Uganda Airlines, the country’s flagship carrier and one of the government’s most ambitious public investments in recent years, has been placed under formal investigation by the State House Anti-Corruption Unit…
Uganda Electricity Distribution Company Limited (UEDCL) has secured a five-year financing facility worth USD 50 million (about UGX 190 billion) from Absa Bank Uganda to fund urgent upgrades to the…
The Ministry of Energy and Mineral Development has instructed the Board of the Uganda Electricity Distribution Company Limited (UEDCL) to carry out a comprehensive investigation into the performance and conduct…
A subtle but consequential confrontation is unfolding between the Engineers Registration Board (ERB) and the Kampala Capital City Authority (KCCA) over the ongoing redevelopment of the Nakivubo Channel, one of…
The Uganda Revenue Authority (URA) has firmly defended its acquisition of additional office space at Pearl Tower on Yusuf Lule Road, Kampala, framing the decision as a strategic necessity driven…
Bank of Uganda recently released its annual report for 2022/2023. The report highlights the central bank’s performance in relation to its major obligation as the guardian of country’s economy. It also sheds light on the bank’s internal processes. Here are the 10 important take-aways from the report. 1. Economy grew by 5.3% beating projections Probably the best news from the report is that the economy remained resilient in the FY 2022/23. Preliminary estimates from Uganda Bureau of Statistics (UBOS) show that the economy grew by 5.3 percent in FY 2022/23 higher than the revised growth of 4.6 percent in FY…
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Uganda Development Corporation (UDC) the Uganda government’s private sector investing arm, is to acquire an undisclosed number of shares in East Africa Medical Vitals (EAMVL), a medical glove-making company belonging to businessman, Ben Kavuya. The two entities in July this year signed an investment partnership agreement for UDC to make an equity investment into EAMVL, said to be the first medical consumables manufacturing plant of latex surgical and examination gloves in Uganda and one of a few in Africa. Dr. Patrick Birungi the UDC Executive Director signed on behalf of his company, while Ben Kavuya, the EAMVL Chairman, signed on…
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After serving two terms in office, Keith Kalyegira will this December step down. In this interview with CEO East Africa’s Muhereza Kyamutetera, he shares a variety of insights on his time at the capital markets authority, what needs to be done to accelerate the growth of capital markets and what is next after CMA. Let us start with a recap of the last 10 years at the helm of the Capital Markets Authority (CMAs); what would you say were your highs, lows, and key milestones/achievements? I think the main achievement that I’m proud of is the decision we made to…
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The Goldenberg scandal in the early 1990s is Kenya’s largest documented gold fraud. The scheme involved Goldenberg International Limited, which pretended to export gold and diamonds, and in exchange received substantial subsidies from the government for “earning” foreign exchange. Kenyan businessman Kamlesh Pattni – who was at the centre of the scandal and was charged with fraud but eventually acquitted. What was the Goldenberg scandal? The scandal centred on two companies: Goldenberg International and Exchange Bank Limited. Both were owned and directed by businessman Kamlesh Pattni and his partner James Kanyotu, the director of intelligence in the Kenyan police force. The two were…
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In this interview, Rytter Muzira, the Supervisor, Media Management at Uganda Revenue Authority, speaks to Robert Mutebi, the Commissioner of Information Technology and Innovation on the progress of this strategy and how it is shaping URA into a service organisation that puts the taxpayer first. What are the goals for the ICT department in URA and what are some of the steps you are taking to achieve them? As a department, we have three goals: to deliver services instantly, to include everyone in our services, and to ensure our systems are interoperable. One of the key factors for achieving these…
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Uganda Revenue Authority’s just-launched Digitalisation and IT Strategy 2023/24-2027/28 is a “living and breathing” testament to the tax authority’s determination to leverage cutting-edge technology to achieve the organisation’s mission to “mobilize revenue for national development in a transparent and efficient manner,” that should be embraced and supported by all stakeholders, John R. Musinguzi, the Commissioner General has rallied all stakeholders. The 5-year strategy is a master plan that seeks to improve efficiency, effectiveness, and service delivery to the taxpayer and in so doing, maximise revenue growth and increase customer service satisfaction. At the core of the strategy is the use…
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The role of the CFO is fast-evolving to that of a Chief Value Officer (CVO). What unique challenges and opportunities does this present in the context of a central bank? The CFO role in a central Bank is a very diverse one. It goes beyond being an ordinary CFO. The team you lead is also very diverse and half of the team are not actually finance professionals. For instance, the CFO heads the Agricultural Credit Facility (ACF) and other schemes which have nothing to do with accounting and the staff are agricultural financing specialists. You also lead the National Payments…
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The Petroleum Authority of Uganda (PAU) has lifted the suspension of works at the Kingfisher Development Area (KFDA) in Kikuube District, paving the way for the resumption of operations. This is after the regulator, “reviewing and realigning” the safety protocols and measures with the operator”, the regulator said in a statement. “This step has been taken after a rigorous examination of all standard procedures to ensure that the health and safety requirements are being robustly implemented by all contractors and sub-contractors. The Authority has reviewed and realigned the safety protocols with the operator for overall improvement in the HSE culture…
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“Dear Muhereza Abel Kyamutetera, NSSF declared interest of 10% for 2022/2023. Your account is credited with an interest of UGX31,020,402. Your provisional balance is UGX341,224,425”. This is one of the best messages that I have received this year so far. In fact, it is one of those messages I look forward to around this time- because by law, NSSF must declare the interest rate before October every year. It is one of those messages that translates the many niceties and promises that the Fund makes in the year, into reality. And this year’s message was frankly a surprise as the…
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Following a recommendation from Parliament, Dr. Ramathan Ggoobi the Permanent Secretary/ Secretary To The Treasury has kickstarted the process to remove Geraldine Ssali Busulwa, the embattled trade ministry Permanent Secretary as the Accounting Officer. This is as investigations into misuse of public funds in the ministry continue. In a 3rd October 2023 letter to the Minister of Trade, Industry and Cooperatives, Ggoobi requested the Minister to nominate another official to replace Ms. Ssali. “Reference is made to the above report on the Investigations into the utilisation of the supplementary funds to your Ministry for FY2021/22 where parliament resolved among others…
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