RESOURCE MOBILISATON : A CRITICAL SKILL FOR JOB CREATION

 Recently I talked to a leader of a local NGO who told me that the cut in USAID funding left many organizations grappling on how to survive. This includes cutting on their expenditure and laying off staff. We all know how tough it is to survive without a source of income. For a long time the local civil society has depended on the outside world for funding but these days it is proving to be very unsustainable. The key question is what should be done? Is it time for African countries to look internally for sustainable resource mobilization? Are Africans fully equipped with knowledge to mobilize their own resources? Do we fully grasp the notion of resource mobilization? Is resource mobilization limited to physical cash? Does Africa possess the much needed resources for its development?

Without adequate resources life is at a standstill. At the same time we have witnessed entrepreneurs who had almost nothing end up building mega empires. We have witnessed Indians come to Uganda with almost nothing and ended up with prosperous businesses while Ugandans are not seeing the opportunities. How come a university student can complete a degree and end up frustrated that there are no jobs. Could it be a lack of resources or the nature of our education system? How come a group of university students decided to set up an investment club that is now worth billions in investments and have real estate ventures while other youths are focused on selling the assets they have and gambling to make ends meet?

Many times Uganda's youths are invited for capacity building workshops such as financial literacy trainings where they can get knowledge on how they can use the limited resources to create sustainable businesses. In a nation where over 70% of the population is below 30 years there is a tendency for them to desire instant wealth. So instead of many of them pooling the limited resources to start up economic ventures a number of youths use the money on unplanned ventures. In fact a certain report of Parish Development Model noted that a number of beneficiaries had diverted funds to unplanned ventures. A number of youths and women lack the confidence to approach banks for funding opportunities.

To build a prosperous nation and continent we cannot avoid confronting the issue of domestic resource mobilization. If two young men burnt themselves because they could not cope up with the high cost of living during lock down. If masses have lost jobs due to the cuts in the United States funding, domestic resource mobilization should take center stage.

HOW TO MOBILISE RESOURCES FOR DEVELOPMENT

1.Developing a savings culture should start at a young age.

2.Financial literacy training in communities

3.Promotion of cottage industries 

4.Networking among civil society and private sector

5. Living within our means

6.Entrepreneurship education should be emphasized

7.Government should provide seed capital to aspiring entrepreneurs.

8.Promotion of African Philanthropy

Domestic resource mobilization is very important in an era of declining donor support. It is a wake up call for the African continent that self sufficiency is important as described above.


Phillip Kiryowa

Personal Finance Coach 

Master Trainer, Bank of Uganda

Founder, Advanced Empowerment Link

+256752615916

For Financial Freedom and Sustainable Enterprises.

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