BoU boss commends Kabarole district on commercial agriculture

KAMPALA– The Deputy Governor of the Bank of Uganda [BoU] Dr. Michael Atingi-Ego has lauded the people of Kabarole district for engaging in commercial agriculture, emphasising the role the sector plays in the economy.

“Given the role of Agriculture to the Ugandan economy – in terms of employment and its contributions to export earnings and GDP, I would like to applaud the people of Kabarole district for the significant value they add to the Agricultural sector through Crop and Livestock farming,” he said.

Atingi-Ego was days ago speaking at a town hall meeting with Kabarole district leaders. The meeting was one in a continuous series of regional town hall meetings that have been held across the country since 2016 as BoU explains its mandate to the population.

He said that up to 69 percent of households in Kabarole district derive their livelihood from subsistence farming, adding that one of the ways that households can sustainably increase their incomes is through commercialising agriculture and industrialization.

On the challenges of access to markets and finance, the BoU Deputy Governor said: “We are however aware, that one of the constraints faced by farmers in both rural and urban areas is limited access to markets and financial services. To minimize this gap, BOU, on behalf of the government, administers the operation of a facility called the Agricultural Credit Facility [ACF].”

He said, “ACF provides medium and long-term funding to projects engaged in agriculture such as agro-processing and the grain trade among others; at more favourable terms than what is currently being offered in the financial sector, with the aim of transforming agriculture in the country.”

Atingi-Ego further said BoU also manages the Small Business Recovery Fund [SBRF], which was set up by the Government to provide affordable loans to small businesses that were negatively affected by the COVID-19 and thus suffered financial distress.

He said the funds from both the ACF and SBRF facilities can be accessed from various financial institutions including – Commercial Banks, Micro Deposit Taking Institutions and Credit Institutions.

“I urge you to encourage the farming and business communities in Kabarole region to visit these institutions and take advantage of these services to enable them boost agricultural productivity and increase employment and investment opportunities,” he said.

BoU Director of Communications Charity Mugumya said, during the first round of similar engagements, the institution received useful feedback which she said is being continuously incorporated into the Bank’s strategic choices – allowing for continued improvement.

Meanwhile BoU last week handed over Rutete Health Centre III after funding its renovation.

Handing over the facility to Kabarole district leaders, Susan W. Kanyemibwa, Bank Secretary [BoU] said it was the institution’s social responsibility toward the health of the people.

The need for quality health care was further amplified during the past two years as many battled for their lives during the COVID-19 pandemic. It is for this reason that we are pleased to join efforts with the leadership of Kabarole district in being part of the solution to improving maternal and child health care here in Rutete,” she said.

She said BoU’s journey towards supporting maternal and child health began in 2016 when it celebrated 50 years of existence. “This golden anniversary was commemorated through several Corporate Social Responsibility initiatives, like the Charity Walk where funds were raised to purchase medical equipment and renovate health centres in some of the districts across the country. This initiative is under the theme; “Maternal and Child Healthcare for a Healthy Society”.

To date, said, BoU has funded the renhttps://thecooperator.news/a-shs-5bn-project-to-promote-cage-fish-farming-launched-in-kabarole/ovation of Bwizibwera Health Centre IV in Mbarara district, Ayivuni Health Centre III in Arua, Nakaloke Health Centre III in Mbale, Omel Health Centre II in Gulu district and Hamurwa in Rubanda district. The Bank has committed funds to revamp health centres nationally.

https://thecooperator.news/a-shs-5bn-project-to-promote-cage-fish-farming-launched-in-kabarole/

Buy your copy of theCooperator magazine from one of our countrywide vending points or an e-copy on emag.thecooperator.news