By Alice Lubwama
The recent Top 100 survey has revealed that 67% of Uganda’s gross domestic product comes from Kampala. While releasing finding from this year’s survey, Dr Fred Muhumuza a renowned economist said that most of the businesses are done in Kampala leaving other areas undeveloped.
The survey also shows that a number of Ugandans now own businesses although a number of them depend on bank loans to operate and grow.
Dr Muhumuza advised the small business men to reach out to others who have existed for some years to get ideas on how sustain their business and grow them.
The research has also indicated that many of business people are worried of unstable interest and government policies as unfavorable which are reducing business confidence in people.
On Government incentives; a number of business people say they are not benefiting from the incentives given by Government, although Dr Muhumuza notes that some incentives are not direct and the business
community could be getting them when they are not aware.
The research further shows that many business people are becoming professional and more are constituting boards as well as hiring professional workers.
Cooperate governance is governance is very key in business; business people should have board members who can give ideas to grow their businesses. Muhumuza said.
The report also highlights business challenges that are facing SMEs such as high taxes, high costs of production, competition from sub-standard goods, unstable economy, high foreign exchange rates, limited access to credit, among other things.
The survey aims to identify Uganda’s fastest growing Medium Sized companies in order to showcase business excellence and highlight some of the country’s most successful entrepreneurship stories. SMEs are
celebrated contributors to wealth and job creation in Uganda.