The Minister of Trade Industry and Cooperatives, Amelia Kyambadde has urged Ugandans to learn from China the value accruing from heavy savings with commercial banks.
The minister’s call comes at a time when the country is battling high levels of inflation which have resulted into high interest rates by commercial banks. The country’s headline inflation stands at 25.7%, the highest in the East African region.
Speaking at the launch of target savings account for United Bank for Africa in Kampala on Feb.16, the minister said China is what it is today because it realized the value that it could gain from saving at an early stage.
“Most Chinese save over 30% of their income on a regular basis,” Kyambadded said. “And because of this strong savings culture, they have been able to develop their country and invest abroad.”
She added that they (Chinese) are able to do this because they started saving with their targets in mind.
“Ugandans should therefore look to the East and emulate their savings culture,” she added. UBA, a bank with its origins from Nigeria is one of the many banks in the East African country encouraging the saving culture with many others having accounts that offer the service to customer savings depending on the agreed terms.
Kyambadde added the economy is also bound to benefit because more Ugandans will be able to start new businesses and expand old enterprises using their savings. This will result in more jobs for more Ugandans.
“With more jobs, there will be more income generated by our households, which will result into a multiplier effect on our GDP per capita which has grown to over $1,300 in 2011, from $300 in 2004,” she said.
Subscribe to this comment's feed
drapier 21 années vieux apprenti, a ouvert son propre burberry soldes
magasin à Basingstoke Hampshire en Angleterre. Ce fut l'apogée sac burberry
de la période coloniale britannique. burberry hommeLes Anglais avaient longtemps.