Many believe that the biggest demographic problem facing Uganda is that young people are creating young people they can’t take care of – and it’s true.Uganda Some believe that unemployment is the crisis facing today’s young people, and this is also true.
If there is another issue and it is resolved, both issues are resolved. young wealth.
For the majority of Uganda’s young population, there seems to be no clear path to wealth. The government has been adamant that investment in agriculture and manufacturing is the path to wealth, but many Ugandan youth are not landowners with the capacity to use agriculture. [which already has low returns] They are also not in a position to tap into the wealth of manufacturing that is concentrated in the hands of top and capital owners.
Many young people are either unemployed, underemployed, or earn only enough to last five working days. They have created an enviable small business economy that feeds a day-to-day lifestyle.
In the absence of a clear plan with clear markers, Ugandan youth need to start thinking creatively about wealth and how to create, maintain and grow it, and this involves some pot-breaking. is required.
Let’s start right. Uganda is in an iconic location for the National Elevation Project. It has the longest life expectancy ever recorded, the most educated population in its lifetime, and the most employed population ever recorded, but it’s still not enough.
Ugandans still make up only 1% of the working population earning more than 1 million shillings. Of the pool of 14 million bank accounts, 93% are less than his 1 million shillings. In terms of wealth, the situation is even worse. Only 39% of his Ugandans own land privately. Of her 60% of households that own land, 80% do so under customary tenure, making it inadmissible in the capital markets.
Don’t let the culture of thrift start. First of all, in an economy where the majority of workers earn less than his 150,000 shillings, seeking savings is an acute demand. Less than 1 million Ugandans have a pension in their name. Millennials today are also facing the steepest inflation. Over the past two decades, compounded inflation has wiped out valuable wages, yet wages have remained constant. So I suggest starting a conversation that actually matters about wealth.
A conversation needs structure. political, economic and social. We have to be honest about wages and about the labor market. All political parties must present an economic plan on how to concentrate wealth in the hands of Ugandan majority and how to grow that wealth. After education, you have to know how long it will take for workers to get back the money they invested in their education. We should be talking about real estate prices and the costs of inflation that are out of reach for millennials.
Without it, you will have hard days on the street. Let’s tackle the wealth conversation like we deserve it, we were trained to have it, and we can earn it in our lifetimes.