Minister Matia Kasaija, in his recent address at the inauguration of Goldmine Finance Limited’s third branch in Kabalagala, Kampala, stressed the urgency of substantial funding to tackle pressing issues across various sectors like security, water, infrastructure, education, and healthcare.
Acknowledging the diverse challenges, Kasaija reiterated his cautious approach towards borrowing, citing concerns about the repercussions seen in other countries. He emphasized the need for financial resources, stating, “I have many burdens, including security, water, roads, education, health, and many others. I need money, but I’m wary of excessive borrowing.”
Drawing on global economic trends, Kasaija warned against the dangers of heavy borrowing, citing examples of nations facing severe economic crises due to excessive debt. He affirmed his commitment to avoiding overburdening Uganda with debt during his tenure as the finance minister.
Reflecting on the impact of the COVID-19 pandemic on Uganda’s economy, Kasaija noted a potential setback in the growth rate, attributing it to the lost productivity of two years. Despite this, he remained optimistic about the nation’s economic prospects, aiming for a higher growth target in the upcoming fiscal year.
Encouraging business expansion, Kasaija urged entrepreneurs to explore opportunities in rural areas, emphasizing the untapped potential for growth. He emphasized the importance of balanced development between rural and urban regions for inclusive economic growth.
In advocating for responsible lending practices, Kasaija urged financial institutions to monitor borrowers’ progress diligently, ensuring their financial well-being. He emphasized the need for proactive customer engagement to foster sustainable financial practices.
Allan Tayebwa, Managing Director of Goldmine Finance, echoed Kasaija’s sentiments, emphasizing the importance of professionalism and financial literacy within the sector. He highlighted the challenges faced by many in understanding basic financial principles and raising capital.
Tayebwa expressed enthusiasm about Goldmine Finance’s expansion to Kabalagala, aiming to provide accessible financial products and services to customers. The new branch will offer a range of services, including personal and business loans, with special promotions for new customers.
Overall, Kasaija and Tayebwa emphasized the importance of prudent financial management, responsible lending practices, and inclusive economic growth to address the challenges and opportunities facing Uganda’s economy.
