Minister of Finance and Economic Development Matia Kasaija emphasized the critical need for substantial funding to address vital sectors like security, water, roads, education, and health.During the inauguration of Goldmine Finance Limited’s third branch in Kabalagala, Kampala, advocating for a cautious approach to borrowing, Kasaija expressed concerns about the negative consequences observed in other nations due to excessive borrowing.
Highlighting the diverse challenges requiring financial attention, Kasaija reiterated his stance on responsible borrowing, stating, “I face numerous burdens, including security, water, roads, education, health, and others. While I require funding, I am wary of borrowing excessively.” Drawing on global economic trends, he warned against the risks associated with heavy borrowing, affirming his commitment to avoid compromising Uganda’s future.
Reflecting on the impact of the COVID-19 pandemic on Uganda’s economy, Kasaija acknowledged a potential setback in the growth rate. Despite the pandemic challenges, he maintained optimism about Uganda’s economic prospects, aiming for higher growth targets in the upcoming fiscal period. Encouraging business expansion, Kasaija urged entrepreneurs to expand their operations to rural areas, highlighting untapped potential and the importance of balanced development between rural and urban regions.
Addressing responsible lending practices, Kasaija advised financial institutions to diligently monitor clients’ progress and emphasized the significance of genuine concern for customers’ financial well-being. Allan Tayebwa, Managing Director of Goldmine Finance, echoed the need for enhanced professionalism and financial literacy within the sector, stressing the importance of conducting business operations with professionalism. Tayebwa emphasized Goldmine Finance’s commitment to providing enhanced accessibility to financial products and services, highlighting the comprehensive offerings at the Kabalagala branch, including personal and business loans, along with attractive promotions for new customers.
