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Deputy speaker, Thomas Tayebwa interacting with the business community in Mbarara last month. (Photo: Jovita Hasto)
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By Jovita Hasto
Mbarara - The business community in Mbarara has urged residents of Ankole to stop working merely to satisfy daily needs and instead adopt financial discipline as a key step toward creating long-term wealth.
This call comes amid concerns that many locals have failed to harness natural and God-given resources such as land, water, and knowledge due to poor financial planning and negative mindsets. The leaders emphasize the need for strategic thinking and a change in attitude to foster sustainable development and economic progress.
Rev. Bishop Stephen Namanya, Bishop Emeritus of North Ankole Diocese, pointed out that many residents possess valuable resources but fail to use them wisely. He cited an example of a person owning 300 cattle who still borrows UGX 20,000 during a medical emergency instead of selling a cow or using resources efficiently to meet household needs.
“Wealth can be achieved through knowledge, social capital, and personal discipline,” said Rev. Namanya. “Poor planning and negative thinking only yield negative results. People need to work wisely and manage their time effectively. The people you associate with and how you use your time significantly affect your potential to create wealth.”
He stressed that people should not rely on miracles for financial success. “You cannot depend on miracles. I don’t believe in miracles when it comes to wealth. God gave us authority and talents, and it is our responsibility to put them to good use, just like in the parable of the talents,” he added.
Mr. David Kasura Kyomukama, Permanent Secretary at the Ministry of Agriculture, Animal Industry and Fisheries, advised people to control their consumption habits and prioritize saving for the future.
“Many Ugandans work just to satisfy their appetites. Learn to save and plan. If what you're doing isn't profitable, reconsider your approach,” he said.
Kasura attributed poverty among farmers to poor agricultural practices and environmental degradation, such as deforestation and wetland encroachment. He urged farmers to adopt improved farming techniques, use high-quality breeds, and handle agrochemicals correctly to boost yields and avoid health risks such as aflatoxins that may lead to cancer.
Deputy Speaker of Parliament Thomas Tayebwa emphasized that hard work, discipline, and perseverance are foundational to wealth creation. He encouraged people to regulate their sleeping habits and work with purpose.
“If you choose to sleep instead of working, just know you're sleeping on your future,” Tayebwa said. “Plan to make money and maintain financial discipline to build a legacy that will benefit your children instead of becoming a burden to them in old age.”
He advised residents to maintain accurate financial records, which are key in attracting investors or securing loans even without collateral. "Banks and financial institutions consider financial discipline. If you keep good books, you will succeed,” he noted.
Tayebwa also cautioned against borrowing from multiple SACCOs to pay off existing debts and emphasized involving family in business to ensure continuity and sustainability.
“Bring your children into the business early. Teach them how to manage finances and run enterprises. Don’t spoil them with lavish lifestyles while ignoring your business legacy,” he warned.
Mr. Apollo Barya, Chairperson of Mbarara Business Club, urged business people to stay focused and avoid distractions from those who promote riskier ventures. He discouraged borrowing large sums of money for startup businesses without proper planning or experience.
“Borrowing money isn't bad, but understand your intentions and capacity. I once borrowed billions without a clear plan, and it disorganized my business. Too much money without discipline can mess you up,” Barya shared.
He warned against laziness, dishonesty, and rumor-mongering, which he said are major contributors to business failure. “Stop wasting time praying for riches without action. Work hard, avoid greed, and build alliances to support your journey,” he advised.
Sheema Municipality MP Dickson Kateshumbwa shared his experience of investing in various businesses since childhood and encouraged Ugandans to leverage the country’s liberal economy and supportive business environment.
“In Uganda, starting a business is easy, and the best way is through savings. If you think you must borrow to start a business, you’ve already failed. A solid business plan and discipline are what count,” Kateshumbwa said.
He added that many people have the resources but are limited by a poverty mindset, leading to poor financial decisions and eventual failure.
“You must either have experience or passion. If you start a business expecting quick returns based on someone else’s idea, you risk losing everything. Focus on preserving capital and making calculated decisions,” he cautioned.
Kateshumbwa concluded by advising people to avoid business models that leave them exhausted and stressed, warning of the toll this can take on mental health and long-term success.
Torch Media Africa
