Letters

Farmers need non-profit bank owned by Ugandans

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By Edson Zeboosi

Posted  Sunday, December 15   2013 at  02:00

In Summary

However, despite the least contribution of the agricultural sector to Uganda’s GDP, it remains the largest employer of the nationals with more than 60 per cent of the country’s population engaged in agricultural related activities!

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The overall performance of Uganda as measured by real GDP at market price is estimated to have grown by 5.1 pee cent for the fiscal year 2012/2013, which is a 1.7 per cent increment from the previous year. This is majorly attributed to the improvement in the service and financial sectors with less contribution from the agricultural sector.

However, despite the least contribution of the agricultural sector to Uganda’s GDP, it remains the largest employer of the nationals with more than 60 per cent of the country’s population engaged in agricultural related activities! The people that contribute to this growth are the foreign investor who incubate money into the financial sector (majorly banks) and then strategise on exploitation of the poor Ugandans, who are majorly agriculturists in order to maximise profits. This is the major factor that compromises agricultural growth and development.

We need a bank whose aim is to offer financial services to the local Ugandans (majorly farmers) rather than maximising profits; offering nearly free banking services. This is the bank that will know the challenges and possible remedies to Uganda’s economy. Such a bank will understand the major economic activity that its bosses, the Ugandans, engage in, that is agriculture and automatically find ways of helping them through.

Edson Zeboosi,
Makerere