February 12, 2017 at 3:52 pm #253
It is fact that people who have failed in class are usually a success in the society. Many drop out of school and become intreprenuers which our Uganda needs most in this era. We have seen first class holders being wasted by Alcohol. They roam from street to street looking for Jobs and when they get them majority rarely assist the societies they come from.
For Ugandans to come out and attack Hon.Kato Lubwama that he poorly performed in o level is a clear sign of the tragedy we are in as s Country. Kato is poor at Math but good comedian. His comedy is a success story. He has inspired many given many jobs and as if that is not enough this poor performer won a race of MPs.
This comes in a time when we are in a crisis as a country. Crane bank has just been taken over by BOU. What did those good brains do about it. Among the things known about Mutebile is that he a Liquor maniac. So who does that help us. Just look at the mess and thefty in hospitals but doctors study for 5 years and some go upto 6 yrs. Engineers go for 4 yrs but with thier companies all they do is shody work swindling billions and have failed to upgrade to a capacity of working on serious infrastructure projects. Its only in Uganda where those helping the nation are frastuated like doctor Ssali and even the most low income SMEs are beings squeezed. FDCs major target is to oust m7 but they are divided. And worse at war with even other opposition members. For NRM it welcomes everyone and we always here opposition members saying that NRM keeps on approaching them that they work together. Does FDC have such a strategy? As am winding up each person here as a family member is a slow learner so as you abuse Kato specifically for his o level performance think twice.February 12, 2017 at 3:54 pm #254
Uganda Banks collapse
The news is that after the take over of crane bank. World bank has decided to withdraw 1.5 billion dollars from Uganda.
Also NSSF has taken 900 billion shillings to buy a mall in Nigeria.
The list of banks to be taken over include;
1. Cairo Bank
4. ABC bank
5. Bank Of Africa
6. Diamond trust Bank.
7. Eco BankFebruary 12, 2017 at 3:59 pm #255February 12, 2017 at 4:03 pm #256
NATIONALISE CRANE BANK TO BRING BACK UCB!
1. The recent discomforting event that has seen the Bank of Uganda take over the day-to-day running of Crane Bank following the announcement that it was insolvent, takes us back to the debate on government bail-outs. Uganda Peoples Congress was on record at the time the bail-out debate was raging stating its position that it was in favor of bail-outs.
The collapse of Crane Bank has vindicated the Party as we now have the Bank of Uganda in effect bailing out the failed owners of the Bank by effectively guaranteeing deposits of customers. The Bank of Uganda has also stated on record that investors are welcome to buy the Bank. This was the position of Crane Bank in the months preceding the collapse.
Uganda Peoples Congress stated that the responsibility of Government is to its citizens first and foremost. The Government should have acted hastily once it knew that Crane Bank was in a precarious financial position and should have taken a majority stake in the Bank and in that way it would protect the share-holders and the public purse. Instead public funds are going to be used to shore up a bank that will inevitably be sold to an investor who may well asset-strip it and then leave the hollowed out shell for Government to return and again pick up the pieces.
The Government recently admitted that the sale of the Uganda Commercial Bank was a mistake. Here we now have a ready made opportunity to reverse that mistake. Crane Bank should be nationalised and its business model reshaped to mirror that of the now defunct Uganda Commercial Bank. Uganda Commercial Bank only failed due to a hasty privatisation regime forced on Uganda by the donors. In the run up to that, loans that were effectively just political patronage were made, these quickly became non-performing, thus bad debts. The same has happened at Crane Bank, where loans are also now posted as bad debts. Crane Bank’s owner appeared in the media a while back claiming the economy had been ruined by the government.
There may be an element of truth to the above, but we as a Party are aware that he was the beneficiary over the years of an unsustainable overly-liberalised economic model, one that has collapsed worldwide. It is therefore no good crying over spilt milk when the inevitable boom that was funded by donor generosity has come to an end. The banks were never the friends of the public during those good times, their interest rates for loans attest to that. They simply encouraged consumption over investment.
Therefore it is time now for a sober re-think over how to rebuild Uganda’s economy, and the best starting point would be to acknowledge that a mixed-economy trumps the rampant free for all that the free market model has provided. Crane Bank should be nationalised and run along the lines of the former Uganda Commercial Bank, National Housing and Construction Company as we, The Uganda Peoples Congress, stated last week should work hand in hand with National Social Security Fund and the new Uganda Commercial Bank to provide a solid foundation to return this country to prosperity. Agriculture should be the primary focus and destination for affordable credit as we move away from a consumption-led economy.
2. Uganda Peoples Congress notes with concern the reluctance of the government to adopt fiscal policies that would address our current economic plight. The gap left by the gradual decrease in donor funds has been taken up by ever increasing taxation. In a country where service delivery is poor, the contract between citizen and state is not being honoured and with our perception of corruption within the state machinery, confidence is low.
The Party challenges the government to alter its course and lower taxation to free up personal incomes in order to boost personal incomes hence spending. The Government has to find alternative means to the tight regime imposed by donors who themselves are struggling to contain the fallout from following tight monetary programmes viewed as austerity policies.
3. Uganda Peoples Congress has always contended that the over-liberalisation of the economy and the past donor generosity merely created an illusion of well-being. We are now facing a hangover after the exuberance of abundant funds all designed to make the country more attractive to foreign direct investment at the expense of local investment in the backbone of our economy, agriculture.
The government to its credit has now started to recognise the misdirection and has placed greater emphasis on the revival of cooperatives. UPC will do all it can to support these efforts and in line with the first point, the government should now look at the return of the Uganda Commercial Bank as part of its policy to run in conjunction with the revival of cooperatives.
Whilst we encourage foreign direct investment, the reality is that all we have achieved so far is to provide a haven for investors with extended tax holidays thus transferring a greater burden onto citizens, and cheap labour with little or no labour regulatory policies to ensure their welfare and take home pay. The knock on effect has been one of demoralisation which we all have to find a way to alleviate.
4. Uganda Peoples Congress takes this opportunity to congratulate its football team that participated in the past weekend’s Inter-Party Youth Platform (IYOP) football tournament; held at Makerere University Rugby Grounds and were runners up to the eventual winners, JEEMA. The Party extends its congratulations to JEEMA.
5. The Uganda Peoples Congress would like to congratulate the Government of the Republic of Zambia, and the Citizens of Zambia on their 52nd Independence Day celebration. The UPC would like to pay special tribute to an illustrious son of Zambia and Africa Cde.Dr Kenneth Kaunda who fought not only for the Independence of Zambia but for the entire continent of Africa. Together with his colleagues of the Mulungushi Club Cde. Dr Julius Nyerere and Cde. Dr Apolo Milton Obote, who ensured the struggle to free Southern Africa, was a success though with heavy sacrifices.
Long Live Zambia!
FOR GOD AND MY COUNTRY
MICHAEL OSINDE ORACH
PARTY SPOKESPERSONFebruary 12, 2017 at 4:11 pm #257
Ankore Kaaro-Karungi Cultural Trust nemanyisa boona abeine ebyokwereka nebirikuguzibwa Ebibizirwe nk’Ebyanzi Engoma etc….
Nebinogwire nk’Enyungu Enyabya etc….
Hamwe nebindi nk’Ebisisi Enkyeka etc…..
Nebindi Ebyobuhangwa bwa’Nkore
Mwena kubireta Orwamukaga 29/10/2016 Omukishaye Kakyeka Omurukiiko rw’Enganda za’Nkore zona
Rukundo egumeho na Nkore egumeho.February 12, 2017 at 4:11 pm #258
Is the black skin naturally cursed? For travellers,you are more likely to see a black or Asian face serving your food,cleaning your office than the white skin.where did we go wrong? look,to be poor and black is normal,but to be poor and white is a disaster!
inequality,insensitivities,mistreatment and injustice seem to favour the black man! i mean,where did we go wrong?