By Kabuye Ronald
At the recent Uganda Annual Small and Medium-Sized Enterprises (SMEs) Conference and Expo, held at the Munyonyo Commonwealth Resort, two prominent voices in economic and business education shared their insights on fostering resilience and growth in Uganda’s business landscape.
Dr. Muhumuza, an economist at Makerere University Business School (MUBS) in Nakawa, delivered a compelling address on the strategic advantages of investing in businesses that cater to essential needs. He stressed that enterprises focusing on essentials—such as food, water, clothing, and healthcare—are better positioned to withstand economic fluctuations. This is because the demand for basic necessities remains relatively stable, even during downturns.
“By directing their investments towards essential goods and services, low-income individuals can establish more stable income streams,” Dr. Muhumuza explained. “This approach not only enhances their financial resilience but also contributes significantly to broader economic growth.”
Dr. Muhumuza’s perspective highlights a crucial point: while luxury and non-essential sectors are often more vulnerable to market shifts, essential goods businesses offer a buffer against such volatility. Moreover, these ventures play a vital role in community well-being by addressing local needs, thus creating a positive social impact alongside economic benefits.
In addition to Dr. Muhumuza’s insights, Dr. Angela Ndunge, the Acting Executive Dean at Strathmore University Business School, addressed the need for supportive government policies to foster SME growth. Dr. Ndunge emphasized that for small and medium-sized enterprises to thrive, the government must create an environment conducive to business development. This includes equipping entrepreneurs with essential skills to manage finances and improve operational efficiency.
“Providing targeted support to SMEs will empower entrepreneurs to navigate business challenges more effectively,” Dr. Ndunge stated. “Such measures will foster a more sustainable and competitive SME sector, ultimately contributing to broader economic growth.”
Both experts underscored the importance of strategic investment and supportive policies in building a robust and resilient business ecosystem. Their insights are expected to inspire entrepreneurs and policymakers alike, paving the way for a more stable and prosperous economic future for Uganda.
