The High-Level 9th Economic Growth Forum attracted officials from various fieldsThe National Planning Authority (NPA) has tasked the Ministry of Finance, Planning and Economic Development to consider providing financial literacy to Ugandans benefiting from remittances sent by Ugandans leaving abroad as means to boost economic growth and ensure that money sent is put to good use.The call was made by Marios Obwona, Consultant (Macroeconomics) at National Planning Authority during the High-Level 9th Economic Growth Forum, held at Kampala Serena Hotel, while addressing key stakeholders on strategic policies and investment initiatives that will enhance Uganda’s economic resilience, accelerate productivity and boost competitiveness in pursuit of the Tenfold Growth.He noted, “Promote financial literacy, especially for those who get remittances from out there. You have had many cases, people work out there, they send money, when they come back, they find there’s none. So how can we actually educate those who receive this money so that they use their remittances effectively for business. The second one is to have what we call diaspora investment promotion. I know Uganda Investment Authority is doing a lot, but the bottom line is, there is that mentality that foreign investors are preferred to the diaspora community. But I’m happy to hear that there’s now a change in mind where the diaspora investors would be taken, like any other investors out there.”The National Planning Authority defended its proposal to have Government increase its focus on the diaspora community with Dr. Obwona noting that the diaspora community are regarded as more secure investors as compared to foreign investors who are most likely to carry away their investments back home in case of any unrest in any country. Dr. Obwona stated, “Diaspora investors are less averse to political risks and economic shocks. When there is a problem in the country, foreign investors run away with all their money, but a diaspora person will stay where he is. He actually underplays the risks. So, in other countries, they are more preferred than the foreign investors. And they are coming in for truism, they’re coming in for non-economic reasons and so on, not necessarily just for profit, because they want to have that kind of contributing to the economy, a sense of belonging.” National Planning Authority hinged its defence on figures from World Bank that indicate that India leads globally in remittances abroad with over 30% of its population residing in other nations and these sent over US$129Bn (UGX 458.357Trn) in remittances back home in 2024, while China came next with US$48Bn.At the Continental level, Egyptians sent the highest volume of remittances worth US$22.7Bn, followed by Nigeria US$19.8Bn, Kenya US$5Bn (UGX 17.768Trn), while Uganda received only US$1.5Bn (UGX5.329Trn) in remittance in 2024.Dr. Obwona made the remarks while making a presentation on; Leveraging Diaspora Remittances and Investments for Uganda’s tenfold growth strategy where he also asked Government to promote the economic rights of Ugandans living in the diaspora by allowing them to vote during the general elections, regardless of their party affiliations.“And in other countries they have gone beyond that, dual citizenship, which is very important to show the sense of belongingness, that they are part and parcel of the community that we have to. And that is one way of allowing them having what we call dual and double citizenship. And political rights, they are Ugandans, whether they are out or there, whether they support the UPC is not an issue. That I have crossed one border to the next, that doesn’t mean that I have changed my preference and so on. So, there’s that political right that we can give them. For instance, we have this Heroes Day. Why don’t we have a day to show the diaspora, recognise what they have done? So that’s a way of trying to attract them that they are part and parcel of the system,” added Dr. Obwona.However, Henry Musasizi, Minister of State for Investment, sought clarification on part of the presentation where Dr. Obwona stated limited political freedoms as part of the reasons why some Ugandans flee the nation.“Fleeing political risk, that the diaspora wants to be free, I thought Uganda was a free country politically, where everyone can freely express his rights without any interference. Here we need some more clarification so that we leave this room when we are clear,” noted Musasizi.Victoria Ssekitoleko, former Minister of Agriculture turned business woman asked Government to emulate Bangladesh that established training facilities to train its citizens before sending them abroad, which has given them an added advantage over other informal workers from other nations.“Currently, Uganda’s second or third income comes from the diaspora, same with Bangladesh. But what Bangladesh did when they wanted to export their lovely children to these countries is they set up specific colleges to prepare these children. So, when you go to all these places, Saudi Arabia, the UAE, wherever your children are, you find that Bangladesh are the managers and your children are the sweepers. So, is there nothing to learn from them,” remarked Ssekitoleko.The post Gov’t Asked To Provide Financial Literacy To Ugandans Benefiting From Foreign Remittances appeared first on Business Focus.