KAMPALA, UGANDA – Diamond Trust Bank (DTB) CEO Godfrey Ssebaana has stressed the importance of transparency for manufacturers to access cheaper credit. Speaking at a two-day Financial Symposium organized by the Uganda Manufacturers Association (UMA) at UMA show grounds, Ssebaana highlighted the need for transparency in accessing sustainable finance options.
“Transparency is crucial for manufacturers to access cheaper credit. We require transparency to access our sustainability criteria, which can help them access cheaper capital pools,” said Ssebaana.
“Our banks, like Uganda Development Bank, require transparency to access sustainable finance options. This transparency helps manufacturers access cheaper capital pools. For as long as they meet our sustainability criteria, they will have deep access to different capital pools that are way cheaper, and these capital pools can help them access cheaper credit.”
State Minister for Trade, Industry, and Cooperatives David Bahati, who also spoke at the symposium, emphasized the need for affordable financing options for manufacturers.
“The cost of capital remains a significant obstacle hindering the growth of manufacturers in Uganda. Despite government support of over Ugx.1.3 trillion, the cost of capital remains a challenge. We urge commercial banks to provide cheaper capital to manufacturers and support the development of industrial parks to boost industrial growth,” said Bahati.
“The government is committed to supporting the growth of the manufacturing sector, but we need the banks to come on board and provide affordable financing options. We need to work together to address the challenges facing the sector,” Bahati added.
“We have put in place several initiatives to support the growth of the manufacturing sector, including the establishment of industrial parks and the provision of incentives for manufacturers. However, we need the banks to provide cheaper capital to support the growth of the sector,” Bahati said.
The symposium brought together stakeholders in the manufacturing sector to discuss financing options and strategies to boost industrial growth. The event highlighted the need for cheaper credit and transparency to support the growth of the manufacturing sector in Uganda.
