Kampala — Private Sector Foundation Uganda, Executive Director Gideon Badagawa has asked Uganda's private sector to embrace the principles of corporate Governance if they are to attract financial partners to do business with.
Badagawa noted that although the country is experiencing growth in the private sector many of the firms are failing to attract Business partners especially those who can inject in Money due to failures to practices corporate governance.
"There are many investors willing to partner with Ugandan' firms in the private sector but the challenge is some of them are not embracing corporate governance which is essential in the managing of both SMEs and Big companies because where there's corporate Governance automatically their will be transparency in management, "said Badagawa during the announcement of the 7th Edition of the Annual Private sector Development Awards slated for 14th September.
He said that the fact that many Ugandan companies are not listed on the stock exchangebeing transparent is challenge.
Badagawa disclosed that PSFU will be awarding the best players in the private sector and Government Agencies which have supported the development of Private sector.
The Awards will recognize Individuals, Enterprises , Business Associations, Cooperate and Community groups that have contributed to empowerment of its members or society.