{UAH} NEWVISION: When did Ronny Mayanja found UAH? Lies again?
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Average remittances per year are estimated at about $800m and as of 2013, remittances stood at $873m, exceeding official aid, which averaged $538m
Ronny Mayanja making his presentation. Photo by Prossy Nandudu
By Prossy Nandudu
Ugandans living in the diaspora have been asked to use their skills knowledge, expertise and experience to grow the private sector back home.
The call was made by the executive director of Uganda Investment Authority (UIA), Eng. Frank Ssebowa, while addressing Ugandans in the diaspora that are on holiday in Uganda recently.
He said that remittances have had a direct impact on poverty reduction because they flow directly to households and are a more stable source of capital than traditional private capital flows.
He explained that average remittances per year are estimated at about $800m and as of 2013, remittances stood at $873m, exceeding official aid, which averaged $538m.
Information from the Uganda Bureau of Statistics (UBOS) shows that the recipient households use the money to support general house hold expenses.
Eng. Frank Ssebowa emphasis a point to the foreign affairs permanent secretary James Mugume during the meeting. Photo by Prossy Nandudu
81% was used for consumption compared with 16.9% that was used for non-consumption purposes and 2.3% was transferred to other house hold needs.
He however noted that remittances have not played a major role beyond supporting household welfare, even though they could enhance and enable FDI in Uganda.
"We are now calling on you to come and invest in other industries that could grow the economy in addition to the welfare of your beneficiaries," said Ssebowa.
He explained to members that there are immense opportunities in agro processing, mining, oil and gas, multimedia, tourism among others which the diaspora could tap into.
At the same event, Bank of Uganda advised those living outside Uganda to invest in government bonds saying they are a safe and a sure way of keeping their hard earned money safe at the same time earning a profit.
But Ronny Mayanja the coordinator of the event and also founder of Ugandans At Heart, a popular online platform said that many Ugandans would like to invest in government bonds but those who were tasked to market the bonds are not convincing enough.
The newly elected presidential advisor on the diaspora, Florence Kiremera also said that for them to invest in government bonds there should be an assurance that there will not be double taxation.
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