NRM SG Richard Todwong Urges Expansion Of Regional Markets To Boost Ugandan Exports

Published on 19/07/2024

Rt. Hon. Richard Todwong, NRM Secretary General, has urged for the enhancement of regional markets to support the rising production of Ugandan goods. By broadening market access, he believes the country can boost its economic growth and provide greater opportunities for local businesses.

“There has been increased production of goods among the people in the villages due to Emyooga and the Parish Development Model initiatives but limited markets and low prices remain the main challenges to people’s prosperity,” Todwong said.  

He made the appeal this morning while addressing the 2nd National Microfinance and Savings Groups Conference convened by the Ministry of Finance at Hotel Africana in Kampala. The two-day conference is running under the theme: Leveraging collaborations, Partnerships and Promoting a Savings Culture to Foster Social-Economic Transformation.  

Today I attended the 2nd National Microfinance and Savings Group conference. Discussions centered on enhancing financial inclusivity, boosting productivity, and integrating diverse interests into financial markets. pic.twitter.com/wIseiPDQZn

— Todwong Richard (@TodwongR) July 17, 2024

Mr Todwong also urged the government to empower the SACCOs with information through extension workers to ensure the production of quality goods to give Ugandans a competitive edge on the market.  

The Minister of State for Microfinance, Hon. Haruna Kyeyune Kasolo said that the conference was held to allow stakeholders discuss the opportunities in the sector and challenges affecting people when accessing credit.

“This conference has provided an opportunity for us to discuss how effectively Ugandans can access affordable credit for investment since the majority of the population hardly access loans due to high interest rates,” Kasolo revealed.

He urged Emyooga and Parish Development Model beneficiaries to always utilize the rotational fund and return it for others to use, adding that the money is not a grant.

The Permanent Secretary to the Ministry of Finance and Secretary to Treasury, Dr Ramathan Ggoobi committed that the government will ensure that there is easy access to knowledge and information about financial matters to the population.

“We shall also eliminate poverty by ensuring steady financial flow and inclusivity of all people in the money economy,” Mr Ggoobi said.