Africa-Press – Uganda. The Uganda Registration Services Bureau (URSB), through its Directorate of Insolvency and Receivership, has launched the corporate rescue and aftercare support program 2024/2025 to address high business failure rate by equipping entrepreneurs with essential skills for business sustainability.
The program aims to tackle challenges such as inadequate business management skills, financial illiteracy, and weak corporate governance.
These factors have contributed to Uganda’s alarming business closure rate.
According to the 2016 Global Entrepreneurship Monitor (GEM) Report, Uganda ranks among the world’s most entrepreneurial countries but also records one of the highest business failure rates, with one business closing for every new one opened.
The initiative supports Uganda’s National Development Plan III (NDPIII) goal of fostering private sector growth by preventing insolvency and supporting business recovery.
Speaking at the launch, Mr. James Bulenzibuto, Chief Executive Officer of Elimu Trust Eastern Africa, stressed the importance of taking proactive measures to support businesses.
“We are not here just to build CVs. We are here because the Directorate believes in proactive solutions, not postmortems for failed businesses. Let’s change the narrative. Ask your questions; we are here to equip you for success,” Bulenzibuto said.
The program encourages participants to fully engage in discussions and training sessions designed to develop strategies for business growth and survival.
Ms. Barbara Kasekende, Head of the Advisory Department at Uganda Development Bank (UDB), urged business owners to approach debt financing cautiously, emphasizing that borrowing should drive growth rather than burden businesses.
“Debt should be an enabler, not a burden. Smart borrowing fuels growth, whereas reckless debt sinks businesses,” Kasekende said. She advised entrepreneurs to assess their financial situation by asking critical questions: Is my business unprofitable? Is my business still too young? Have I not yet invested my own money? Can I show a clear return on investment? If the answer to any of these questions is yes, she urged reconsideration before taking on debt.
The Corporate Rescue and Aftercare Support Program will focus on enhancing business financial management and literacy, training participants on best practices in corporate governance, and offering practical business management strategies for growth.
It will also introduce corporate rescue mechanisms available under Ugandan law and create a platform for knowledge-sharing among business experts and entrepreneurs.
The program is open to a broad range of participants, including entrepreneurs, business owners, corporate boards, regulators, policymakers, and academia. It aims to provide them with the tools needed for resilience and strategic management in Uganda’s evolving economy.
Since 2016, URSB’s Directorate of Insolvency and Receivership has organised multiple insolvency conferences for key stakeholders such as judicial officers, insolvency practitioners, bankers, and regulators.
The new program builds on these efforts, promoting a culture of resilience and strategic management to ensure more Ugandan businesses survive and thrive.
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