Shilling Depreciation to Increase Unemployment Rates

Uganda has been warned of roaming unemployment if the shilling continues to depreciate.

The Uganda shilling is currently trading at a record average of Shs3000, raising fears among the local community and the private sector is no exception.

Now the Executive Director, Private Sector Foundation Uganda, Gideon Badagawa tells KFM that with the rising cost of production, many small companies are likely to cut off some workers to manage the costs.

He explained that since most of industries had ventured into exportation, they are facing tough competition at international market.