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Empowering Africa’s Economic Growth: The Role of MSMEs

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Empowering Africa’s Economic Growth: The Role of MSMEs

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In recent years, Micro, Small, and Medium Enterprises (MSMEs) have emerged as key drivers of economic development in Africa.

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What about MSMEs in Africa? In recent years, Micro, Small, and Medium Enterprises (MSMEs) have emerged as key drivers of economic development in Africa. As the continent undergoes rapid transformation, these enterprises play a crucial role in fostering innovation, creating employment opportunities, and contributing to overall economic growth. In this article, we delve into the significance of MSMEs in Africa and explore the ways they are shaping the continent's economic landscape.

The Backbone of African Economies: MSMEs in Africa (Focus)

MSMEs form the backbone of African economies, representing a diverse range of businesses operating in various sectors. From agriculture and manufacturing to services and technology, these enterprises contribute significantly to GDP, employment, and poverty alleviation. According to recent studies, MSMEs account for a substantial portion of employment opportunities, employing millions across the continent.
Driving Innovation and Entrepreneurship
Africa's MSMEs are also at the forefront of driving innovation and entrepreneurship. With the adoption of digital technologies and increased connectivity, these enterprises are leveraging innovative solutions to address local challenges and meet the evolving needs of their communities. Whether it's developing mobile applications for financial inclusion or embracing sustainable practices in agriculture, MSMEs are playing a pivotal role in shaping a more resilient and inclusive economy.
Challenges Faced by MSMEs in Africa
While the potential of MSMEs in Africa is immense, these enterprises face various challenges that hinder their growth. Limited access to finance, inadequate infrastructure, and regulatory barriers are among the primary hurdles faced by MSMEs. Recognizing these challenges is essential for policymakers and stakeholders to design effective strategies and support mechanisms that enable MSMEs to thrive.
The Tony Elumelu Foundation's Role in Empowering MSMEs
The Tony Elumelu Foundation has been at the forefront of empowering MSMEs in Africa. Through its various initiatives, the foundation provides training, mentorship, and financial support to entrepreneurs, equipping them with the skills and resources needed to succeed. By fostering a culture of entrepreneurship and innovation, the foundation contributes to the development of a vibrant MSME sector that, in turn, stimulates economic growth across the continent.
Conclusion: Unlocking the Potential of MSMEs in Africa
In conclusion, MSMEs are integral to Africa's economic development, serving as engines of growth, innovation, and job creation. As the continent continues to undergo rapid transformation, it is crucial to prioritize the support and empowerment of these enterprises. Through initiatives like the Tony Elumelu Foundation, stakeholders can collectively work towards creating an enabling environment for MSMEs to thrive, unlocking their full potential and contributing to a more prosperous and sustainable future for Africa.

By investing in the growth of MSMEs, Africa can harness the power of entrepreneurship to address pressing challenges, build resilience, and foster inclusive economic development. As these enterprises continue to evolve and expand, they will undoubtedly play a central role in shaping the future trajectory of the African continent.

About The Tony Elumelu Foundation

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and ensuring inclusive economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Foundation's mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

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Empowering Africa's Economic Growth: The Role of MSMEs

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Funding MSMEs in AFrica: The Tony Elumelu Foundation aims to champion Entrepreneurship & Economic Development in Africa

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Africa must prioritise digital technology to be competitive, says Bosun Tijani

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Africa must prioritise digital technology to be competitive, says Bosun Tijani

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Bosun Tijani, minister of communications, innovation and digital economy, says Africa must prioritise the use of digital technology to be competitive and leapfrog development.

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Facebook Profile of Emmanuel Katto Uganda

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Facebook Profile of Emmanuel Katto Uganda

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Emmanuel Katto, widely recognized as Emka, is a prominent figure in Uganda's business landscape. Known for his remarkable success in the corporate world, he has established himself as a business magnate, building a diverse portfolio of ventures across various industries.

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Log into Facebook to start sharing and connecting with your friends, family, and people you know.

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AU releases interoperability framework to spur digital ID adoption, integration

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AU releases interoperability framework to spur digital ID adoption, integration

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The African Union (AU) has published a blueprint which is expected to ramp up the expansion of legal and digital ID in Africa .

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Biometric Update | Biometrics News, Companies and Explainers

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The African Union (AU) has published a blueprint which is expected to ramp up the expansion of legal and digital ID in Africa and ensure that citizens "easily and securely access the public and private services they need, when the need them, and independently of their location."

The 44-page document titled "The AU Interoperability Framework for Digital ID" sets out the continental body's vision of supporting ID ecosystems that align with its vision of an integrated, prosperous and peaceful African continent, and which will drive stronger participation in the African Continental Free Trade Area agreement (AfCFTA).

The AU's framework doesn't call for a unified continent-wide digital ID system, but proposes a template for how existing systems in different countries can function in an interoperable manner as part of the push towards stronger continental integration and economic prosperity. It will also support inclusion and "participation in the wider digital economy and society and allow services to operate with greater trust and certainty."

Online, offline ID verification will be facilitated

As part of the goal, the framework is intended to create a scenario that will make it possible for all Africans in any member state of the AU to be able to verify their identity online or offline to access a range of services available to them. The framework is also supposed to empower Africans to have greater and more effective control over their personal data such as biometrics and the ability to share only the minimum that is required for a specific transaction, and then strengthen trust and interoperability among foundational identity systems of AU member states.

The framework, published last month, is divided into three major sections. It spells out common requirements, minimum standards, governance requirements and alignment among legal frameworks. It also discusses the vision, objectives, scope and potential use cases of the framework, a high-level road map for the definition and implementation of the framework, as well as assumptions, challenges, risks to be tackled and recommended mitigation measures.

The AU writes in the framework's executive summary that it shall "provide for a common standard at the continental level to represent, digitally, the proofs of identity issued by trusted sources from AU member states and to ensure interoperability throughout the continent."

The framework suggests that "individuals who hold an ID from a national system will be able to obtain an interoperable digital credential for legal identity (IDC-ID) that will take the form of a verifiable claim," and standards will be set for the interoperability framework that will define key aspects of the IDC-ID.

Technical specifications for the minimum dataset, cryptographic protections and data formats will be decided during the second phase of the implementation roadmap. W3C verifiable credentials and barcodes are specifically noted as possible data formats in the framework document. The second phase will also involve establishing a Trust Framework to govern the IDC-ID.

The use of biometrics is not yet specified, though the document notes that more than 70 percent of African countries currently collect biometrics as part of civil registration.

Optimists hope the AU's framework could help drive up the adoption of legal and digital ID in a continent where several millions of people still find it difficult having access to private and public services either because they lack proper identification or they possess IDs that are not fit for purpose.

Framework seeks to address a myriad of challenges

The AU also says it is optimistic that this framework will be adopted and endorsed by all its member states, and hopes it will be useful in addressing a number of challenges related to identity such as exclusion risks, weak cybersecurity systems and risks related to personal data protection, lack of demand for ID often due to low trust levels, inadequate technical and financial capacities, insufficiency of data storage facilities, no availability of interoperable ID systems and a lack of appropriate governance and legislative guides, among others.

The AU Interoperability Framework for Digital ID is part of the body's Agenda 2063, a strategic document which outlines Africa's socio-economic development and transformation ambitions in the next 50 years, and which places a premium on legal identity for all. It is also drafted in consonance with the 2020-2030 Digital Transformation Strategy for Africa (DTS), a plan okayed in 2020 during the African Union Executive Council's 36th meeting.

The release of the interoperability framework comes not long after the AU also published a Data Policy Framework, which presents data as an invaluable asset in the building of strong digital economies. The data framework comes as guide for a common vision, principles, strategic priorities and key recommendations to African countries as they work toward developing their national data systems.

Other digital ID interoperability efforts in Africa

Digital ID interoperability in Africa has also been of concern to multilateral partners like the UN. Last year, the United Nations Economic Commission for Africa (ECA), co-organized a regional consultative workshop in The Gambia in which representatives of governments, policymakers, experts, and stakeholders from Africa gathered to share thoughts on how digital ID interoperability can be achieved by harmonizing digital ID systems on the continent.

Discussants also examined aspects of identity such as the need to get the right policy and legal framework for digital identity, cybersecurity and the growing power of artificial intelligence, and the human rights dimension in the implementation of digital ID ecosystem projects.

Apart from digital identity interoperability, there has also been a proposal for African countries to have an integrated and harmonized civil registration and vital statistics system as a way of accelerating and streamlining birth registration on the continent.

Article Topics

Africa | biometrics | digital ID | identity verification | interoperability | legal identity

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AU releases interoperability framework to spur digital ID adoption, integration | Biometric Update

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The African Union (AU) has published a blueprint which is expected to ramp up the expansion of legal and digital ID in Africa.

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Uganda: Political Changes, Infrastructure Challenges, and Commitment to Growth

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Uganda: Political Changes, Infrastructure Challenges, and Commitment to Growth

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Uganda is in the thick of national developments and international engagements. The country’s Parliament’s appointments committee is currently vetting nominees for the electoral commission, with Justice Simon Byabakama expected to continue in his role as chairperson.

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Uganda is in the thick of national developments and international engagements. The country's Parliament's appointments committee is currently vetting nominees for the electoral commission, with Justice Simon Byabakama expected to continue in his role as chairperson. However, during the process, two nominees were dropped, bringing a wave of regret and confusion amongst the committee members.

Political Strides and Electoral Preparations

Tasked with preparing for the 2026 elections, the committee, chaired by the Speaker of Parliament, Anita Among, vetted a new seven-member team for the Electoral Commission. This included the roles of Chairperson, Deputy Chairperson, and other commissioners. However, the process saw two nominees, Pamela Etonu Okudi and Dr. Ssimba Ssali Kayunga, being replaced by Caroline Bainamaryo and James Emorut. The changes, made by President Yoweri Museveni, were met with regret and some confusion due to the presence of two differing lists of nominees. The Electoral Commission, established under Article 60 of the Constitution of Uganda, is now set on its path towards the 2026 elections.

Infrastructure, Public Safety and Tragedies

While the country is making strides on the political front, it's also addressing issues of infrastructure and public safety. Heavy rains have caused concerns with Manafwa roads, and a recent study has highlighted the significant risks faced by Kampala cyclists who ride without helmets. Tragedy also struck Kamwenge, as a man committed a horrifying act of violence, killing four members of a family.

Opposition Parties Uniting and Economic Developments

In preparation for the 2026 election, Uganda's opposition parties are uniting, aiming to present a consolidated force against the sitting government. Economically, Uganda is seeking fuel alternatives to reduce its dependency on Kenyan suppliers. The country is also displaying its potential in the real estate sector at the Non-Aligned Movement (NAM) conference, with the National Social Security Fund (NSSF) taking part in this initiative.

Call for Investment and a Stand Against Corruption

President Museveni is urging for more African investment in Uganda and the wider East Africa, while the Chief Justice Dollo is leading a public call to combat judiciary corruption. Meanwhile, Minister Amongi is providing assurance to businesses amid summit relocations, and Minister Oryem has declared an end to the era of bullying in international affairs.

Sports and International Collaboration

On the sports front, Uganda is bolstering its baseball dreams for 2028 by recruiting two players from the USA. The country is also preparing handball teams for the upcoming International Handball Federation (IHF) trophy zonal qualifiers. In addition, discussions on AI's role in transforming emerging economies and youth involvement in global NAM convergence are ongoing, reflecting Uganda's commitment to growth and international collaboration.

Salman Khan

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Uganda: Political Changes, Infrastructure Challenges, and Commitment to Growth

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Uganda faces political changes as it scrutinizes nominees for the electoral commission, addresses infrastructure and public safety concerns, unites opposition parties for 2026 elections, and seeks alternative fuel supplies. Meanwhile, discussions on AI and youth involvement in global convergence reflect the country's commitment to growth.

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Immerse yourself in Uganda's marvels through the indomitable spirit of Emka Emmanuel Katto, a passionate journalist who uses his blogs to unveil the hidden treasures of the country's natural landscapes and exotic wildlife. With an aim to educate and inspire, his narratives reflect the vibrant culture and incredible diversity found in his beloved homeland.

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African Businesses Urged to Embrace Technology for Growth

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African Businesses Urged to Embrace Technology for Growth

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Samson Olatunde, the founder of Knowledge Digest Africa (KDA), has emphasized the importance of African business owners embracing technology to enhance their enterprises.

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African Businesses Urged to Embrace Technology for Growth - Tech In Africa

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Olatunde stressed the need for African businessmen to take greater advantage of technology for business expansion and growth.

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Sporting Partnerships: Uganda’s Collaborations on the Global Stage

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Sporting Partnerships: Uganda’s Collaborations on the Global Stage

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While many may seek to get a promo code on 1xbet for sports betting, Uganda’s true game-changer lies in the alliances it forges with international sporting organizations, nations, and brands. In this article, we explore Uganda’s sporting partnerships that are elevating the nation’s presence and influence in the world of sports.

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Sporting Partnerships: Uganda’s Collaborations on the Global Stage

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Access Bank To Acquire Majority Stake In Ugandan Bank

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Access Bank To Acquire Majority Stake In Ugandan Bank

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Access Holdings Plc has announced that its flagship subsidiary, Access Bank Plc has entered into a definitive agreement with the Ugandan-based Finance Trust Bank Limited, FTB and its Selling Institutional Shareholders, for the acquisition of a majority equity stake in FTB.

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Access Holdings Plc has announced that its flagship subsidiary, Access Bank Plc has entered into a definitive agreement with the Ugandan-based Finance Trust Bank Limited, FTB and its Selling Institutional Shareholders, for the acquisition of a majority equity stake in FTB.

The company secretary, Sunday Ekwochi, in a statement said following the conclusion of the closing of the transaction which is targeted for the first half of 2024, Access Bank would own an estimated 80% shareholding in FTB.

The statement read "Access Holdings Plc is pleased to announce that its flagship subsidiary, Access Bank Plc ("the Bank or Access Bank") has entered into a definitive agreement with the Ugandan-based Finance Trust Bank Limited (Finance Trust Bank" or "FTB") and its Selling Institutional Shareholders ("FTB Selling Shareholders") for the acquisition of a majority equity stake in FTB ("The Transaction").

"The Transaction involves Access Bank's acquisition of a majority stake from existing shareholders and a capital injection by Access Bank to increase FTB's capital base, both of which are subject to regulatory approvals by the Central Bank of Nigeria and Bank of Uganda.

"Following the conclusion of customary conditions precedent and the anticipated closing of the transaction targeted for the first half of 2024, Access Bank would own an estimated 80% shareholding in FTB.

Speaking on the Transaction, the Group Chief Executive of Access Holdings, Herbert Wigwe acknowledged it as 'an important milestone that moves the company closer to its five-year plan through continued expansion into key markets'.

He said "The Transaction marks an important milestone for Access Bank as it moves us closer to the achievement of our five-year strategic plan through continued expansion into key markets.

"We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams. The expansion to Uganda will support the realization of our aspiration to become Africa's Payment Gateway to the World."

Also, the Managing Director of Access Bank Plc, Roosevelt Ogbonna said "Trade flows in East Africa revolve around key trade corridors, with Uganda being a key player in the region. With the African Continental Free Trade Agreement these corridors will continue to expand and by deploying our best-in-class financial solutions, we are strategically positioned to deliver value for our stakeholders.

"The transaction will enable the Bank to leverage its strong experience in the gender empowerment market to support FTB's mission to deliver innovative financial solutions to customers especially women which currently comprises about 40% of its customers.

"The Bank's African growth strategy is focused on consolidation within the key regional trade. blocs to harness the full benefits of its legacy investments across the continent.

"The Bank will continue to deepen its market share with a view to delivering sustainable profit across all countries of operations."

Chioma Kalu

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Access Bank To Acquire Majority Stake In Ugandan Bank - Arise News

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"The Bank will continue to deepen its market share with a view to delivering sustainable profit across all countries of operations."

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Emmanuel Katto, a proud Ugandan and relentless pursuer of knowledge, remains ceaselessly engrossed in the ever-evolving narratives and trends that define Africa and his home country.

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Unleashing Prosperity: Emmanuel Katto's Visionary Impact on African Mining

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Unleashing Prosperity: Emmanuel Katto's Visionary Impact on African Mining

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Africa is poised to experience an unparalleled mining boom that will unleash its immense potential and completely transform the continent’s economic terrain. Leading the push is the visionary Ugandan businessman Emmanuel Katto, who has expressed his deep hope and insight into the upcoming revolution of the African mining industry.

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Africa poised for unprecedented mining boom

BUSINESS INTERVIEW | THE INDEPENDENT | Africa is poised to experience an unparalleled mining boom that will unleash its immense potential and completely transform the continent's economic terrain. Leading the push is the visionary Ugandan businessman Emmanuel Katto, who has expressed his deep hope and insight into the upcoming revolution of the African mining industry.

"Africa has long been known for its abundant mineral resources, which include gold, diamonds, copper, cobalt, and many other precious minerals. But a lot of the time, these resources have been underused or exported as raw materials, which has resulted in a lost chance for the economic growth of the continent," Katto said.

However, Emmanuel Katto believes a fresh day is approaching.

"Numerous causes, such as the increased demand for minerals globally, technical developments, better legal frameworks, and the emergence of ethical mining methods, are responsible for this renaissance," he explained..

The rising demand for minerals on a worldwide scale is one of the major factors fueling Africa's mining boom.

"The global shift towards sustainable and eco-friendly technology has led to a rise in demand for minerals like cobalt, which is essential for batteries, and rare earth elements, which are used in electronics and renewable energy. African countries are in a good position to provide this expanding need," the businessman who is into mining said.

Emmanuel Katto highlights the need for the mining industry in Africa to evolve from a basic provider of raw materials to a center for downstream industries and value addition. This entails using minerals processed domestically to produce final goods and so take a bigger chunk of the value chain. African nations may boost their economies, generate income, and promote industrial development by investing in domestic processing plants.

Adopting ethical mining methods is also essential to Katto's mission. When mining is done properly, it may coexist with preservation of the environment and residents' welfare. To make sure that mining operations have a good effect on both people and the environment, he exhorts governments and mining firms to promote moral and sustainable practices.

Moreover, Emmanuel Katto believes that technology and creativity will play a major role in the upcoming mining boom. He promotes the application of contemporary technology in the mining industry to increase productivity, lessen its negative effects on the environment, and improve safety. Automation, data analytics, and artificial intelligence may transform the sector and increase its competitiveness globally.

Katto also emphasizes how crucial it is to build infrastructure in order to sustain the expansion of the mining industry. Efficient movement of raw resources and completed goods to international markets necessitates adequate energy supplies, communication infrastructure, and transportation. Infrastructure spending promotes overall economic growth in addition to helping the mining sector.

According to Emmanuel Katto, the reform of the African mining industry would entail cordial connections between local populations, mining firms, and governments. He promotes community involvement and strong regulatory frameworks to guarantee that mining operations are advantageous to all parties involved.

Emka as he is commonly referred to as, a brilliant Ugandan businessman, is leading the charge in this revolution across. Africa is poised for an unparalleled mining boom. To guarantee that Africa's natural wealth acts as a catalyst for economic development and prosperity, his vision spans responsible mining methods, value addition, innovation, infrastructure development, and cooperation. Africa has a real chance to become a mining powerhouse on a global scale because to the mining renaissance.

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Emmanuel Katto's vision for a continent on the cusp of transformation in mining sector

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Africa poised for unprecedented mining boom BUSINESS INTERVIEW | THE INDEPENDENT | Africa is poised to experience an unparalleled mining boom that will unleash its immense potential and completely transform the continent's economic terrain. Leading the push is the visionary Ugandan businessman Emmanuel Katto, who has expressed his deep hope and insight into the upcoming ...