Mike Davis
@MichaelDDavisJr
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🇺🇸|Business Executive|International Business|UIowa Alum|UnivDenver Alum|Mentor|Entrepreneur
Charlotte, North Carolina
Joined August 2019
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Uganda's currency devaluation and inflation...a few comments
2M salary on 2 Aug 2021=market value $569.15 USD
2M salary on 3 Aug 2021=market value $480.02 USD
15.66% devaluation of your salary. To receive the same "value" for your salary, you'll need a 134,472 UGX/mo raise
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I encounter a lot of people who want to "move to America" to be a citizen. I don't believe people are fully informed about this - it might be good to understand in a bit more detail.
thread below
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Apparently, people think it's wrong that I don't work past 6 pm or on weekends any more.
Work/life balance.
Sorry I ignored your calls and emails on something you thought was an emergency.
Loved ones, life and living is more important.
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Zero logic here.
How can you "return home" without a passport, to get a passport?
Ugandans living abroad will now have to return home to replace lost passports, according to the Directorate of Citizenship and Immigration Control (DCIC). This decision comes after reports of some…
#exploreuganda
#Travel
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Size yange
One week after giving birth!!!!
And to my genes thank you to my genes 🤌🏿❤️
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I'm hiring!
Need a general accountancy staff member who can work remotely, has a good/great internet connection, and is willing to work East Coast U.S. hours.
Responsibilities: Analyzing vendor invoices and communicating with the team.
DM me.
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A friend asked me why I was pressing people to get vaccinated.
1) I don't want my kids sick
2) I want Uganda (and the world) open fully for business
3) I want to go out to dinner - after 7PM (officially)
Your health is not my concern - it is your concern.
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Such a sad state of affairs: Devastating economic impact stopping
@NyegeNyegeFest
Direct Economic Impact: 23.2B UGX
VAT LOST: 3.5B UGX
Visa Fees LOST: $800K (3B UGX)
Hotel Fee Tax LOST: 222M UGX
Total Taxes LOST: 6.72B
@rggoobi
@wekesa_amos
@Comrade_Otoa
A thread..
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EFRIS
KACITA isn't outright opposing EFRIS. Read their closure notices - it is 1 item on a 7 item list
1) Import values. These are at the discretion of URA. You can have a bill and URA will make you declare higher values to get more taxes. THIS HAPPENS ALL OF THE TIME
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All this
@nssfug
things going around. Here are some *facts* from the 2020 Annual Report (why hasn't it been updated since then?)
Here's the question - Are you ready to understand what NSSF *actually* invests in?
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My friends used to mock me when I had a massage every week when I lived in Uganda.
These potholes are why. My back doesn't really hurt that much any more.
#KampalaPotholeExhibition
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Admitting "I don't know" is so powerful.
Asking "Can you help me understand?" is even more powerful.
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What is VAT and how does it work?
VAT = Value Added Tax
Literally a tax on the increase in value of a product.
Calculations in the thread below
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Instead of hammering on
@patrickbitature
and the decisions that were made....let's look at the flip side - How can you use this scenario/experience to *MAKE* money!
A thread...
@wekesa_amos
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How to address KACITA's issues
1) Import Values
A licensed vehicle distributor (sole licensee) was importing vehicles into Uganda. URA argued "the prices can't be that" because "others are paying more"
Sole authorized licensees buy factory direct at less cost
URA refused
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Just curious
Julius Ssekitoleko - what type of job is he looking for and what are his qualifications?
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My curiosity for today:
Exit of
@africellUG
@AIGinsurance
Game,
@ShopRite
,
@GEMSEducation
How many jobs were lost?
How much in taxes will be lost? (Paye, vat, income, ott, & customs)
@rggoobi
is there a way to quantify this? Are the policies/enforcement put in place working?
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When giving a presentation, don't read the slides. The audience can read.
Speak about insightful analysis not in the presentation and make it interesting
#TuesdayTips
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See. I disagree w/
@AndrewYang
on his views on UBI and AI.
But, we could talk about it. And agree to disagree. And work to find a solution that works.
That's why I enjoy
@Fwd_Party
and those affiliated. We ARE NOT the same - and that's OK.
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Sadly, this is out of context. Uganda is the most entrepreneurial country in the world because there are few job opportunities and those that exist have relatively low pay.
Uganda is the most entrepreneurial country in the world. The average age in Uganda is 16. As of 2021, Uganda had 45.85 million people.
As of 2023, Uganda has the world’s youngest population with > 78% below 30.
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It looks like Uganda and its courts are really trying to stop foreign direct investment.
Why would *ANY* lender or investor put money on the ground with the political/legal risk of not being able to recover the funds distributed?
@ugandainvest
@mukiza_robert
@AmChamUganda
The legal woes threatening Bitature’s business empire. In 2014, Bitature entered into an agreement with Vantage that extended $10m credit to him to help in his real estate development. Bitature's lawyers claim he was forced into the agreement under duress
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#COVID19
- A Thread
I am COVID19 positive. It sucks.
My response to well-wishers: "I'm not dead, yet."
I have been LUCKY.
See the thread below
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In a private convo, was asked "What scares you most about the NSSF/GOU discussion?"
For me: GOU reliance on NSSF pension money for government operations
One reason you cannot withdraw from NSSF: GOU needs continued borrowing to operate and its cash flow can't be restricted
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For those of you tempted to take and post pictures of the Afghan refugees.
DON'T
Not only is it culturally insensitive, you are basically sentencing their extended families to DEATH.
Their family culture (massive extended families) is similar to Uganda.
PLEASE DONT. PLEASE.
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Surround yourself with people who want to make you better, to improve your livelihood, build you up, and give you opportunities.
Figure out who wants to tear you down, keep you in your lane, tries to separate you from those building you up. Isolate and move forward.
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I really don't understand people who don't want to get vaccinated.
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Yep. Making beautiful babies
Hip hip hooray!
Both mother and son have made it to the 6-month mark.
Although the mother is struggling, the son is thriving, and that is all that matters.
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Help please
Toyota Uganda is refusing to give a cost to even look at my vehicle. They "want it for a week and will fix it and give a bill". That's insane
Anyone have a qualified Toyota (Prado) mechanic to do a comprehensive review on a vehicle - without hassle?
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#AmazonFire
Climate change isn't about the climate - it is about the survival of the human race.
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And with that.....
Thank you for allowing me to be President for the past 3 years
@AmChamUganda
members!
Good luck on the future growth
@skaheru
@EveZalwango
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What kind of company do I enjoy?
Those that talk about investments, the future, desires and dreams, growing oneself, business opportunities and ideas.
And company I don't enjoy:
Gossip about others, family politics, and how to please those in your social and family circles
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Congrats
@karugire
- This finally establishes that syndicated loans are a viable financing option in Uganda.
Borrow money - pay up.
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Did you know?
Treasury Bills and Treasury Bonds give better savings rates than the banks? - Lately, the coupon has been about 14% AFTER TAX on an annual basis.
AND you can buy them through the bank or a broker - JUST LIKE A FIXED DEPOSIT!
#UgandaPersonalFinance
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Huge day tomorrow. 3 years of hard work with
@ugandainvest
and
@usachamberug
Signing our MOU to encourage further investment between Uganda and America
So proud of this step to bring jobs, economic development, and growth to Uganda
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I have one proposal for
@HarrietNtabazi
&
@mtic_uganda
for the
#AGOA
initiative
Replace all Nescafe in all government offices with locally sourced and roasted ground coffee
Preference. Get over it. Just try it!!!
@GKatabazi
@rkabushenga
@RugyeyoFarm
@JadaCoffee
@GCCoffee1
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In 2022, the MD was paid 1,474,000,000 UGX for the year. This equates to about $404K USD!
Finally - another fun fact in the 2020 fiscal year. The MD was paid 1,180,000,000 UGX for the year, including salary, benefits, gratuity, etc. This equates to about $323K USD
Check out the report! Information is there.
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I've always wanted the most extraordinary life. Coming from a blue collar (labor) family in a white, rural low-population community, I wanted to be and do *more*.
The 11 things I've learned
A thread.
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Can't even count on how many vendors I've stopped using because of the request for "withdraw fees"
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Not everyone has to be your friend
You don't have to be a friend to everyone
#MondayMotivation
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That said, food / drink (non alcoholic) were up 14.9% (not 6.30% as total market inflation). Therefore, you'll need a 350,176 UGX/mo raise just to meet the same basic food costs you had 1 year ago - a 17.51% raise.
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Life is so so so short
Ask for help Please ask for help
Make decisions
Accept fault
Forgive
Love
Move on, if things arent working out
Do and be good
Build, mentor and help others, if possible
Long day of thinking and wishing I could have done more
#MentalHealthAwarenessWeek
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I believe this might be a good deterrent here.
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Reply to this tweet with the best picture you have on your phone 👀
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My final comment on
@KCCAUG
/
@KCCAED
1) Kisaka announced roadworks in Dec 2022
2) April 2023, same individual claims there is no money for works
EITHER
Knew there was not $$ and provided falsehoods
OR
Didn't know there was no $$
Which is worse?
#KampalaPotHoleExhibition
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Personally, have a hard time calling anyone a CEO of their own company unless it is over $1M/yr in revenue OR they've been hired by the owner(s) to run the business.
CEO is the top position in an organization which means you have “officers “ that report to you . Selling bags and shoes on WhatsApp status does not make you a “CEO” but rather a muyilibi which we respect as well .
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This is not to say that if I scheduled something in advance, that I will not honor my commitment.
Just saying.. your emergency isn't necessarily my emergency
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As of Dec 2021 (which doesn't align with the NSSF report, but just for measure):
Bank of Uganda had 27.77 T in domestic debt stock. Doing quick math - NSSF (and its pensioners) owned
That is 36% of all domestic debt.
In short, NSSF and pensioners finance GOU substantially
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How do you make money (i.e. Profit)?
1) Increase revenue
2) Decrease expenses (and risk-related unknown expenses)
If revenue doesn't cover expenses, decrease expenses.
It's a simple formula.
#MondayMotivation
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Comment about Uganda healthcare system and what is going right
@RocketHealthUG
and
@Davisthedoc
Everyone may complain about the state of stupid with regards to Uganda medical systems, but if Davis came to the US and implemented his company here.
HE WOULD WIN. And WIN BIG.
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Reading this commentary is discouraging.
You do not "try" in business. If you "try", you will fail. It is a failure mindset.
Do it. Go and make it happen.
“I have not failed 10,000 times—I've successfully found 10,000 ways that will not work.” - Thomas Edison
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@Hbamulinde
Go ahead and buy it off Amazon
1) $30 * 3650 UGX/$1 USD = 110K
2) Shipping = $200 for 6 units = $33/ea = 120K
3) Clearance = 100K
4) Import duty and tax = 55K
Total: 385K
add some profit for convenience...... 450K
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"Positive vibes" and toxic positivity are real. It is OK not to be positive 100% of the time. Sometimes life and business suck.
#MondayMotivation
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Can't believe at this point in my career, I have to be doing technical support for email for staff 15 years younger than me.
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Success doesn't come overnight. There is no "big break"
Years of hard work, stress, pain, happiness, and everything in between leads to success and the "big break"
Most people who desire success and fame never see the struggle. They only see the outcome.
#WorkYourAssOff
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@TheMatundaMan
Rental properties aren't necessarily about "making money". Rather they are a place to store earned money, create revenue from it, with the hope that the land value increases at a rate behind BOU Treasury Bond rates.
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Ever since I got
@TwitterBlue
the only real difference it has made is that I get followed by a ton of "models" who want "to talk".
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I love hiring people and changing lives.
New Hires/Starts in the next week: 5 individuals
Next up: Building up the team and encouraging collaborative success!
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I didn't become the man I am today overnight. Many decisions and actions have molded who I am and who I intend to be.
Who do you want to be? Are you taking the necessary steps to get there?
A thread..
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Finally - another fun fact in the 2020 fiscal year. The MD was paid 1,180,000,000 UGX for the year, including salary, benefits, gratuity, etc. This equates to about $323K USD
Check out the report! Information is there.
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Just curious
How many medical interns are there?
How much are the wages that are being argued about?
Just curious.
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2) Flat rate tax for importation of garments and textiles. Why not put the standard import rate, rather than a per KG rate (and in USD!!)
3) High interest rates.
4) EFRIS should be for big businesses and manufacturers
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Remember: We all make mistakes. Every single one of us. Big and small.
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Everyone wants higher wages until it means *everyone* gets higher wages
Passed by
@EndiroCoffee
Bugolobi to buy a cup of coffee and the price has increased to UGX 12,000 for a hot cup of coffee.
@GKatabazi
is this the cost of value addition?
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"The way to get started is to quit talking and begin doing."
-- Walt Disney
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My daughter asked me: "Daddy, why are you 'the boss'?"
For years, I worked 120 hours/week.
I did 3 times the amount of work that most people do.
After 10 "years", I had 30 years experience, where you had 10.
I'm not smarter. I just worked harder.
Yes or No:
Is working 60-80+ hours per week as ridiculous as it sounds?
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Caught me prepping for today
If you see this, quote tweet with the first picture of you in your phone album
If you see this, quote tweet with the first picture of you in your phone album.
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At a young age, my family taught me: Help others to the extent you are able. Don't expect returns. But, some day when you need help, someone will be there for you.
#MondayMotivation
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Let's start moving!!!
Under the AGOA arrangement, Uganda has opportunity to export over 600 products to USA duty free and quota free. Today,
@ugandainvest
signed MoU with American Chamber of Commerce (UG) aimed at among others to expand American investments in Uganda and deliver on AGOA opportunity.
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If you have a cough, chest pains, and think it's pneumonia .... Go get tested for
#COVID19
Don't walk around being a denier
And
PUT YOUR DAMN MASK ON!!!!!
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Team just finishing the handover of a $2M+ USD 7-unit townhouse build on West Trade in Charlotte NC. Beautiful property.
Looking forward to building more similar to these soon!
#CelebrationThursday
#realestateinvesting
#KeareyBuilders
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Know one thing that changed my life?
Being comfortable being alone.
No people.
No kids.
No nothing.
Just me and my thoughts.
#ChangeYourLife
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Ugandan banks are not strong enough for projects >$25M. Capital requirements can only be met using syndication: Fund sourcing across banks->incl. w/in same "bank" in different countries
This case means syndication is a legal borrowing method for Ugandan entities
#Entrepreneur
DTB-U and DTB-K’s win is a strategically important ruling not for just the two banks but the entire financial services industry as it restates the legality of syndicated and other foreign borrowings.
Who are the lawyers on this crucial case?
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5) They don't want manufacturers to sell to the end user (in effect, the manufacturer is eating the whole value chain)
6) COVID packages never reached the traders
and 7) High cost of living in Uganda
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Even though I'm not religious in traditional sense, Sunday has always been a day of reflection
I write down the positives and negatives of the previous week. Take notes on how to manage negatives. Put down key tasks to encourage more positives
It starts small. Build from there
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Here's something to think about.
@elonmusk
is a genius in business acquisition.
Twitter generated $5.08B in revenue with $0.221B net LOSS in 2021 on 237m daily users (400m annual users) and 7500 employees. Mostly from ads and data licensing.
A thread....
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Most people assume I came from wealth since I'm an American. My mom was a bus driver and my dad was a warehouse laborer. Nope.
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Business isn't a zero sum game. If you win, that doesn't mean the other person has to lose. Same in reverse.
Figure out how to bring up those around you. Support those that you can.
#MotivationMonday
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Email is not work.
I repeat.
Responding or writing email is NOT work.
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Don't mess with
#COVID19
Even if you feel good and like you are recovered.
Rest. A lot. Keep resting.
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“When a storm blows, you must stand firm. For it is not trying to knock you down, it is really trying to teach you to be strong.”
~ Joseph M. Marshall III
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Last week – I mentioned some items I think are worth investing your money in….this week - items NOT worth investing your money in…
A thread
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Regimen: Vit D (4000 IU); Vit C (2,000 mg); Zinc; Dynpar (50mg/2x); Azithromycin (500mg); Nebulizer w/ salbutamol nebules - at least 2x; usually 3-4x/day And water - like 4-6l/day w/massive quantities of fresh lime, lemon, orange, turmeric, ginger juices (all hand made).
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Qualitative Impact
* Reduces/eliminates trust in Uganda as a tourism destination
* Encourages foreign direct investors to look to other East African locations (Nyege Nyege Kenya or Zanzibar anyone?)
* Reduces impact of Uganda Airlines by non-utilization of the local carrier
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Now here is an example of how technology could eliminate all of these traffic stops and side shows.
Use drones to survey the city and automagically identify potholes, road wear, and more.
@GoslinoJ
Our Minister
@HajjatMinsa
with
@KCCAED
conducted a tour of ongoing infrastructure improvement works along Mukwano Rd, Press Rd, Nsambya Estate Rd, Kabega Rd & Lubiri Ring Rd. This is one of the many tours that will be conducted routinely for quality assessment
#ForABetterCity
.
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The first computer I bought with my 100% my own money (took a bank loan - was like $2500 at best buy) was an Acer DX2 66 MHz w/4 MB RAM and 420 MB HDD
I just got an entry level (aka 15-18 mo life) laptop with 16GB ram and 1TB HDD
How times have changed.
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Other fun facts!
26B of pensioners' money was held in cash, mostly at banks - with 6.9B held at Stan Chart TZ, 6.2B at Stanbic UG, and 5.8B held at Stan Chart UG
Oddly,
@nssfug
also had 120M in mobile money (make your jokes about top ups here)
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100%
Haven't submitted a CV for a position (aside from cursory submission) in 15 years.
My only other advice - don't speak to anyone you know at each event. Try to only speak to people you don't know.
Dear Ugandans, please attend networking events don’t underestimate that power. I have learnt from my American friends
@MichaelDDavisJr
. 40% of my jobs comes from networking and 60% is recommendations from past clients.
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“The first step towards getting somewhere is to decide you’re not going to stay where you are.”
J.P. Morgan
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