Angels Forum: Investments and Savings

Angels Forum aims to increase youth civic participation in community organisation around social problems and advocacy through contributing to policy debates, sharing experiences and ideas on critical development issues. At Angels Forum, we believe that by youth sharing their ideals, they can create a community of leaders who can influence and promote development in our communities and Africa as a whole.

Youth unemployment so far has been singled out as one of the most important social issues of our time, and as such, Angels Forum has dedicated and duly realised two guided open forum sessions, the most recent on the topic; Investments and Savings: Role of the Ugandan Youth.

This topic was professionally handled by an informed guest panel comprising of Dr. Peter Ngategize of the Competitiveness and Investment Climate Secretariat-Ministry of Finance, Planning and Economic Development; Mrs. Anne Muhangi of the Capital Markets Authority and Mr. Pascal Ojijo of Informed Investors.

Why young people?
As one man, the panel emphasised that currently, 65% of Uganda’s population of 37 million people is below 24 years and yet youth employment rates remain miserably low. In response to this, the distinguished director of CICS underscored the relevance of bringing the country’s majority on board in resource mobilization and investments. He urged that young people’s contribution could create an appreciable pool of funds for financing economic activities as an affirmation to an equitable commitment of curbing unemployment.

“…establishment of infrastructure is key to economic development. Old money can only be used to maintain already existing infrastructure… This leaves new money as the only alternative to building more infrastructure.” Anne Muhangi supplemented.

Pascal Ojijo summed up investment as an individual’s mentality: How can I use the money that I have right now to work for me? Acknowledging that the audience was yet the majority not spared from the reality of lack of a clear source of income; Mr. Ojijo revealed the power of collective micro money Investment schemes. These collective schemes are characterised by members who have a shared vision of improving their lives, meet regularly to pool resources, and make the initiative to educate themselves on financial matters. He attributed the current hard to ignore deplorable savings and investment culture to ignorance, bias and lack of initiative. In his expert opinion, he urged that serious investment clubs can ably tackle ignorance and lack of initiative.

“There is hope. The government through the CIC Secretariat has pledged its commitment in supporting development of investment clubs in the country. The support offered is both technical and moral orientation. I am proud to announce that Investment clubs in Uganda today are being regulated by a national body: Investment Clubs Association of Uganda” – Dr. Peter Ngategize.

The panel reiterated that it is possible for young people to pool micro-monies for investment, it unanimously recognised and promptly recommended the Africa Youth Fund, , whose core investment objective is long term capital appreciation whilst ensuring that the youth get an opportunity to have hands on experience to participate in the financial investment markets.

Submitted by: Gloria Nalule

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