Expert calls for job creation

Apr 03, 2011

EMPHASIS should be put in inculcating the culture of entrepreneurship among the youth, if the country is to fast-track economic development, a top banker said over the weekend.

By David Ssempijja
EMPHASIS should be put in inculcating the culture of entrepreneurship among the youth, if the country is to fast-track economic development, a top banker said over the weekend.

Albert Odongo, the managing director for Kenya Commercial Bank Uganda, explained that entrepreneurship among the young generation would play a key role in mitigating the high levels of unemployment, since the age bracket is more innovative and energetic.

“Unemployment is an increasing problem among the youth. “As KCB, we are looking at encouraging students to not only seek formal employment, but to also venture into entrepreneurship,” Odongo said in a speech read by the KCB head of corporate banking, Anthony Kituuka.

This was at a function where the bank gave sh5.7m to AIESEC, a business-focused international students association to organise the second annual carrier week slated for April 11 to -14 at Mekerere University.

“We also intend to build a pool of dedicated entrepreneurs with strong operational skills, experience in low-income markets and the moral imagination to build enterprises that meet the needs of low-income consumers,” Odongo added.

He said with average unemployment levels at over 50% across the region, and white collar jobs becoming elusive for the graduating youth, the need to turn to business to create jobs was urgent.

The recent data by the labour ministry, indicated that close to 390,000 people aged between 14 and 40, enter the labour market annually, but only 130,000 were estimated to be get employment.

The World Bank’s report on Africa Development Indicators 2008/09, also showed that Uganda had the world’s highest youth unemployment.

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