KAMPALA, Uganda – Senior presidential advisor Odrek Rwabwogo has warned that Uganda and the wider African continent risk losing out economically if they fail to counter foreign-backed companies with stronger local financing and value addition strategies.
In a video message shared on social media, Rwabwogo said foreign firms are increasingly dominating African markets due to access to cheap, state-supported financing and long-term industrial planning—advantages many local businesses lack.
“Uganda cannot compete in a world where other countries send their companies into Africa backed by cheap money, strategic planning, and long-term industrial support,” he said.
He pointed to global initiatives such as China’s Belt and Road Initiative and the European Union’s Global Gateway, which provide low-cost funding to companies expanding into Africa.
According to Rwabwogo, the absence of similar financing mechanisms for African entrepreneurs leaves local firms at a disadvantage.
“Where is Africa’s export fund united around low-cost money for entrepreneurs?” he asked.
Rwabwogo, who also chairs the Presidential Advisory Committee on Exports and Industrial Development (PACEID), said Africa continues to lose value by exporting raw materials and importing finished goods at higher prices.
The continent holds an estimated 20 percent of the world’s mineral resources, including cobalt, lithium, copper and rare earth elements.
However, most of these resources are exported in raw or semi-processed form, with refining and manufacturing....
