By Sekaggya Seka Moses
Kampala, Uganda – President Yoweri Museveni has issued a stern warning to money lenders in Uganda, vowing to take drastic measures against them for hindering the country’s development.
Speaking about Uganda’s future, Museveni emphasized that the population is projected to reach 100 million in the next 30 years, underscoring the need for sustainable economic growth.
“In 30 years’ time, Uganda’s population will be about 100 million. By that time, I will be in heaven because in 20 years from now, I’ll be 100 years of age. But you never know because my uncle died at 106,” Museveni said.
The President lamented that being a president is not an easy task, contrary to what some individuals may think. His remarks come on the heels of General Muhoozi’s call to support his father in the 2026 Presidential elections.
Museveni specifically targeted exploitative money lenders, saying, “I have nothing to do with money lenders, those money lenders are your enemies, and I’m going to do something about them.
I am going to crush those money lenders; they’re criminals, but they are encouraged by you people.”
Citing Atiak Sugar Works Limited in Amuru district, the Ugandan leader noted that entrepreneurs are unable to profit from their businesses due to high costs of borrowing.
“We had to save our girl of Atiak Sugar. She had made a mistake of going to a commercial bank and that project was about to collapse and we had to come in and save her.
How do you say somebody has given you money but in the document you say you have bought, yet you only gave them shs 2 million? We are going to deal with lenders,” President emphasized.
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The Karuma Hydropower Dam, valued at $1.7 billion (Shs 6.2 trillion), is expected to generate 600MW of power.
The Ugandan government contributed 15% ($253 million or Shs 920.8 billion) of the project cost, while China’s Exim Bank provided 85% ($1.4 billion or Shs 5.2 trillion) of the project financing.
The President’s primary concern is the exploitative interest rates charged by money lenders, which he believes are crippling the economy.
He directed the Minister of Finance to regulate these rates and warned that those found guilty of extortionate practices will be dealt with accordingly.