City Traders insist on strike
The leaders of the Kampala City Traders Association have snubbed a meeting called by the Prime Minister Amama Mbabazi over their strike set to kick off tomorrow.
The association Chairman Everist Kayondo and spokesperson Issa Ssekitto have kept away from the meeting, with the traders now represented by Moses Kalule, the KACITA chief executive officer in the meeting.
The first session of the meeting was chaired by state finance Fred Omach before being joined by the Prime Minister much later.
The traders have planned to withdraw monies from the banks and close their shops for 3days over the high interest rates charged on old loans.
The chairman of the Bankers Association, also Managing Director Standard Chartered Bank Lamin Manjang has told the meeting that the banks are willing to lower interest rate, only after the Bank of Uganda has reduced the Central bank rate now at 23%.
The traders are however demanding for immediate action and say the strike will go if nothing is done.
The meeting is also attended by the governor Bank of Uganda Emmanuel Mutebile and a representative of the teachers, among others.
