Global economists are saying that the next future growth hub is Africa, with the continent being the second-fastest growing region in the world, next to Asia. This demonstrates the resilience of Africa’s economy despite dealing with multiple global shocks, according to the African Development Bank Group.
One such promising African nation is the Republic of Uganda, a landlocked country in East Africa with a population of almost 48 million. Due to numerous conducive environmental and demographic factors, Uganda has great potential to grow and become an economic powerhouse in the region. However, to realize this potential, Uganda’s government, business sector, and foreign investors must prepare the seedbed on which the seeds of economic growth will sprout.
Gloria Turyamureeba is one of the most passionate advocates for business and economic growth in Uganda, and she has dedicated her life to promoting investment and development in her home country. Turyamureeba was born to an entrepreneurial family, and she studied in the US at Texas State University, obtaining a bachelor’s degree in business administration. Right after completing school, she inherited her family’s upholstery business as well as opening a travel agency known as Footprints Safaris Ltd., which eventually pivoted to lodging and safari experiences. She is also an active member of the Uganda National Chamber of Commerce and Industry, speaking in various forums and symposia domestically and overseas.
According to Turyamureeba, Uganda has a young and growing population, which is a valuable resource for economic growth, if harnessed properly. 72% of the country’s people are below the age of 30, and half are below 18. This means that there is a large need for education in the country, however, the type of education must be apt to the economic realities. Turyamureeba believes that, instead of producing more white-collar graduates, the government and private sector should concentrate their efforts on funding technical and business education, allowing the growing working-age population to contribute to the industrialization of the country through technical skills and entrepreneurship, allowing Ugandan-made products to be competitive in the international markets. As an English-speaking country, Uganda also holds potential for business outsourcing services for Anglophone markets, such as the UK and the US.
Furthermore, Uganda’s population has more females than males, and Turyamureeba says this means creating more economic opportunities for women is important in uplifting the country. While Uganda is gradually improving in women’s empowerment, having many female business and political leaders, including two vice presidents, there is much that needs to be done.
“I believe that when you empower a woman, you empower a home. If you empower home, you empower a country,” she says. “In Uganda, women are traditionally in charge of both agriculture and raising children. If they are able to have a bank account and found their own businesses, it’s going to do a lot for their economic empowerment. We are trying to inspire initiatives from the government to invest further in woman-owned and --led enterprises and startups. President Yoweri Museveni has done much to empower women in our country in all sectors, and my passion for helping develop our country is inspired by his love and vision of Uganda.”
To boost women’s entrepreneurship, Turyamureeba is also advocating for more cottage industries, such as tailoring, handicrafts, and small-scale manufacturing, allowing women to earn while taking care of their children. Uganda can follow the example of India, where cottage industries are the backbone of the rural economy.
Uganda is also blessed with a huge amount of natural resources. It sits on the shores of Lake Victoria, the second-largest freshwater lake in the world, providing excellent fishery and tourism potential. The country’s soils are also very fertile, making it one of Africa’s bread baskets. Aside from food production, it can also support valuable cash crops, such as coffee, cotton, and Hass avocado. To maximize the value of these crops, Turyamureeba says these must be processed in Uganda, exporting them as roasted coffee, cotton fabric, and avocado oil, as these are more profitable as value-added products.
Gloria Turyamureeba in Kidepo Valley National Park in northeastern Uganda
Petroleum was also discovered in Uganda around 15 years ago, particularly in the Hoima region, where a city and international airport are being constructed due to the growing oil economy. While the discovery of oil can be a huge boon to a nation, Turyamureeba says Uganda must ensure that the financial windfall from oil is used properly to aid in national development and avoid further widening income disparity. Because Uganda is landlocked, a pipeline is being built through Tanzania to the Indian Ocean in order to export the oil. Turyamureeba believes that building an oil refinery on Ugandan soil will greatly benefit the economy, as it will lower the price of fuel and transportation in the country, and it will be able to provide energy to neighboring countries, such as Rwanda, Burundi, South Sudan, and The Congo.
With all these high-potential industries for Uganda, why isn’t the economy developing? Turyamureeba identified a major bottleneck – financing.
“The interest rates of banks in Uganda are very high, at 18 to 21%,” she says. “This stifles economic growth by making it very hard for entrepreneurs to obtain the capital to invest in their business. If we manage to get cheaper, lower-interest capital into the market, more businesses can be founded, and existing companies can expand quicker. The private sector grew the US economy, because it was very easy to start a business there in the past.”
Gloria believes that one way to develop the country’s economy quickly is through the opening up of the social security space to more players. She believes this would improve rates for Ugandan businesses and insists on the need for long-term investments in this sector as opposed to short-term instruments. She Envisions the potential this could bring for more affordable mortgages, that could positively impact the housing market and strengthen the overall economy for Ugandans, giving more citizens the opportunity to own a home.
According to Turyamureeba, this problem can be remedied by foreign direct investment as well as financial institutions, whether private, governmental, or inter-governmental, offering low-interest loans for businesses.
Turyamureeba lauds the unique appeal of Uganda’s nature, especially its gorilla population, which is the largest found in the world. “With the effects of climate change ravaging our world, few countries can boast the biodiversity Uganda enjoys, where tourists can come and experience the ‘big five’ on safari or track gorillas in Bwindi’s impenetrable forest,” She explains.
Gorilla family in Bwindi Impenetrable Forest in Southwestern Uganda
“Following independence in 1962, Uganda was involved in so much war and unrest. However, since the current government took over in 1986, peace and stability have gradually taken root in the country. Uganda has so much potential in agriculture, industry, and tourism, thanks to its abundant natural resources and friendly and industrious people. This is why I am tirelessly working to promote economic development in Uganda. I believe that if individuals and businesses are provided with proper guidance and adequate opportunities, it’s unimaginable how far this country will go.”
Media contact:
Name: Gloria Turyamureeba
Email: [email protected]
