President Yoweri Kaguta Museveni has encouraged Ugandans to embrace modern wealth creation models such as investing in company shares to safeguard inherited property and support economic transformation.
He made the remarks while meeting a delegation from MTN Group at State House, Entebbe on Friday 9th may 2025.
“In some parts of the world, families have found ways to share ownership while keeping property intact. That’s another struggle we must win here,” the President emphasized, while addressing the challenges of property fragmentation following inheritance.
President Museveni further called on MTN Group to consider investing in manufacturing to complement Uganda’s ongoing industrialization drive and tap into regional trade opportunities.
“You should explore manufacturing partnerships and take advantage of Africa’s emerging opportunities in regional trade and industrialization,” he advised, stressing that sustainable income growth in sectors like manufacturing and agriculture was crucial to increasing demand for services such as telecommunications.
The President also urged MTN to expand its investment portfolio beyond Uganda’s borders in support of intra-African economic integration.
On his part, MTN Group Chairman Mr. Jonas Mcebisi reaffirmed the telecom giant’s long-term commitment to Uganda and expressed interest in strengthening Uganda-South Africa business ties.
“MTN is not here for the short term, we are here for the long haul,” Mr. Mcebisi said. “We believe there is real opportunity to help Ugandan businesses enter the South African market, and that is something we can explore further.”
Highlighting the company’s reach, Mr. Mcebisi revealed that MTN currently serves about 22 million customers in Uganda, making it the biggest shareholder of telecom customers , with around 12 million using smartphones.
Globally, MTN boasts a customer base of over 297 million across its footprint.
The meeting was also attended by Hon. Joyce Nabbosa Ssebugwawo, Minister of State for ICT and National Guidance; Mr. Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury at the Ministry of Finance; Mr. John Musinguzi, Commissioner General of the Uganda Revenue Authority (URA); and Mr. George William Nyombi Thembo, Executive Director of the Uganda Communications Commission (UCC).
