this implies that if only banks and other financial institutions could lower their lending rates and expand the volume of their lending, substantial numbers of businesses in the economy would be able to borrow money for investment in order to boost their output while servicing their debt and increasing their incomes. while i remain uncomfortable with the high lending rates and believe that they should be reduced sustainably over time, i dare say that access to credit is not the ultimate binding constraint on economic growth. we must think holistically about the challenges holding back the power of finance to transform our economy. proper diagnostics must reveal the problems that constrain agricultural finance before we devise durable solutions. we must examine the borrowing capacities of the businesses in our real sector. on one hand, financial institutions are challenged to rethink their views of bankable projects so as to design page 4 of 8 solutions for potential borrowers at their level. on the other hand, formal sector creditworthy businesses, which have been the main clients of commercial banks, comprise a small share of the economy. informal business and micro - enterprises abound and their capacity to utilize credit effectively is constrained, including by inadequate business and technical skills, the high costs of inputs, and unpredictable market conditions. fortunately, some financial institutions have started tackling these problems through business incubation programs. moreover, through automation and adoption of new technologies for delivering financial services, it is possible for banks to reduce their operating costs, and pass on the savings to borrowers through reduced lending rates. i am also optimistic that banks will exploit the potential of bancassurance to exploit synergies with insurance to design products for the riskier borrowers. indeed, i am anxious to learn from the speakers about uba ’ s plans to de - risk financing and investment in agriculture. i must applaud the uba for embracing the role that can be played by the financial sector in transforming our people into a non - agrarian workforce and urban - dwelling page 5 of 8 populace. but i must add that it will take a comprehensive approach by all sectors to bring about this transformation. indeed, the fruits of higher labour productivity in nonagriculture sectors, and higher living standards in urban areas enjoin the government to develop the manufacturing and service sectors in order to absorb the youths who are migrating from rural areas. research conducted by the international growth centre has shown that it is possible for uganda to industrialise through prioritization of high productivity services or non - traditional “ industries

, well balanced to enable market participants make well informed investment decisions. the end goal for carrying out such training workshops and subsequent ones especially by quality trainers like the thomson reuters foundation is to build a pool of professional business journalists in uganda who will promote efficiency and development of financial markets in uganda. at this stage let me congratulate use ; the organizers of this workshop for bringing together a group of the most distinguished and experienced practitioners in the field of journalism to pass on their experience and skills as well as sharing best practices and initiatives in business journalism with their ugandan counterparts. i wish to encourage ugandan journalists to always strive for excellence and professionalism in their reporting. let me also thank the thomson reuters foundation ; a global leader in financial reporting, for playing its part and for partnering with ugandan institutions in having successfully produced at least 15 certified journalists from this training. the onus now remains with the ugandan journalists who have acquired the skills to put them to best use as they play their part in the development of financial markets in uganda. i wish to pledge bou ’ s continued support through the 5 - year fmdp project to uplift skills levels in our financial markets as we strive to improve efficiency and disclosure for the benefit of the investors. it is my belief that skills that you have acquired will improve on your business reporting and demystify financial markets operations for the good of ordinary ugandans. with those remarks, it is now my pleasure and privilege to declare this training workshop officially closed. thank you.