Preparing Ugandans Enmasse For Wealth Creation: Bold Steps Of Actions.

By Akeny Emmanuel:

Since 2015 up to when Covid 19 struck, Uganda has consistently ranked among the top ten most entrepreneurial countries in the world. Yet with all the businesses that gets started, the high unemployment levels remain high. Yet even with the so many existent youth’s groups seeking for business finances, the many unemployed graduates whose biggest headache is start-up capital, we are stuck with unused money in the bank under YLP, UWEP or even ACF. The ones who borrowed especially under YLP and UWEP have had low repayments and some leaders are on the run. It therefore appears that the lack of cash or capital alone is not the biggest problem. The how to use money, manage cash flows and employ it to work for many seasons is the biggest problem.

Government is well intentioned and this should be appreciated but wealth creation is a process that cannot be circumvented by political expediency. Start by deliberately empowering people to attain the desired financial conscious mind-set then give them the resources to actualize their new found desire for success. This can be done in a number of ways:

Creating a secretariat for wealth creation. This secretariat would have a nationwide program of conducting well planned wealth creation trainings at the district, sub county and parish levels. They should have a clear understanding of the opportunities available in each area. The training provided should be intense and sustained over a period before any monetary intervention is made. This is because wealth follows ideas and effort.

Train the people on money! The ability to get money, keep it, use it and employ it to work for many seasons before it entirely goes to another person’s pockets is a trait that should be learned and can be learned. Understanding money in terms of why it is important for everyone, how to earn it, save it and eventually invest it is fundamentally critical. Considering that most Ugandans do not come from successful business family backgrounds, if they cannot learn these in a training, then they can only learn it in the marketplace; by mistakes and losses. This is costly and we have already lost enough resources.

Organizing well curated trainings on wealth opportunities in Uganda and how to start from zero. It is critical to open the eyes of the communities to the wealth around them and how they can tap into it. While a Kenyan or European may see endless opportunities of making money in any part of Uganda, the local residents may be endlessly seeking divine intervention or helplessly crying that ‘gavumenti etuyambe’. It is not bad to seek and receive heavenly blessings or government assistance. But to solely look up to those as the only means of a breakthrough when all the avenues open to the individual has not been explored is a grave indictment. It is possible to start from zero! If the people are wealth conscious, they will turn trash into cash, stones into pearls.

Bridging the skills gap. Almost every enterprise has a skills requirement. Either in the production or the processing stage, there is a technical skilling required. The degree of the skilling is what translates to increased productivity, improved utility resulting into a better profitability. It is the point where the money is made. Technical people are extremely in short supply. Identifying these personnel and capacitating them to support farmer and business groups would expedite the creation of wealth.

Trainings the business community. For the people in the money economy, their capacity should be expanded. Again, it is in the very best interest of government to have Ugandan business men and women growing into national and multinational businesses. Businesses grow and stagnate depending on the capacity of the owners. Trainings in the management of the wealth multiplication process, leverage of debt and technology, investment in passive income channels, requirements and opportunities in cross border trade, tax planning and management etc, would position local businesses to sustainably occupy the investment space in Uganda.

While it is prudent to go all over the world looking for investors, there are people who have proved that they can thrive in this economy and contribute to lasting change. It is only a question of capacity!

The writer is an author, entrepreneur, motivational and financial literacy speaker.

For contacts, response, queries or discussions, reach the author on: Tel: +256 782 371996. email: emka2010@gmail.com. Book author #From Zero Money to Wealth#