Dr. Muhumuza, an economist at Makerere University Business School (MUBS) in Nakawa, emphasizes the importance of low-income citizens investing in businesses that provide essential goods and services.
He says these businesses typically meet basic needs such as food, water, clothing, and healthcare, ensuring a stable demand even during economic downturns.
He says by focusing on essential goods, low-income individuals can create sustainable income channels, enhance their financial resilience, and contribute to economic growth.
Muhumuza’s perspective highlights that investing in essential goods can offer more stability compared to non-essential or luxury sectors, which are more susceptible to market fluctuations. Additionally, such investments promote community well-being by addressing local needs, thereby creating a positive social impact alongside economic benefits.
He has been speaking during a Uganda Annual Small and medium-sized enterprises (SMEs) conference and Expo held at Munyonyo Commonwealth Resort.
Dr. Angela Ndunge, the Acting Executive Dean at Strathmore University Business School emphasizes the need for the government to create a business environment that supports the growth of small and medium-sized enterprises (SMEs).
She believes that by equipping SMEs with these fundamental skills, they will be better positioned to manage their finances, improve operational efficiency, and ultimately contribute to economic growth.
She says the provision of such support would empower entrepreneurs to navigate business challenges more effectively and foster a more sustainable and competitive SME sector.
