Ms Jolly Kaguhangire, the newly appointed Executive Director (not ED, it means Erectile Disfunction) was in the media saying in her first 100 days, she will put in some changes.
One of her key changes is to put a process in place because apparently Uganda Investiment Authority (UIA) has no processes in place.
Then some of you wonder why Uganda has been losing investors while attracting rif rafs like Sudhir whose bank you even recently stole while he was named one of Africa's billionaires in Dollars. Had you had a process in place you would not have lost one of the key investors.
Did you lose BA (British Airways)?
Did you lose Uchumi?
Did you lose Heritage Oil (a Canadian Oil exploration company)?
Did you recently say that Tullow Oil is pulling out?
Did you not lose one of the biggest insurers in the world AIG?
Did ACTIS not pull out of Uganda?
Is Nakumati not currently having problems paying suppliers and some stores have empty shelves and apparently some owe rent and some may be closed or are closing?
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UIA must put processes in place in order to avoid the capital flight because when the major investors pull out, there will be no incentive for Ugandans who have money to invest in Uganda.
How do you mean you have no Processes in place? Is this the reason why Kenya, Tanzania and Rwanda get major investors and Uganda has become the plague of where one puts money?
If Fitch can downgrade South Africa to Junk, do you not think that Uganda is only a step away even having been downgraded in the past by Moody's, S&P and Fitch. No idea who is bribing these agencies as Uganda is less solvent than South Africa. Uganda has a huge debt to GDP ratio and the Balance of Payments (BoP) are not something you want to see.
Uganda has banked on oil for a decade now and the investors keep walking away because apparently UIA does not have processes. Alas, perhaps your rampant corruption might also be a factor!
Martha Leah Nangalama
The writer has a business and IT background and has worked in the Oil industry for decades.