OP-ED- Our fly on the wall intimated to us that in a meeting held at the Ministry of Finance and Planning to have an impasse between traders and the government of Uganda get solved, retired army Magufuri Moses attended it and played a pivotal role in ensuring a better economy for Uganda.
This meeting was chaired by the Minister of Finance Hon. Matia Kasaija and Magufuri posed a question at the beginning to all Members in attendance as to why foreigners were not in the meeting?? This therefore meant that they (foreigners) are not affected that much as Ugandans!!
This is as a result of too much protection by the government to foreigners at the expense of the local business people. He further told the meeting that there’s no country that has ever developed by overtaxing its citizens beyond their capacity. This is so because it contravenes the Canon principles of taxation.
Magufuri called on the URA commissioner to accept the fact that there is tax disparity in this country caused by corruption and politics and result in under valuation and smuggling. In some instances double taxation and lack of enough tax clinics to sensitize all taxpayers caused such scenarios like the current traders strike.
Magufuri reminded the Hon minister of finance economic planning Matia Kasaija that NRM went to the bush to restore the collapsed economy but now the economy is in the hands of foreigners especially the banking sector with associated capital repatriation and the manufacturing industries. That these are so much favoured because they are majorly owned by foreigners.
The favors are in the form of tax exemption and tax holidays. Magufuri gave an example of tax exemption which has increased from 946 billion to 2.8 trillion in 2024 shows that the economy is stressed. The beneficiaries of this are majorly foreigners and no policy behind it!! He wonders as to why this is not extended to Ugandans and COVID-19 didn’t reach local traders?
The minister of finance was further reminded that the Uganda government is like a farmer with huge produce but keeps them in someone’s granary with no control of security over the same!! This made Hon Kasolo to inform the meeting that government is working on something, Magufuri says that liberalization as a policy especially that led to the closing of our indigenous banks will affect our economy forever and ever more even Dr. Suruma said longtime, He called on the meeting to let those in the affairs, incharge of the country’s management get out of sleep and find real solutions for the economy of Uganda.
Magufuri points out that there are two business classes in Uganda; those surviving on the mercy of commercial Banks which charge traders with a high skyrocketed interest rate of over and above 20 percent and, the foreigners who have their own money that has low interest from their banks of origin. These two classes of business operations are in Uganda, it’s the reason why traders are suffering and are therefore justified to go on strike.
Magufuri suggests that if he were Hon Matia Kasaija, the day HE the president of Uganda , accepted that he was misguided to close Uganda’s local banks, he would have immediately instructed those concerned to have the finance ministry allocate funds to reacquire the former building(s) of UCB and then from there he would chat out processes leading to the birth of an Agricultural cooperative bank in Uganda to support Farmers and cooperators who are slaves under current commercial arrangements without cater gestation and insurance
Magufuri is still wondering if the president of Uganda wrote a letter in reply to his (Magufuri’s) request for an establishment of an Agricultural cooperative bank through the minister of finance, but his copies of the president’s letter have been missing for almost a year now, which is strange!!
In attendance were Ministers Gen Mbadi Mbasu, Kyeyune Kasolo, Francis Mwebesa, and Hon. Matia Kashaija. They appreciated Magufuri’s points and said that the cabinet had reached somewhere and soon they were to consult him and his team on the way forward.
Magufuri still hopes that with our own people born bank, (Ugandan original) the current stressed economy can be rejuvenated to cater for the lowest people to be in the money economy and as well widen the tax base for the URA to collect more taxes.
Gen Mbadi Mbasu assured along with Minister Mwebesa assured meeting that the issue of anti-competition will be followed to last point as circular are already in circulation, accordingly to our invisible camera Hon Ntale Edward and some officials from Kacita are real deal with Magufuri to change Uganda’s economy but hiding in EFRIS.
Sources reveal that Agricultural cooperative bank issues are soon entering the floor of Parliament and it’s not a surprise. Hon Ntale Edward who doubles as chairman of United arcades traders Entrepreneur association is current PRO for Agricultural cooperative bank promoters under championship of Gen Gen Saleh’s blue eyed boy- Mugisha Moses Magufuri.
