Buganda has one big asset that is His Highness King Ronald Muwenda Mutebi II as a uniting factor and around whom it can be rightly said that the sky is the limit. Given that potential, what Buganda ought to do very fast is to get in place Buganda Public Investment Company (BUPIC). Through that company, it is possible to pool financial resources that can form the engine for the investments Buganda may get involved in a one entity. Whatever we may wish to do, there must be the backing of finances in the 1st place. It is not a big deal to get people to make a contribution to this company once they are reached and well informed. Many investors we may have to work with as a starting point need to see us as an organized entity. Let us start by establishing BUPIC to raise funds from as many people in Buganda and those out of Buganda that may be interested. A Limited Company calls for Membership fee, yearly subscription and contribution to share capital. If these three are summed up together throughout Buganda, I am convinced that some good money would be realized.
The starting point may be to design forms which are filled by all who would wish to join BUPIC. These may be changed in as many languages as there are people who may be interested some of whom may be in Buganda but not Baganda and may find it convenient if the forms for joining are in a language they better understand. Once forms are in place, Buganda Government may get to terms with mobile telephone companies which have a mobile money facility to open up a service specifically for those who may want to be members of BUPIC. What this means is that once an individual has filled a form, he may be given a number which number he may use in the transaction to send funds from his phone directly to the bank where a Collection Account with no withdrawals would have been opened. What is important in this case is to have field people who reach out to prospect members of BUPIC and these get the data for the new recruits entered such that at the end of each business day. The deposits on the collection account are reconciled.
Meanwhile, as the money is mobilized, there are strategies put in place which among the priories may be seeing to the operationalization of a bank more so for investment purposes. What is critical at this point in Buganda is to start enterprises that can create value and such undertakings can focus on production for export as well as import substitution industrialization. It is true that power is a major constraint in production in Uganda given the cost per unit of electric power, however, this can be overcome if we think of producing bio-fuels on a large scale. There is no way we can go wrong when we do things professionally. What Buganda Government has to rule out is disbursing funds to the so-called big people in Buganda. This is one way that defaulting can easily take place. We need professionals in these undertakings. We have some people who understand banking business very well. There is that gentleman called Stephen Mwanje formerly with Uganda Commercial Bank, another gentleman is the father of the Monitor journalist who was one of those three who died in a motor accident along Jinja Highway. These are just a few among the many who in case dual control is in place can see good work regarding the taking off of the Investment arm. With funds available in the Investment bank, it is possible to induce investors who have other resources, be it machinery and or additional capital to invest. It is also an opportunity that Buganda Government may provide land as a contribution to the required investments.
At the start, the Investments done should be for the whole of Buganda such that the people in Buganda benefit in form of profits that will be generated and or supplying say bio-fuel for the industries or other raw materials. When time is ripe, there may be the opening up of a commercial arm of financing which may go to the small people interests and help fund their undertakings. This however may not be a priority as a drive to see big investments has a lot of multiplier effects which include helping the boost of exports as well as employment, and one thes move in the right direction, then support to small undertakings can be considered, but it is the investments into industries and big businesses that can give Buganda a big push to get out of poverty.
By William Kituuka Kiwanuka
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