Organised under the theme ‘Priming the Economy for inclusive growth via the Capital Markets’the inaugural Economic Mkutano 2018 brought together the whole spectrum of market participants from investment clubs and regulated financial institutions to tech evangelists explaining the economic opportunity that blockchain holds.
David Ofungi, Founder and CEO of DERO, said the Mkutano serves to facilitate open debate in which conclusions enable us to script our own economic story in a manner that fosters inclusive growth.
Keith Kalyegira, the Chief Executive Officer, Capital Markets Authority, said reference to Capital market financing is essentially market based or non-bank financing in all its forms that is equity (private and public), and debt typically without recourse to the assets of the debt issuer.
“Unlike bank financing which is provided by short term deposits or savings with banks, market based financing is provided by long term individual and institutional domestic and foreign savers like pension funds, university endowment funds, and other forms of contractual savings,” he said.
Kalyegira explained that just like governments, businesses need long term patient capital in order to implement medium to long term growth strategies, which are the source of jobs, exports and taxes.
“That is why we continually encourage and lead discussions that facilitate the accumulation and use of savings in production by the private sector - the Mkutano is one such discussion,” Kalyegira explained.
Prof. Emmanuel Tumusiime- Mutebile, the governor Bank of Uganda was the chief guest at the gathering which featured renown business man and former CEO of Old Mutual South African, Sello Moloko.
