We didn’t force you to come; we won’t force to say – Min. Kasaija to foreign companies

Cabinet Minister for Finance and Planning Matia Kasaija has told multinational companies that are exiting the market that they are free to go since no one forced them to come and no one will forcing them to go.

The Minister said this yesterday on September 22nd while at the Uganda Information Centre as he addressed media about the current state of the economy especially clearing the air about the allegations that the government is intending to take people’s money from dormant bank accounts and mobile money accounts.

Kasaija who recently said that economy is growing at a hyper speed ‘hyuuuuuuuuu’ couldn’t forget to remind them that no one forced them to come and if they want to go, no one will force them to stay.

In the last 2 months, 3 international companies whose total annual turnover has been in excess of $5 Million each; announced that they are exiting the country citing unfavorable economic conditions. The companies include Game Stores, Shoprite Uganda and Africell Uganda all who are finalizing the transition period to leave the Ugandan market..

“I can’t force anybody, they came voluntarily, we did not force them, if they come here and the find that now environment is no longer conducive for them to do businesses which they thought that they should do……we are not chasing them” Kasaija told journalists.

Kasaija attributed their collapse to the change in demand of Ugandans that has changed since the economy is no longer favorable. He however didn’t explain why the economy is no longer favorable.

“The environment…the demand is no longer for the products….that was when they came, when the economy was still ticking at a very high speed.” He continued.

Africell while announcing the exit from the Ugandan economy said that they have scanned the environment and projected the future only to find that it will be difficult for Africell to attain its short and long term goals.

“Over the past several months, Africell Group has conducted a detailed assessment of the future of Africell UG, Africell strives to be a leader not only in terms of mobile services but also in terms of community impact and the digitally lead transformation of society.

“In Uganda – a Country with a mature and competitive telecoms sector -we believe that the opportunity to achieve this impact is increasingly limited” Africell UG said in a statement to its employees.

Hon. Kasaija however gave a ray of companies to companies that the economy will soon go back to its normal rise and stabilize to allow them make profits and asked them to be more patient.

“But my appeal to any company which is doing business here, please we are going to have a very nice economy, a thriving economy, stay put.” He concluded.

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