Citing the National Social Security Fund as a propellant force for Ugandans to save, she said the country’s savings leave much to be desired
The ambassador of France to Uganda has blamed Ugandans for spending without saving.
Ambassador Stephanie Rivoal was speaking at the dfcu Bank Battle for Cash finale awards in Kampala last week. She said Ugandans should start saving to create more entrepreneurial opportunities to alleviate poverty and youth unemployment.
Ms Rivoal said statistics show that the working class people do not save and only do so when it is mandatory. Citing the National Social Security Fund as a propellant force for Ugandans to save, she said the country’s savings leave much to be desired.
Despite crowning Uganda as the most entrepreneurial country in the world based on the GM 2014 Annual Report, the ambassador revealed that Uganda has the record lowest savings to Gross Domestic Product (GDP) ratio in Africa with less than 14 per cent.
To remedy the gap, she suggested fueling the government strategy to have a private sector-led economy.
She urged Ugandans not to wait for government but take individual measures such as innovations and initiatives for economic growth.
The advice comes as the season’s festivities draw closer during which Ugandans are prone to spending. The executive director Private Sector Foundation Uganda (PSFU), Mr Gideon Badagawa, urged Ugandans to spend responsibly, saying planning is paramount as the season is not be the end of the world.
Meanwhile, the Battle for Cash nationwide competition which ran for three months, aimed at driving savings and investment culture in Uganda. During the competition, 20 investment clubs faced off in different tasks in which up to Shs75m was given to the top seven winners.
Genebe Outspan Organic Farmers Group won the first Battle for Cash competition 2017. Surveyors Investment Club took Best Youth Group while Soroti Women Cooperative won the Best Women Group category.