Gov’t prioritizes development of SMEs

By Ambrose Gahene

Minister of Trade, Industry and Cooperatives Amelia Kyambadde, last Thursday signed a memorandum of Understanding {MoU} with Deloitte Uganda Ltd,  to providing Small Medium Enterprises {SMEs} in Uganda access to best-in-class accounting, relevant compliance and advisory services at an affordable cost. The MoU signing ceremony, which took place at Kampala Sheraton Hotel, was witnessed by key stakeholders in Uganda’s SME sector. These included; Uganda Revenue Authority (URA), Uganda Registration Services Bureau (URSB), Uganda Investment Authority (UIA), Uganda National Bureau of Standards (UNBS), Uganda Manufactures Association (UMA), Uganda Small Scale Industries Association (USSIA) and Uganda Chamber of Mines and Petroleum (UCMP) among others.

“Given the importance of SMEs to Uganda’s economy, their significant contribution to employment and GDP, a strong SME base which is able to expand locally and regionally, it is a key to the continued economic growth of Uganda. With sufficient financing and access to business advisory services for foster continual improvement of operational efficiency and productivity, SMEs can become more competitive and resilient, drive innovation and be sustainable in today’s competitive economic landscape”, said Minister Kyambadde.

Minister Kyambadde further said; available statistics from the Ministry of Trade, Industry and Cooperatives, shows that majority of MSMEs (69 per cent) are still in the first 5-10 years of their lives, signifying the need to support small businesses in Uganda.

L-R Diana Gerard (Director Deloitte Uganda Limited) Mabel Ndaula (Director Deloitte Uganda Limited) Hon Amelia Kyamabade (Min of Trade) Michael Wanibu (Min of Trade)

Diana Gerard, director Delloite Uganda ltd said;consistent with Deloitte 2020 strategy, Deloitte aspires to serve organizations that reflect the economic make-up of our country”.   She added that; Research shows small and Medium Enterprises (SMEs) are the engine for economic growth across Africa. In Uganda, the SME sector employs over 2.5 million people (90 per cent of the entire private sector) and generates 80 per cent of manufactured output, which contributes 20 per cent of the gross domestic product (GDP).

“Deloitte aspires to make an impact that matters and serve companies that reflect the economic make-up of Uganda from Multinational Corporations (MNCs), Large Local Corporations (LLCs) and Small and Medium Enterprises (SMEs)”, she added.

Mabel Ndaula, also a partner at Deloitte Uganda said: “In response to the challenges that SMEs in Uganda face, particularly limited technical and business skills, Deloitte has developed an affordable subscription-based value proposition designed to meet the unique service needs of Uganda’s SMEs; including bookkeeping and accounting, tax compliance, business performance insights and corporate governance”.

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