By Joan Abaasa
Communications Officer -ICPAU
Mr. Joseph Enyimu, Commissioner of Economic Development Policy and Research at Uganda’s Ministry of Finance, Planning, and Economic Development, delivered a keynote at the 12th CPA Economic Forum themed Enhancing Productive Sectors for Sustainable Development. Hosted by the Institute of Certified Public Accountants of Uganda (ICPAU), the event convened stakeholders to address critical economic challenges facing Uganda.
Mr. Enyimu stressed the pivotal role of Accountants in Uganda's Public Finance Management and in bolstering investor confidence. He emphasised the forum's relevance ahead of the 2024 Economic Growth Forum (EGF), urging participants to contribute actively to discussions influencing policy.
Defining productive sectors as those driving tangible economic output (such as agriculture, manufacturing and services), Mr. Enyimu highlighted their importance in transforming inputs into goods and services. He noted challenges such as declining worker productivity and a high labor underutilisation rate, which the government aims to tackle with a budget emphasising education, healthcare, infrastructure, and wealth creation.
The budget for FY2024/25 prioritises investments in human capital and infrastructure, allocating funds for rural electrification, education, and agricultural support to enhance productivity. Mr. Enyimu pointed out the need for affordable capital and reduced business costs, highlighting initiatives targeting market expansion for local firms and improving manufacturing capacity utilisation.
Addressing sector-specific challenges, Mr. Enyimu noted that labor costs and infrastructure were significant concerns. He advocated for professional Accountants to guide business owners in formalising their operations, which is vital for reversing the trend of informality that now accounts for more than half of Uganda's GDP.
He suggested that Accountants, like their counterparts in the legal profession who offer pro bono services, could make a positive impact on informal businesses and flagship socioeconomic programs aligning with Parish Development Model (PDM).
Mr. Enyimu concluded by discussing the importance of incorporating Environmental, Social, and Governance (ESG) parameters in assessing the performance of Ministries, Departments, and Agencies (MDAs) and commercial entities.
He cited recent examples of ESG adoption by the Bank of Uganda and amendments to PPDA regulations that promote sustainable procurement and enhance opportunities for local businesses, especially those led by women, youth, and persons with disabilities.
In his closing remarks, Mr. Enyimu reiterated the government's commitment to expanding Uganda's economy tenfold by 2040, urging Accountants to integrate this strategy into their practices to drive sustainable development across sectors.
