Minister of Finance, Planning and Economic Development, Matia Kasaija has advised Ugandans and the rest of the East African Community (EAC) to embrace regional integration and work towards its success as a way to tap into the wider market for the goods and services produced.
Kasaija made the remarks while speaking to East African accountants gathered at Hotel Africana and online for the 3rd East African Congress of Accountants (EACOA) organized by the Institute of Certified Public Accountants of Uganda (ICPAU).
“Regional Integration is not a matter of choice but time,” Kasaija said. “When the three EAC countries – Uganda, Kenya and Tanzania were united in the past, with one currency and free movement of goods and services, they grew at a faster rate,” the Minister recalled.
He added that integration all over the world has been recognized as the biggest driver of economic development.
He said that Uganda produces more than its citizens can consume, and thus the need to work closely with our nearest neighbors and take advantage of the cheap and reliable markets they have. The free access to markets also solves the problem of scarcity of consumer and industrial commodities in neighboring countries.
“For example, why would Kenya lack sugarcane for their sugar industries when we have excess sugarcane here, or Rwanda lacking milk and importing it from other countries yet Uganda can supply them at a relatively cheaper price,” he wondered
He added that regional integration is important as it provides for collective financing of projects that benefit the entire region, but are too expensive for one country to implement, a case in point, the Standard Gauge Railway project.
Uganda’s Corporate Finance and Capital Markets Luminary, Miriam Ekirapa Musaali, Passes OnHe, however, blamed political leaders in other EAC countries for “protectionism”. He said some leaders in these countries have continued to frustrate free movement of good and people across the EAC, a case in point being the recent maize export issue to Kenya and the blockade in Rwanda.
He implored accountants from across the EAC to interest themselves in advising their respective governments on the benefits of integration. He also asked them to lead in the fight against corruption.
“Do not be fearful, if you see something wrong in an organization, report it” he said
He added that Accountants play an important role in helping government and businesses to grow, thus the need to have more professionals in positions of significance in government and the private sector.
The three-day event that commenced on Wednesday, 14 April at Hotel Africana and Online has brought together over 700 participants from across the EAC to deliberate on issues that will drive the integration agenda forward.
