Uganda WarnsTelecoms Against Economy Exploitation

Uganda’sPresident Yoweri Museveni has stated that the business stakeholders in the country should have a win-win situation without exploiting the economy and citizens in an effort to avoid complaints between Ugandan citizens and foreign investors.

The Ugandan government has reportedly been experiencing a problem of telcos cheating government taxes and also under declaring calls. The government has now invested in technology that monitors this, and the findings have made it clear that telcos were cheating tax.

According to the Ugandan President, it is essential to float shares on the local stock exchange to allow local ownership since the license will be renewed.

In a meeting held recently between the government and the MTN Group CEO Rob Shuter, in Switzerland, President Museveni declared that he was not happy with telecom companies taking advantage of vulnerable Ugandan citizens by not value adding their products but rather extending ‘talking’ services that have led to a massive leakage of foreign currency in the country.

He stated that the existence of IT in Africa needed to be paid attention to as it could end up as a problem.
According to President Museveni, there is a need to provide a service for people to talk while creating wealth but the telecoms companies in Uganda have continued to take money out of the country and leak the little money that the state makes through exportation, according to his observation.

He said that this leads to trade deficits that exploit and affecting the country’s economy.

Museveni added that he wished that more locally owned companies would be allowed to earn money so that most of it stays in Uganda to boost economic development.

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