Finance Minister Matia Kasaija

NILE POST NEWS

The Minister of Finance and Economic Development, Matia Kasaija, has emphasized the need for substantial funding to address critical sectors such as security, water, roads, education, and health.

His remarks came during the inauguration of Goldmine Finance Limited's third branch in Kabalagala, Kampala. Kasaija reiterated his stance on avoiding excessive borrowing, expressing concerns over the detrimental consequences witnessed in other nations. "I have many burdens, security, water, roads, education, health and many others," stated Kasaija, highlighting the diverse array of challenges demanding financial attention. He further emphasized, "I need money and I don’t want to borrow too much."

Drawing on his observations of global economic trends, Kasaija cautioned against the pitfalls of heavy borrowing. "I have seen countries through experience, people who have borrowed they have got a real serious problem," he said, alluding to the adverse effects of indebtedness on national economies.

"I don’t want to Mortgage Uganda, no as long as I am the minister of Uganda. Let others do it but not Kasaija,” he stated. He emphasized the impacts of the COVID-19 pandemic on Uganda's economy, noting a potential growth rate setback.

"The economy is doing well but with a bit of inches. If it wasn’t for COVID-19, I think the economy would be growing about 8% by now because we lost two years. Two years is quite a period,” he stated

Despite the challenges posed by the pandemic, he expressed optimism about Uganda's economic prospects, aiming for a higher growth target in the upcoming fiscal period.

Encouraging business expansion, Kasaija urged entrepreneurs to extend their operations to rural areas, emphasizing untapped potential. "As business picks up, business people should extend their branches to the rural areas, there is wealth in the rural areas because we must move together,” he stressed,

In a call for responsible lending practices, Kasaija advised financial institutions to monitor their clients' progress diligently. He cautioned against negligence towards borrowers' welfare,

Allan Tayebwa, Managing Director of Goldmine Finance, underscored the necessity for enhanced professionalism and financial literacy within the sector, stressing the significance of conducting business operations professionally. "Many of us don’t know the simple principle of separating your money from the business money and separating yourself from the business; that is one of the biggest challenges that many people are still grappling with. How to raise capital is also another challenge," he remarked, underlining prevalent hurdles in the industry.

Tayebwa expressed enthusiasm regarding the expansion of Goldmine Finance's reach to Kabalagala, highlighting the aim to provide enhanced accessibility to their financial products and services to customers and the general public.