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Jinja, Uganda | THE INDEPENDENT | Joseph Muvawala, the Busoga Kingdom Prime Minister has challenged Basoga to invest their savings in income generating activities like agriculture rather than building mansions in their villages.
Speaking at the Busoga Development Forum convention, held at the Jinja City on Friday, Muvawala who is also the National Planning Authority – NPA Executive Director, argued that, several individuals have focused more on constructing lavish country homes, which they never occupy.
He says that, such tendencies stall development because funds which would have been used to fund grassroot projects are held up in non-profit making ventures.
Muvawala said that, he spent 500 Million Shillings to construct a country home, which he sleeps in for only four days in a year, a venture he regrets.
Muvawala said that being wealthy should push individuals into setting up Small and Medium Enterprises which will foster the economic transformation of areas they hail from through creating employment especially for the youth.
The former Butembe Member of Parliament, Daudi Migereko, who is also a member of the Uganda Hotel Owners Association says that, investing in luxurious residences creates prestige for the owners, but overtime it derails their financial viability.
Migereko further said that, some individuals even top-up their savings with credit facilities to construct residential houses, which they use as collateral to access loans, instead of boosting their businesses.
He challenged small business owners to instead boost their businesses through accessing low cost interest loans from Uganda Development Bank- UDB.
Jinja City Mayor, Peter Kasolo said that several youths are investing their energies in acquiring quick wealth and spending all of it to build mansions, which they showoff to please their spouses and in-laws. Kasolo said that, such poor investment decisions have deprived Busoga’s economy from thriving.
He further challenged members of the general public to desist from tendencies of land fragmentation. Kasolo said that the land should be used as collateral to access credit facilities.
The Eecutive Director of UDB, Patricia Ojangole says that, their teams of investment managers are currently studying business ventures for viable financing.
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