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PROF AUGUSTUS NUWAGABA: Here is how govt can address the current economic hardships

Prof Augustus Nuwagaba, an economics don (PHOTO/Courtesy).

Prof Augustus Nuwagaba, an economics don (PHOTO/Courtesy).

Investing in production: provision of high quality seeds, acaricides, pesticides, value addition on agriculture products, storage and post-harvest management.

3. Medium term measures: a) instituting import substitution and export promotion policies. This should base on already developed value addition in agro-processing.

b) Adopting a strong industrialisation policy with sufficient investment in policies to attract foreign direct investment, working on tax regime to make it attractive to investors, creating market infrastructure, including negotiating for favourable international trade architecture including guarantees.

4. Long-term measures: a) investing in irrigation infrastructure to control agriculture production. b) investing in the population. This is what most countries (China, Singapore, South Korea) adopted as a magic bullet that transformed their countries.

c) Fighting corruption and wasteful expenditure

d) Reducing borrowing; leaving borrowing to only critical areas that have high multiplier effects.

5. The benefits of a highly skilled population include; high productivity, high earning capacity which translates in high aggregate demand, which a major factor in driving economic activity.

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