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Tag Archives: economy

High sugar prices to persist into 2023

Kampala, Uganda | THE INDEPENDENT | Sugar manufacturers and cane growers have warned that the increased retail sugar prices in Uganda are to persist, with no hopes of decreasing soon. On average, sugar prices at retail now stands at 5,500 shillings a kilogram, up from an average of 4,000 shillings three weeks …

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Financial technology industry better regulated today: Operators

Kampala, Uganda | THE INDEPENDENT | The financial technology (FinTech) industry has grown faster than the managers of the economy had anticipated, with the number of FinTechs growing from just five in 2017 to 189 in 2022. This has come with regulatory challenges due to the complex nature of the industry that …

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Leaders against Nyege Nyege festival are economic saboteurs: Kadaga

Jinja, Uganda | THE INDEPENDENT | The first deputy Prime Minister Rebecca Kadaga has stressed that leaders fighting against the Nyege Nyege festival to start on Thursday at the Itanda falls in Butagaya sub county, Jinja district want to economically sabotage Busoga sub region. While representing President Yoweri Kaguta Museveni at …

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Demand for credit slows with raising interest rates

Kampala, Uganda | THE INDEPENDENT | The banking industry has defended its changing mode of operation which sections of the public describe as less friendly, saying they have learnt from the effects of global shocks on the businesses and economies generally. In recent times, Bank of Uganda has compelled commercial banks …

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Uganda’s debt distress worries MPs

Kampala, Uganda | THE INDEPENDENT | Parliament has asked government to develop mechanisms that will ensure the country returns to a low risk of debt distress. During plenary on Tuesday, 30 August 2022, Parliament approved two reports of the Committee on National Economy on the State of Indebtedness, Grants and Guarantees …

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Parliament scraps excise duty on confectionaries

Kampala, Uganda | THE INDEPENDENT | MPs have passed the Excise Duty (Amendment) Bill, 2022 scrapping taxes on sugar confectionaries, sweets, gums, and chocolates. The bill was earlier passed in March 2022 but returned to Parliament for reconsideration by President Yoweri Museveni. The Parliament Committee on Finance, Planning and Economic Development …

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MPs call for PDM implementation strategy

Kampala, Uganda | THE INDEPENDENT | Government has been urged to develop a clear equitable allocation formula for funds under the Parish Development Model (PDM) that takes into consideration different demographic, geographical and socio-economic dynamics. According to Parliament’s Committee on Public Service and Local Government, the criteria for allocation of the funds …

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Government concealing debt figures: Experts

Kampala, Uganda | THE INDEPENDENT | Experts have faulted the government for using statistics that do not give the real picture of the state of affairs to define the performance of the economy. An example is the Debt-to-GDP ratio that the government uses to determine the safety and strength of the …

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