Uganda Business & Economics
Stanbic set to open a business incubator in Kampala
URA'S Shs 140 bn house near completion
Bitcoin drops below $6,200 for first time in three months
Uganda to publish Islamic banking rules soon -central bank
Banks rollout agent banking
Uganda reviewing its public procurement laws- Finance Minister
Can Agriculture support Uganda's economic growth?
URA crackdown on VAT fraud underway
2018-02-20 04:34:48 KAMPALA - Uganda Revenue Authority’s (URA) crackdown on value added tax (VAT) invoice fraud is underway, with the public cautioned to avoid falling victim, lest they be prosecuted in court. In a public notice, the authority says it is aware of falsifications incorporated in business purchases that are meant to reduce legitimate VAT payments. “The forged invoices are generated to portray a business transaction which is not genuine   Read More ...
NSSF skills customers in financial literacy
2018-02-19 18:04:32 KAMPALA, Uganda, National Social Security Fund (NSSF), NSSF skills customers with financial literacy skills , Richard Byarugaba, MD NSSF, NSSF skills customers in financial literacy.   Read More ...
Tax waiver lowers power tariff
2018-02-19 17:00:30 KAMPALA. The Electricity Regulatory Authority (ERA) has said the five-year corporation tax (CIT) exemption for Bujagali Energy Limited (BEL), which operates the Bujagali hydropower plant, has lessened this quarter’s retail tariffs.It said had the government not granted BEL the waiver – last year, power users would be paying a weighted average of 11 per cent more than they are paying currently   Read More ...
Uganda asks Kenya to formalise trade in grain worth $325m
2018-02-19 12:10:55 Uganda is holding talks with Kenya to increase grain exports ranging between 600,000 and one million tonnes annually, in a deal that could earn the country an estimated $195 million to $325 million. The revelation was made by Gen Salim Saleh, who heads Operation Wealth Creation, a government programme that was launched in 2013 to improve household incomes through increasing agricultural productivity, access to markets and higher earnings   Read More ...
Sugar price to drop further
2018-02-19 09:06:53 Manufacturers cite increased imports and declining demand from foreign markets. Kampala, Uganda | JULIUS BUSINGE | There is good news for Uganda’s sugar consumers in the coming months owed to the projected sugar in production volumes amidst increase in imports. Statistics from the Uganda Sugar Manufacturers Association (USMA), which consist of Kakira, Kinyara and SCOUL, shows that the industry projects to produce 388,000 tonnes of sugar this year, up from 326, 968 tonnes in 2017   Read More ...
Stanbic set to open a business incubator in Kampala
2018-02-18 15:07:06 Kampala, Uganda | THE INDEPENDENT | Uganda’s largest commercial bank, Stanbic, is set to open a business incubator to stir growth of small and medium enterprises countrywide. “The incubator will provide an enabling environment for SMEs to enhance their capacity, enabling their businesses to survive, operate successfully and grow,” Stanbic Bank CEO, Patrick Mweheire, said recently during Skilling and Local Content Forum in Kampala   Read More ...
Regulator explains impact of tax waiver for Bujagali
2018-02-18 14:00:01 Kampala. The Electricity Regulatory Authority (ERA) has said the five-year corporation tax (CIT) exemption for Bujagali Energy Limited (BEL), which operates the Bujagali hydropower plant, has lessened this quarter’s retail tariffs. According to ERA management, had the government not granted BEL the waiver – last year, power users would be paying a weighted average of 11 per cent more than they are paying now   Read More ...
DFCU becomes the 8th bank cleared to sale insurance
2018-02-18 09:09:46 Kampala, Uganda | THE INDEPEDENT | DFCU bank has become the 8th bank to receive a certificate from the insurance regulator, Insurance Regulatory Authority (IRA-U) to start selling insurance products at its 67 branches countrywide. This is backed by the Financial Institutions Amendment Act 2016. During the handover ceremony at IRA offices in Kampala, the regulator’s CEO, Ibrahim Lubega Kaddunabbi, said the demand for simple insurance products in Uganda is on the rise and that partnering with banks to offer them to their clients would boost the industry’s penetration which has been stuck at about 1% for many years, lower than slightly over 2% average rate for the East African region   Read More ...
The ghost of Crane Bank and looming crisis of confidence in BoU
2018-02-18 01:00:24 Once again Bank of Uganda (BoU) is in the vortex of controversy. The stench of scandal hovers over Uganda’s Central Bank. Last year, the Bank was accused of spending millions of dollars in questionable procurements. The case of the Golden Jubilee pens bought at Shs350,000 each is still fresh in our minds! Then came the Crane Bank debacle whose shadow seems to stalk BoU and may be the reason for executive director, supervision Justine Bagyenda’s early exit   Read More ...
IMF's Lagarde warns on rate risk from US tax reform
2018-02-17 15:09:04 Paris, France | AFP | IMF chief Christine Lagarde warned Saturday that economic stimulus from US tax cuts may lead to a rapid rise in interest rates which would weigh on countries with high debt levels. The International Monetary Fund was going to be “attentive” to the consequences of the reform, which notably includes a sharply lower corporate tax rate, she told French radio station France Inter   Read More ...
Police generate 12billion from non-tax revenue  
2018-02-17 11:00:01 Uganda Police has been contributing Shs12 billion annually to the consolidated fund from non-tax revenue. The money is generated from Police bonds, penalties and service and license charges. However, only 6 percent of the money is returned to the Police Force for its own welfare expenditure. Meanwhile, projections from the Police Finance and Administration units show that the force is capable of collecting up to Shs100 billion annually for its services   Read More ...
Government Urged On Rerforming Tobacco Taxes
2018-02-16 20:11:29 The Uganda tobacco control coordination forum wants government to revise the recently amended excise duty act 2017 arguing that the country looses billions of shillings in court cases by the tobacco industry for unfair taxation contrary to the East African community Treaty and attendant protocols.   Read More ...
Orient Bank Granted Bank Assurance License
2018-02-15 20:11:49 Following the amendment of the Financial Institutions Act 2016 to allow banks engage in insurance services, the Insurance Regulatory Authority has issued licenses to eight commercial Banks. Orient bank is one of those that have formerly been granted Bank assurance license. The Chief Executive Officer Insurance Regulatory Authority Kadunabi Lubega says the move is aimed at increasing insurance penetration.   Read More ...
Jambo Jet launches in Uganda, offers the lowest ticket price on the Nairobi-Entebbe route
2018-02-15 20:10:54 Jambo jet has today launched its operations into Uganda promising to offer the cheapest ticket fares to and from Nairobi. Jambo Jet part of Kenya Airways but operating a budget operation has its eyes set on widening its regional market as Kenya Airways tries to dig its way out of the financial doldrums that almost bankrupted it. Jambo Jet's 116 dollar ticket price for a one-way flight, is the lowest on the Nairobi-Entebbe route   Read More ...
Minister Kabatsi defends NAADS role in agricultural development
2018-02-15 12:12:53 She was responding to queries from MPs on the Committee of Statutory Authorities and State Enterprises who queried why NAADS was still in existence despite the creation of Operation Wealth Creation State Minister for Animal Industry Joy Kafura Kabtsi has justified the existence of the National Agricultural Advisory Services (NAADS), saying it still has a role to play in agricultural development   Read More ...
URA to collect Shs1.2 trillion from cargo clearing programme
2018-02-15 01:00:01 Kampala. Without breaking a sweat, the customs department at Uganda Revenue Authority (URA) is guaranteed of slightly more than a trillion shillings in revenue from companies it has enrolled in the Authorised Economic Operator (AEO) programme. The AEO is generally a trade facilitation initiative which the tax body uses to ease trade by simplifying and quickening clearance of cargo at the border points   Read More ...
Uganda Government urged to invest more money in marketing Ugandan coffee
2018-02-14 20:11:10 Government and stakeholders in the coffee sub sector must prioritise investment in marketing the countrys coffee if the country is to rip any tangible benefits from the crop. Despite significant coffee exports to the world market worth about 2 billion dollars a year, Uganda's coffee is still not visible on shelves. But for all this to happen, government as a key player must step up to its role, according to José Dauster Sette the Executive Director of the International Coffee Organization (ICO) Subscribe to Our Channel   Read More ...
URA to host 4th Authorised Economic Operator conference in Kampala
2018-02-14 15:08:59 Kampala, Uganda | JULIUS BUSINGE | Over 600 people had registered by Feb.14 to attend the 4 World Customs Organization Authorised Economic Operators Conference to be held in Kampala from March 14 – 16 at Serena Hotel. AEO is a trade facilitation program which URA uses to ease trade. Under the program, businesses which comply with customs laws and regulations are issued certificates that enable them receive preferential treatment like fast clearance of their goods through simplified procedures and reduced inspection   Read More ...
BOU cuts central bank rate to 9%
2018-02-14 12:10:48 Bank of Uganda Governor Tumusiime Mutebile says much as future public investments may stimulate growth, access to credit may remain a challenge. The central bank easing of monetary policy initially to ease credit access to the private sector is currently not yielding the desired results as small business continue to bare the brant of the high cost borrowing. Bank of Uganda Governor Tumusiime Mutebile says much as future public investments may stimulate growth, access to credit may remain a challenge   Read More ...
Tourism Board to market Uganda in emerging markets
2018-02-14 01:01:18 In its effort to lift the country’s tourism numbers, government has embarked on searching for international public relations and marketing companies to promote Uganda in emerging markets.According to information from Uganda Tourism Board (UTB), the government’s tourism promotional agency, the emerging markets they are eying in addition to traditional markets are: China, the Gulf States, Japan and the Nordic countries. In an interview with Prosper Magazine, UTB’s chief executive officer Stephen Asiimwe said: “We have asked for more resources to bring on board new PR companies to promote Uganda in the emerging markets   Read More ...
How businesses can outlive founder’s demise
2018-02-14 01:00:11 Will that family business die with the founder or outlive the owner? That is the question.The answer, drawn from varied interviews and experiences, is in plain black and white.For starters, managing a family business that has been passed over to you is never easy especially if you have not been involved over the years.From horse’s mouth. “Succession alone is not enough   Read More ...
Bank of Uganda sets Central Bank Rate at 9%, the lowest the country has ever had
2018-02-13 20:11:14 The central bank easing of monetary policy initially to ease credit access to the private sector is currently not yielding the desired results as small business continue to bare the brant of the high cost borrowing. Bank of Uganda Governor Tumusiime Mutebile says much as future public investments may stimulate growth, access to credit may remain a challenge. This as the bank lowered its benchmark lending rate for February to 9percent up from 9.5 percent. Subscribe to Our Channel   Read More ...
Central Bank lowers key lending rate to 9%
2018-02-13 18:18:37 A drop in the Central Bank Rate (CBR) is a signal from the industry regulator to commercial banks to reduce on interest rates charged on loans. PIC: The Bank of Uganda governor Emmanuel Mutebile addressing the media on the Monetary Policy Statement. (Courtesy photo)By Ali Twaha. BANKING. The Central Bank has cut its key lending rate to 9% after lower inflation rate registered gave it a go-ahead to further ease lending rate to financial institutions   Read More ...
Bank of Uganda reduces key lending rate to 9 percent, the lowest the country has had
2018-02-13 16:13:03 In 2011, the key lending rate rose to 23 percent, as Bank of Uganda struggled to contain runaway away inflation that reached over 30 percent. As inflation started to slow, the Central Bank also began trimming its key rate, up to the 9 percent we have got 6 years later. Bank of Uganda has lowered the country's benchmark lending rate also known as the Central Bank Rate (CBR) for the month of February from 9   Read More ...
Ramaphosa: Trade unionist, tycoon and S.Africa's next president?
2018-02-13 16:00:17 Cyril Ramaphosa's long and eventful career has taken him from trade union activist to multi-millionaire -- and now within a heartbeat of the South African presidency. After South Africa dismantled apartheid, Ramaphosa saw his hopes for the country's top job apparently dashed. True to his pragmatic character, he opted instead for life in business -- a move that brought him spectacular wealth   Read More ...
BoU reduces central bank rate to 9 percent
2018-02-13 15:00:04 In a bid to revamp the private sector credit growth, Bank of Uganda (BoU) has taken another big step by reducing the Central Bank Rate (CBR) from 9.5 per cent to 9 percent. This is the lowest CBR [policy] rate that BoU has decided on since it implemented its current monetary policy on July 4, 2011 that targets stabilisation of the market using short term interest rates   Read More ...
Economists say Uganda, Kenya prospects assuring
2018-02-13 12:15:20 Activity in Kenya’s manufacturing sector grew for the first time in two years in January this year, on the back of improving business conditions, according to the latest Stanbic Bank Purchasing Managers’ Index. Uganda recorded a slight drop of 2.3 points to 52 points, reflecting notable growth in construction activity and rising employment levels across various sectors, except the services segment   Read More ...
USE trading registers $21.5m dip after foreign investor exit
2018-02-13 12:14:11 Uganda Securities Exchange (USE) registered a huge slump in trading turnover and volumes during 2017, exposing pressure following the exit of many foreign institutional investors and a decline in corporate activity. But industry players, pegging their optimism on falling interest rates as the Bank of Uganda maintains a low central bank rate, are upbeat that the exchange will recover this year   Read More ...
Business Perspective - 12 Feb 2018 ( Kentaro Cosmetics, Easy Ticket, Prof. Kwesiga, USE CEO Bwiso,)
2018-02-13 12:12:42 Charlyn Kentaro, Founder of Kentaro Cosmetics a product for African hair that she says was made with 'kaweke' in mind. Paul Bwiso, CEO Uganda Securities Exchange on aspects considered in financing small businesses Easy Ticket founders explain how their company had a break through in a market that has never heard of online ticketing service. ED, Enterprise Uganda, Charles Ocici speaks out on copying and formalisation.   Read More ...
WB boss slams Uganda’s projects
2018-02-13 09:03:10 Kampala. The World Bank has poured cold water on Uganda’s infrastructure development saying it is wasted investment that is not helping the economy to grow. The World Bank warned of harder economic times unless something is done to make Uganda’s infrastructure generate revenue from the public investments that government has borrowed money to finance. “Why do projects suddenly appear they have inadequate justification? Contracting procedures based on poor feasibility studies coupled with inadequate supervision lead to large cost overruns and poor quality work   Read More ...
Financial Intelligence Authority wants to scrutinise NGO donations
2018-02-13 00:07:02 The Financial Intelligence Authority (FIA) is in the final stages of completing guidelines that will enable scrutiny of monies that come to Civil Society Organisations from abroad which are in the excess of 1.5 trillion shillings annually. In a dialogue with the FIA, the CSOs pushed that any accounts scrutiny be done in days and not months as it negatively impacts their activities   Read More ...
Sanlam launches financial journalism awards
2018-02-12 16:19:58 Leading Pan African based diversified financial services group, Sanlam, is vouching for better public understanding of financial markets, consumer financial education and the economy In a bid to raise the bar for disseminating relevant information on Uganda’s business environment through the mass media; there is a renewed call for indicator based reporting. Leading Pan African based diversified financial services group, Sanlam, is vouching for better public understanding of financial markets, consumer financial education and the economy   Read More ...
New accounting standard will make loans, insurance expensive
2018-02-12 15:15:44 Experts say financial institutions to prefer extending short term loans. New accounting standard will make loans, insurance more expensive. Kampala, Uganda | ISSAC KHISA | Uganda’s banking and insurance industries are envisaging good times ahead as they embrace the new global accounting standards effective this year. The bad news is that borrowers and insurance buyers are going to find it more stressful to acquire long terms loans or debt facilities as the two industries increase scrutiny of their activities and requirements for worthy collateral   Read More ...
WB boss slams Uganda’s infrastructure projects
2018-02-12 13:00:00 Kampala. The World Bank has poured cold water on Uganda’s infrastructure development saying it is wasted investment that is not helping the economy to grow. The World Bank warned of harder economic times unless something is done to make Uganda’s infrastructure generate revenue from the public investments that government has borrowed money to finance.“Why do projects suddenly appear they have inadequate justification? Contracting procedures based on poor feasibility studies coupled with inadequate supervision lead to large cost overruns and poor quality work   Read More ...
Uganda-Tanzania crude oil pipeline brings public and private sector players to Dar
2018-02-12 12:48:18 The National Economic Empowerment Council (NEEC) in collaboration by Tanzania Private Sector Foundation (TPSF) have organised a meeting that intends to see that members of the business community are able to see the opportunities that come with the Uganda-Tanzania crude oil pipeline. The meet - which will involve stakeholder from public and private sectors – is slated for February 23, 2018 in Dar es Salaam city   Read More ...
New URA, Stanbic deal to improve tax payments
2018-02-11 12:06:48 Uganda Revenue Authority and Stanbic Bank Uganda have rolled out a digital platform that allows users to pay taxes using Visa and Master Card plus MTN mobile money accounts. The partnership will supplement existing payment channels available to the public for remitting taxes to URA by minimising physical transactions and slashing operating costs. The service was initially only offered by various commercial banks and payments vendor firms such as PayWay and Ezee Money   Read More ...
Major changes at Uganda central bank linked to Crane Bank collapse
2018-02-11 12:06:27 On Wednesday, Uganda central bank Governor Emmanuel Tumusiime-Mutebile announced major changes within the top structures of the bank. He retired Justine Bagyenda, the long serving executive director in charge of supervision, five months before her retirement, and reshuffled 24 members of staff. A statement from Bank of Uganda (BoU) said Ms Bagyenda — who was replaced by Tumubweine Twinemanzi — was retired early to allow her to process her handover   Read More ...
Eight banks cleared by IRA to sell insurance policies
2018-02-09 12:13:17 Kampala, Uganda | JULIUS BUSINGE | The Insurance Regulatory Authority (IRA) has so far issued eight certificates to banks to offer bancassurance (selling insurance policies) to their clients as one way of boosting the sector’s growth. Speaking at a press conference in Kampala on Feb.08, IRA officials including the Chief Executive Officer, Ibrahim Lubega Kaddunabbi said their doors are open to all the 25 banks to express interest to grab an opportunity to trade insurance policies   Read More ...
Pastor Ssenyonga dragged to court over Shs5b debt
2018-02-09 04:00:01 Kampala. Pastor Jackson Ssenyonga and his wife Eva Ssenyoga, both popular city preachers, have been summoned to court over breaching a contract.The two preachers of the gospel, Mr and Ms Ssenyonga, according to court documents have allegedly failed to pay Shs5 billion for goods supplied to them by Mr Nathan Bisaso, the accuser, in 2013. Debt. The plaintiff, Mr Bisaso, through his lawyers, Ssekidde Associated Advocates, on September 21, 2017, filed a plaint in the High Court of Uganda at the Commercial division (Commercial Court),seeking for recovery of debt amounting to Shs5 billion from the defendants, Pastors Jackson and Eva Ssenyonga, represented by Birungyi, Barata and Associates   Read More ...
DFCU bank cements its number two position with a 3 trillion shilling balance sheet
2018-02-08 20:12:03 A day after a major shake-up at the senior management level of the Central Bank, DFCU Bank, indicates that it is enjoying firm stability after it bought some assets of the Defunct Crane Bank, this has seen its position change within the banking industry. DFCU Bank says that its acquisition of some of the assets of the former Crane Bank has continued to offer it stability placing at position number 2 in the banking industry buffered by a Balance sheet of 3 Trillion shillings currently   Read More ...