Private sector Foundation Punch Holes In NSSF Act
Private sector Foundation Uganda-PSFU has called for amendment in the National Social Security Fund-NSSF act.
The call is made to save Uganda from routine external and domestic borrowing which affects the private sector inform of high interest rates.
Appearing before the Parliamentary Trade committee, the Executive Director of PSFU Gideon Badagawa says the continuous borrowing by government has discouraged business growing thus the current economic straggles.
He has proposed that NSSF act should be opened also to allow even informal and government workers to save in NSSF which will increase the current savings from 7trillion to 30trillion shillings thus saving the country from external borrowings.
Private sector Foundation Uganda-PSFU has accused parliament for promoting counterfeit products in the country.
The ED PSFU Gideon Badagawa says it’s now 12 years since 2006 private sector has been asking parliament to enact the counterfeit law to fake good s on market thus scaring more investors in the economy.
He adds that apparently UNBS can’t regulate or penalize any person found guilty due to absence of the law.
Badagawa further attributed the blame to government for failure to harmonize and poor coordination in its sectors which has also hindered the enactment of the bill.
The Executive Director of the private sector foundation Gideon Badagawa has advised parliament to pass a budget that provides support to agro industries.
He believes that the since most of the big industries in Uganda are agro based the agricultural sector provides a huge potential to boost the economy through growing the capacity of SMEs involved in agro processing.
He was appearing before the trade committee of parliament to present his views on the 2018/2019 FY budget.
Badagawa points out that entrepreneurs involved in value addition must be supported by strengthening their capacity to provide market for produce from nucleus farmers.
He says that this move must be complimented by a law on cooperatives since they mobilize farmers to respond to market needs as opposed to SACCOS that are merely for resource mobilization.
Badagawa has also called on government to consolidate financing for SMEs and the agricultural sector noting that most of this credit iS scattered in numerous programmes.
He also believes that the Agricultural Credit Facility should never have been channeled through commercial banks.