Absa, which currently owns the Barclays Africa franchise, has rated Uganda among countries with the easiest access to foreign exchange. Uganda was rated third among 20 countries that were surveyed in the Absa Africa Financial Markets Index, 2018. The country scored 83 out of a possible 100.
Market liberalisation, according to the report, has opened Uganda to open participation thus easing accesses to the foreign exchange space. Read more. Source | Daily Monitor
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Public offices operating in border posts countrywide must operate for 24 hours every day to ensure smooth movement of goods and products, the Permanent Secretary in the Ministry of Industry, Trade and Investment Prof Joseph Buchweishaija has said. Prof Bushweishaija noted that the government would like to see directive for the 24 hours operation at the border posts is enforced to enhance efficiency in cross-border trade. Read more.Source | Daily News
Uganda’s effort to grow shea nut as an export commodity have been boosted by four new standards that will be used at the local, regional and international market. The cosmetics standards that have been developed by Uganda National Bureau of Standards and Uganda Export Promotions Board (UEPB)include pure shea nut butter cosmetics (DUS 1931:2017), lip balm (DUS 1932: 2017); lip shine (DUS 1933: 2017) and after shave (DUS 1934:2017) plus the already developed shea nut butter food products standards. Read more. Source | Daily Monitor
Uganda's large electricity consumers will soon start enjoying close to 20 per cent reduction in tariffs after the government signed a deal will see the loan repayment period for the Bujagali hydropower project loan extended by 15 years. Uganda’s big manufacturers will get reduced power tariffs, like their counterparts in Kenya, who have since December 2017 enjoyed discounted night-time tariffs. Read more. Source | East African
The Tanzania Railways Corporation (TRC) has launched a cargo service to Uganda through the Lake Victoria ports of Mwanza and Port Bell. The train will connect the port of Dar es Salaam to Uganda through Tabora and Isaka in western Tanzania, then Mwanza port by ships plying the lake. Read more. Source | East African
Agriculture was the main driver for the Kenyan and Ugandan economies in the first three months of this year, expanding almost 10 per cent from 2017. Kenya said its economy expanded by 5.7 per cent in the first three months of 2018, compared with 4.5 per cent over the same period last year. Read more. Source | East African
World Food Programme has hailed resumption of marine cargo transport services on Lake Victoria between Mwanza Port and Port Bell in Uganda last week after stopping for ten years. WFP National Logistics Officer, Mr Mahamud Mabuyu who witnessed the launching of the trips to Port Bell said the resumption meant that the new route by lake and rail from Tanzania would cut food delivery time by more than half. Read more. Source | Daily News
A section of the public wants government to offer long-term funding to improve Micro Small and Medium Enterprises’ access to credit lines. Over the Mid Term, the Uganda Development Corporation (UDC) going by its draft strategic plan, needs at least Shs500 billion to fund the establishment of joint ventures with the private sector in agro-processing and manufacturing Enterprises, a move which economists support. Read more. Source | Daily Monitor
The Agriculture Insurance Scheme has grown to Shs4.5b in terms of premiums, with actual utilisation from the government programmes standing at Shs1.5b, according to the Agro Consortium, which brings together 10 local insurers. Speaking at the National Agriculture and Food Security Forum in Kampala yesterday, Ms Joan Nyangoma, of the Agro Consortium, said over the past two years, the scheme has been able to reach 50,000 farmers across the country. Read more. Source | Daily Monitor