In a bid to tackle Uganda’s high business failure rate, the Uganda Registration Service Bureau (URSB) has launched the Corporate Rescue and Aftercare Support Program 2024/2025.

This initiative aims to equip entrepreneurs and corporate entities with essential skills in financial literacy, corporate governance, and business management to enhance business sustainability. 

According to the 2016 Global Entrepreneurship Monitor (GEM) Report, Uganda was ranked among the world’s most entrepreneurial countries and it also recorded one of the highest business failure rates, with one business closing for every new one started. 

Speaking to journalists in Kampala, Robert Mugabe, the URSB Director Insolvency and Receivership says the newly launched program aligns with Uganda’s National Development Plan (NDPIII) goal of fostering private sector development by preventing insolvency and supporting business recovery.  

He says that business failure is an alarming trend that is attributed to inadequate business management skills, financial illiteracy, weak corporate governance, and external shocks such as the COVID-19 pandemic.

By Ben Musanje

25 February 2025

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