Finance minister Matia Kasaijja has urged Ugandans to embrace the culture of saving instead of wasting their money on events that consume resources.
The minister said on Tuesday during the Uganda Bankers’ Association breakfast meeting in Kampala.
He also hinted at how former board chairman and proprietor of Crane Bank, Sudhir Ruparelia was told to inject more money in the bank and couldn’t hence the take takeover by Bank of Uganda.
According to finance minister Matia Kasaijja, government had information that Crane Bank was not performing well and had so many non-performing loans.
“I don’t know what happened but the bank was doing well untill 2014 when its performance started declining. It had made profits of about Shs47.5 billion. I don’t know what happened after 2014,”
Nonetheless, the minister reiterated Bank of Uganda governor Emmanuel Mutebile’s assistance that the financial sector was doing well and stable contrary to what speculators had said.
Kasaijja also encouraged Ugandans to embrace the culture of saving.
According to him, Ugandans fail to save because they waste their money on weddings, introductions and graduation parties.
“Others borrow money from the banks and construct expensive mansions and in the end run to government for bail out,” he added.
This comes at a time many companies cried out to government to be bailed out after facing financial difficulties.