Opinion: Persons keeping Ugandans poor

By Joseph Lubandi

Posted on May 11, 2018

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Angela Kiryabwire and the lack of intellectual, progressive or moral values in the management of the Capital Markets Authority of Uganda.

Development Channel Staff celebrating end of UPAP recently

History is a great thing because it is designed to help us not to repeat past mistakes. Anyone unaware of history in areas relevant to their field is grossly unfit to lead anyone let alone a people. The West developed through countless historical stories of the people initiating an economic movement which Western governments were smart, quick and progressive enough to catch on, provide the required support and bring prosperity to the people( Most recent is the greatest legacy of an American President given to President Bill Clinton for flowing dot.com companies which led to massive financial prosperity for Americans through the emergence of companies such as Google, Facebook, Amazon etc. and hundreds of billions of dollars to the US economy, a thing which could never have happened in the time of only brick and mortar companies).

Since Africa and indeed Uganda has copied Western systems in democracy, economies, trade, laws, regulations and the likes, it is the duty of every Ugandan government official especially those in areas of economic impact to the people to be fully informed on the actual pragmatic methods of implementation of laws.

The management of Capital Markets Authority is a colossal shame of the highest proportion to the Ugandan people. This has been most evident in their handling of the issues regarding Development Channel and economic prosperity for average Ugandans. Development Channel is leading and has been promoting to Ugandan people that Africa loses over $203 Billion dollars per annum through foreign multinational companies doing business here, brings back less than 2% through various stringent channels as aid. They advertise the aid heavily but no one talks about how much actually leaves every day. Development Channel is leading this economic war with the creation of 25 high tech companies that will operate in each of the most critical areas of development in Africa and with presence starting next week in 50 countries and Uganda remaining the headquarters. Its projected financial returns from this war is projected to be well over $15 billion dollars per annum (Twice the annual budget of the entire Ugandan government). The war comprises of 25 battle areas and begins with mobile devices where billions of dollars leave every hour through Samsung, Apple, Techno, Infinix etc. going to over sea countries and financially empowering their stake and shareholders, creating thousands of jobs, building their infrastructure and growing their societies while Ugandans perish in abject poverty (Even the money of average Ugandans for transport is flying every day to already rich America through the UBER App).

Let us look at a few very important facts. The stock market is a western idea, system and practice. The aim, purpose, mission and reason for being, is to give a platform for the average person to benefit from investments and not only depend on labour as the only factor of production. They simply didn’t want their people to be poor as depending on labour alone as a factor of production will definitely bring poverty to the people. Words like shares, dividend, company, regulation, and the likes were added as terminologies to be used but the aim, purpose, mission and reason T should never be threatened so that the added terminologies do not end up becoming counter productive to the primary purpose.

This is very evident from the constant deregulation of Wall Street once America is in ecobomic difficulties.(President Trump currently leads this mission of further deregulation). The Capital Markets Authority’s grounds for fighting to destroy Development Channel anchors 100% on terminologies and completely ignoring the purpose. What education, exposure, intelligence or moral concern for Ugandans does the management of Capital Markets Authority have?

Capital Markets Authority has gone to CID headquarters, yesterday Thursday 10th of May 2018, seeking the closure of the operations of Development Channel without a single concern for the over 300 full time employees has right now, the five thousand grduates about to begin working in less than a month or the thousands of people expecting some financial relief from its operations in the very near future. This ancient old tactics of employing hard working law enforcement officials to engage in the African embarrassing dance of government intimidation is the final confirmation if anyone needed one, that the management of the Capital Markets Authority are a worthless group to this government. This story has come with nothing but SHOCK to everyone that government officials can be so petty, self-driven, emotional, unprofessional, weak and above all without any empathy or moral values.

Let the CID headquarters be put on notice that the same constitution which empowers them also protects and empowers the Ugandan people who believe in the principles of the NRM. Do not let petty, unprofessional, dogmatic and already identified “educated illiterates” put your great monumental establishment on the wrong side of history in Uganda. Through repeated defeats and progressive growth shall they come to learn from 1 of the 1,000 original philosophical sayings of the Founder & Chairman of Development Channel that “Titles hold no water in battle fields”.

Paul Mukasa

Development Channel (Founder)

DISCLAIMER: The views expressed in this article are solely of the author and not this website or its editor.

via: Matooke Republic