Category «Business»

Barclays bank of Uganda appoints interim MD

By Ritah Kemigisa. Nazim Mahmood has been appointed as the Interim Managing Director for Barclays bank of Uganda. This follows the departure of Jha Rakesh who has been at helm of the bank for the last five years. The Bank’s Board Chairman Swithin Munyantwali has applauded Rakesh for working tirelessly to improve the value of the bank. It is during his tenure that the bank was at the forefront of introducing the latest banking technology and products for customers, most notably Cash Send and also boosting the bank’s internet banking platform. Commenting about his departure, Rakesh says it was a personal decision to leave as he is to pursue his own dream and start up a business of his own.

Lt. Col. Nakalema explains BOU raid

By Ritah Kemigisa The head of the state house Anti-corruption Unit Lt. Col Edith Nakalema has spoken out on the raid by her team on the offices of Bank of Uganda. In a statement issued on Friday afternoon, Nakalema says her team together with police criminal investigations department are carrying out a special investigation regarding the central bank’s procurement and supply chain activities. She adds that the investigation was prompted by a tip off from Governor Bank of Ugandan Tumusiime Mutebile. Nakalema adds that a number of senior officials from the bank, customs and Civil Aviation Authority personnel are being questioned. The government spokesperson Ofwono Opondo says the president is aware of the investigation and he okayed it. Central Bank …

Economists doubtful about economic growth projections

By Moses Ndhaye A section of local economists has poked holes in the over 40 trillion shilling budget read yesterday by finance minister Matia Kasaija will not address the country’s sticking issues such as unemployment. The 2019/20 budget shot up from 32.7trillion shillings to 40.5trillion shillings in the just ending financial year. According to senior development economist Dr.Fred Muhumuza, although the economy is projected to grow at a rate of 6%, majority of the population will not benefit from this growth. He says this is because, the industries being created are not creating the 600 jobs which the country needs to create annually. He says what is required is to ensure that emphasis is put on the agriculture sector which …

Uganda’s trade within EAC hits Shs 4.70 trillion

By Moses Kyeyune. Uganda’s formal exports to the East African Community partner states have been on the rise, increasing to 4.7 trillion shillings from 1.6 trillion shillings in just eight years. According to the Trade and Investment Report by the ministry of Finance, Uganda’s exports to the rest of the regional players was 425.2 million US-Dollars in 2010, but jumped to 1.3 billion US Dollars by the end of December 2018. The report indicates that exports to Kenya and South Sudan registered the fastest growth. For instance, exports with Kenya jumped from 180 million US Dollars in 2010 to 580 million in 2018, reflecting a growth value of 1.5 trillion Uganda shillings. Trade with Burundi and Tanzania remained relatively low, …

Local economists predict Brexit spillover

By Ritah Kemigisa Local economists are anticipating a spillover effect of Brexit to not only the global economy and trade, but on Uganda as well. This comes after the UK Prime Minister Theresa May the champion of Brexit announced that she would resign on 7th June. Brexit is the withdrawal of the United Kingdom from the European Union and it followed a 2016 referendum in which 51.9 per cent of those voting supported leaving the EU. Now Ramathan Goobi, a renowned economic analyst says the moment UK fails to manage the situation, there will be reduced foreign direct investments in Uganda because some partner states like China which bring in huge capital will be greatly affected.