June 19, 2024
Business

Weakening shilling could push inflation above 5% target by July, says Bank of Uganda  

The recent depreciation of the shilling against the dollar has led to increased inflationary pressures. Bank of Uganda stated that this may cause inflation to exceed the 5 percent target in the second half of 2024. The shilling has been depreciating since November last year, with a sharp decline in February prompting Bank of Uganda

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Business

No country has developed because of too much borrowing, says Ggoobi

Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury at the Ministry of Finance, emphasized that excessive borrowing doesn’t lead to development. He stated that in the 2024/25 financial year, the government will prioritize saving and increasing revenue to address challenges, especially those stemming from commercial loans. During a workshop in Munyonyo, Kampala, discussing

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Business

Protectionism, taxes, fuel: The high cost of air travel in Africa

Travelling 1,000 kilometres (620 miles) by air between two capitals on the same continent does not seem like a challenge. But it can be one in Africa. Take Libreville and Bangui for instance. The journey takes a minimum of nine hours, requires passengers to change planes and shell out $1,000 — an example of the

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Business

NMG-U steps up digital journey

Stakeholders have highlighted the positive influence of Ugandans’ swift adoption of digital technology on the nation’s progress. This acknowledgment coincided with reports from the Uganda Communications Commission indicating a substantial rise in both fixed and mobile telephone subscriptions, as well as Internet subscriptions. Fixed and mobile telephone subscriptions increased by 600,000 from 28.3 million to

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Business

Airtel market activity remains flat despite posting Shs296b profit

The Airtel share price remained unchanged at Shs87 yesterday, following the telecom’s announcement of a profit return of Shs296b for the year ended December 2023. Airtel, which began trading on the Uganda Securities Exchange (USE) on November 7 last year, has experienced limited activity, causing its stock to decline to Shs87 from the IPO offer

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Business

Digital tax solutions driving up production volumes, says Finance Ministry 

A recent Ministry of Finance Background to the Budget report highlighted the positive impact of digitizing tax systems on manufacturing efficiency and production up to June 2023. Notably, the implementation of digital tax stamps and related enforcement mechanisms has significantly improved the declaration and payment of local excise duties. This improvement led to revenue surpluses

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Business

Rise in education service fees pushes up inflation 

The rise in education service charges, including tuition, scholastic materials, and uniforms, contributed to an increase in inflation, resulting in higher expenditures for most Ugandans in February compared to January. Additionally, the overall inflation uptick was influenced by increased inflation in restaurant and accommodation services, alongside rising food prices. According to recent data, headline inflation

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