Rakai youths get skills in YLP funds investment
Apr 14, 2017
Rakai is among the 80 districts that have failed to utilize the YLP funds and pay back 50% of the initial funds disbursed in the previous financial year.
Different youth groups in Rakai districts have undergone a rigorous training in financial management and entrepreneurship skills ahead of the Youth Livelihood funds distribution.
The training held at the District Agricultural Training and Information Centre (DATIC) in Lwanda Sub-county was organised by the ministry for Gender, Labour and Social Development to guide youths on how to invest the funds.
Rakai is among the 80 districts that have failed to utilize the YLP funds and pay back 50% of the initial funds disbursed in the previous financial year.
It is against this ground that the ministry came in to offer basic knowledge and technical guidance on how to effectively use the funds and gain profits from the funds.
Deogratias Mulumba, the Rakai District Community Development Officer (DCDO), said that many youths intentionally shun such trainings but end up misusing the funds hence making huge loses.
He added that they have always considered the successful groups for the trainings for having utilised funds.
"We have always invited youth groups but very few turn up for the trainings. Instead, a few youths benefit from them while others remain ignorant about financial investment," he said.
Mulumba added that the suggestion came after the district recovering only 6% of the required funds in the last financial year.
Basing on the past attendance history, the ministry and district authorities set a condition to exclude youth groups that ignore relevant financial trainings.
Meddie Kanyike, an agricultural officer, explained that record keeping can easily help to tell whether the business is progressing or simply failing.
However, Idris Bukenya Kasozi, the deputy chief administrative officer (CAO), advised the youths to make sure the funds are paid back in the prescribed time to avoid legal action against them.
He explained that most of the youths presume the funds are given out to them to simply spend which is a wrong perception. "That's why most of them fail to invest it," he said.
Godfrey Muchunguzi, the deputy Resident District Commissioner (RDC), urged the group leaders to avoid mismanaging the funds which may affect other youths.
A few groups managed to be selected this financial year while others will be considered before the next financial year ends.
However, Bonny Ssekiwanda, the Rakai Youth Chairperson, thanked the ministry officials for the training extended to the youths adding those who attended will perform to the expected results.
He advised the youths to adopt a learning attitude and also be ready to encounter risks and uncertainties that may occur in the course of their projects.
Funds worth over sh800m were released for Rakai YLP in the financial year 2016/2017. Authorities are yet to distribute the funds to the successful groups.