various sectors, reducing unemployment rates and improving livelihoods.
4. Infrastructure Development; Wealth creation has funded infrastructure projects such as roads, schools, and hospitals, which are vital for improving living standards and economic development.
5. Investment in Human Capital; Increased wealth enables investment in education, healthcare, and skills development, which are critical for long-term sustainable development.
6. Entrepreneurship and Innovation; Wealth creation has encouraged entrepreneurship and innovation, fostering a dynamic business environment and driving technological advancements.
7. Social Stability; Reduced poverty and increased wealth leads to social stability and cohesion, as people have greater access to resources and opportunities.
8. Global Competitiveness; A wealthier population enhances Uganda’s competitiveness on the global stage, attracting foreign investment and improving international trade relations.
Under the leadership of President H.E. Gen Yoweri Museveni, several initiatives and avenues have been implemented to promote wealth creation in Uganda. Some key avenues include:
1. Operation Wealth Creation (OWC): Launched in 2013, OWC aims to eradicate household poverty through the provision of agricultural inputs such as seeds, livestock, and technical support to farmers. It focuses on increasing agricultural productivity and promoting income-generating activities in rural areas.
2. Youth Livelihood Programme; This program targets young people and provides them with startup capital and skills training to engage in income-generating activities such as agriculture, small-scale enterprises, and vocational skills development.
3. Microfinance and SACCOs; The government has promoted the establishment of Savings and Credit Cooperative Organizations (SACCOs) and microfinance institutions to provide financial services to small-scale entrepreneurs and farmers, facilitating access to credit and savings facilities.
4. Industrialization and Value Addition; Efforts have been made to promote industrialization and value addition to agricultural products. This includes supporting agro-processing industries to add value to agricultural produce before export or local consumption.
5. Infrastructure Development; Investments in infrastructure such as roads, electricity, and water supply aim to improve accessibility to markets and reduce transportation costs for agricultural produce and goods, thus boosting economic activities and wealth creation.
6. Promotion of Tourism; Uganda’s tourism sector has been promoted to attract both domestic and international tourists, generating income and employment opportunities for local communities through activities such as wildlife tourism, cultural tourism, and ecotourism.
7. Skills Development and Education; Emphasis has been placed on improving education and skills development to equip the workforce with the necessary skills for employment and entrepreneurship, thereby enhancing productivity and income levels.
8. Parish development model; This is the recent initiative of wealth creation and social Economic Transformation were government is giving out billions of money to the people of Uganda to transform them and their households out of poverty.
In conclusion these initiatives reflect a multifaceted approach to wealth creation in Uganda, focusing on agriculture, entrepreneurship, infrastructure, and human capital development to stimulate economic growth and improve living standards across the country. Ultimately
wealth creation is pivotal in Uganda as it not only addresses poverty but also fuels economic growth, infrastructure development, and human capital investment, leading to a more prosperous and stable society.
The writer is an Assitant RDC- Otuke District.
0787806216
umitala@ldc.ac.ug