President Museveni has urged retiring Uganda People’s Defence Forces (UPDF) generals to protect their retirement benefits by prioritising safe investments before venturing into capital-intensive businesses.
Speaking during the retirement ceremony of 19 general officers at State House, Entebbe, on Thursday, the Commander-in-Chief advised the officers to preserve their wealth by investing in treasury bonds and fixed accounts that generate steady returns.
“What will be safer is simply to put the money where it will earn interest,” President Museveni said.
He said treasury bonds offer retirees a secure way of generating income without having to actively manage a business, allowing their retirement savings to continue generating returns.
“If you can put Shs600 million and you are getting 15 percent, by the end of the year that is Shs90 million profit,” he said.
Museveni cautioned the retirees against rushing into ventures that require large amounts of capital, urging them to first establish a steady income through safer investments before expanding into other businesses.
“First plant the seeds where they germinate and use the harvest in other projects,” he said.
The President suggested that returns from fixed accounts and treasury bonds could later be used to finance ventures such as fish farming and rental housing.
He also encouraged retirees who already own land to consider goat rearing, describing it as a practical business with relatively low costs and a ready market.
“You can rear goats. Can you fail to get buyers? They don’t need artificial feeds. You can have them on a small scale, something simple, safe and sustainable,” he said.
Museveni made the remarks as 19 senior officers formally retired from active military service after serving in command, operational, administrative and strategic positions within the UPDF.
The retirees include Gen Edward Katumba Wamala, Lt Gen Charles Otema Awany, Lt Gen Charles Angina, Maj Gen Abel Kandiho, Maj Gen Geoffrey Tumusiime Katsigazi, Maj Gen Apollo Kasiita Gowa and Maj Gen Leopold Kyanda, alongside 12 brigadier generals.
Congratulating the officers on their service, the President praised them for helping to build a disciplined force that has contributed to Uganda’s security.
“First of all, I congratulate the Generals for the great contribution they made to the UPDF. The UPDF and NRM have been able to build security,” he said.
Speaking on behalf of the retirees, Gen Katumba Wamala urged serving officers to preserve the professionalism of the UPDF and maintain respect for the civilian population, describing the relationship between the army and civilians as an “umbilical cord” that must be protected.
Defence Minister Kiryowa Kiwanuka also encouraged the retired generals to apply the financial management skills acquired during their service to become ambassadors of wealth creation while continuing to represent the UPDF in their communities.
