Africa-Press – Uganda. Private sector is a wheel of economic growth. It is a good shock absorber for the government’s inadequacies. It is an engine in the trail of economic empowerment.
It is also very pivotal in job creation and encouragement of broader coverage and distribution of social services.
The numerous merits notwithstanding, it is a terrible idea for private markets to regulate themselves. It is inherent that humans are selfish beings. We always treasure so much what belongs to us than we do for what belongs to our neighbours.
The emergence of Covid-19, the subsequent exorbitant hospital bills and retail cost of Covidex, have only exposed the fact that free ‘humane will’ in market price regulation, even amidst a disaster, is not a thing we can fully rely on. At least not for Uganda!
Even then, given the cost of doing business in this country and the thirst for profits, encouraging good will over a structured basic regulatory framework, is like telling a person to climb a tree while pocketing. Regulation of the private sector isn’t only ethical but also an economic solution.
A well-regulated private sector promotes better accessibility to basic and fundamental services that sustain humanity.
Uganda should, therefore, regulate through establishing and enforcing legal restrictions or controls and incentives. Government should be able to establish price ceilings under certain circumstances to protect her people against extortion.
Measures such as tax relief, bonuses and duty-free imports supplies in key sectors like health and education should be instituted to enable private players to manage the cost of doing business in the country.
Leaving private players to simply appeal to their conscience is like telling a starving predator to forgive its struggling prey.
Derick Muloogi, Mbarara
