Uganda's top 100 fastest growing companies to be unveiled Friday

Audit firm KPMG together with Nation Media Group (Uganda) and other partners, will on Friday unveil 2024’s Top 100 fastest growing mid-sized companies which have been surveyed in the year.

While releasing the survey findings during a conference for the participants on Thursday, KPMG Uganda Associate Director Benson Mwesigwa said new findings from the survey indicate that over 70 percent of the participating companies are fully owned by Ugandans, intend to hire new employees, implying that they are optimistic of a bright future and willing to venture into the African continental market.

“49 percent of the companies said they are ready to venture into East Africa and 41 per cent beyond Africa. When we asked them about their readiness to compete with other players in those markets, only 14 per cent were ready, 83 per cent said they have good corporate governance practice. They have active boards involved in strategic governance of the companies,” he said.

Asked what challenges they face, Mwesigwa said 86 percent have to pay for information regarding how to access the import and export market and yet they do not have the minimum requirements for such markets such as certifications for on quality management, occupational health and safety, environmental management because each market has unique requirements that require training.

NMG Uganda’s General Manager Commercial, Sam Barata, said the number of Ugandan owned companies participating this year shows that many are adapting good business practices such as keeping books and accounting, many are getting formalized, although majority are complaining about high taxation, and many cannot access export markets.

According to Gift Soko, the Executive Director Equity Bank Uganda, beyond financing and investing in skills and knowledge, through their enterprise development and innovation programs, they are going to provide SMEs with access to training and resources that help them navigate market dynamics, embrace digital transformation, and strengthen their management practices.

“We know that market access is critical for growth. That is why we provided for the facilitation of access to markets, through accelerating linkages of MSMEs to former value chains, increased regional and international linkages, and finance trade and logistics to be able to serve the sector, under the African Resilience and Recovery Plan. Initiatives such as trade missions like the just the concluded DR Congo trade mission, India-Uganda Trade Mission, business expos, and networking forums will remain at the core of our efforts to help you scale and diversify,” he said.

Arthur Mukembo the Chief Executive Officer Innovation and technology at Future Labs -an offshoot of the Innovations Village, said they are supporting the fastest growing SMEs because they are essential for economic growth.