Operation Wealth Creation (OWC) Boss, Gen. Caleb Akandwanaho Alias Salim Saleh has expressed his disappointment with the central Bank of Uganda (BOU) for crippling the growth of personal incomes of locals, through their measures ained at contaning inflation.
According to Gen. Saleh, BoU has severally concetrated on fighting inflation, which can sometimes bring growth.
“You should also associate yourself with growth,” he said
The General made these remarks, while officiating the official launch of the Diamond Trust Bank, Kapeeka branch.
He fore example said Kapeeka needs infrastructural funding since the area is expanding rapidly with new industries but dominated by bad roads.
Between June and October, BoU in bid to contain the sky rocketing inflation, increased the Central Bank Rate from 6% where it had stagnated for the last four years to the current 10%.
This literally means that commercial banks are reluctant to borrow money to locals, since the interest rates are high, which attracts high level of defaulting.
Gen. Saleh said although his goal is to ensure that all Ugandans have money in their pockets, these measures will cripple this down.
In his explanations while speaking to DaParrot at the sidelines of the event, Hannington Waswa, the Director Commercial Banking at Bank of Uganda said that some of these measures are intended to discourage unvalued borrowing to enable Ugandans benefit from the funds.
“We want to ensure that what is imported is produced here, so that we buy and develop pur own goods made from here.
Fume at Kapeeka Residents
Furious Gen. Sale also bashed the residents of Kapeeka Sub County, Luwero District for deliberately “refusing to work in Kapeeka industrial park,”
Gen. Saleh wondered why the park is employing many people from outside Luwero yet the would be immediate beneficiaries are just snubbing the available opportunities,”
“Do an audit on all these on all these industries, 2% of people from this communities are working there, they have adamantly refused yet they are the biggest complainers on the continent. People are coming from allover to work here,” he said.
The communities in the region, he said should embrace the available opportunities and start getting employment in the Industrial parks.
In response however, James Kadiida, the Town Clerk of Kapeeka sub county said that lack of information is among the factors that have hindered communities from accessing jobs.
“Not everyone know about these jobs, the industries come abruptly, we are not consulted while bringing them or even the job opportunities available thats why we have small number of our people working there,” he said
“Accessibility is another factor, people cant easily access these industries due to high security guards. Even those that are working there, are brought by their relatives,” he added.
The launced DTB Kapeeka branch joins the already existing 36 branches across th country, with 52 ATM and 826 active Agent Banking.
“I urge you to work with grassroot people so that you support an all economic growth through boosting commercial agriculture by issuing loans and the people of Kapeeka to, borrow when you can repay,” Gen. Saleh said.
“Banks should consider financing infrastructure in this region because its the major challenge we are facing currently,” he said.
Speaking at the event, Varghese Thambi, the managing director of Diamond Trust Bank said that the branch will help in solving the long distance, the people of Kapeeka have been treking to get the banking services in Luwero town.
“This is the first bank in Kapeeka, as the town moves towards full industrialization, this is timely,” he said.
DTB, he said will continue working towards enhancing the banking services, by easing the services and extending them nearer to the population.
Saleh’s Efforts of Enhancing People’s Income
Since NRM came into power in 1986, Gen. Saleh said that his major aim has been giving financial freedom to all Ugandans.
“After this war, i was away from government for 20 years. When i finanlly entered in 2006, i embarked on financial freedom and started with sub counties amd out of 1042 sub counties, we got 752. We have gone beyond sub counties and bow we are in Parishes,” he said adding,
“The Parish Development Model Saccos will be activated in March. We are encouraging all parishes to aggregate their activities to the agricultural processing facilities at Parishes. We have distributed at least 2142 agriculture processing facilities under the government,” he added.
Gen. Saleh therefore asked banks to join the efforts and support farmers because from parish, you need to connect to regional industrial incubation centres to National Industrial parks.
