“While Uganda will become an oil producer in the years ahead, we see only a gradual return to the pre-COVID growth trend of c.6%. We now forecast growth of 5.1% in 2022 (6.0% prior) and 6.6% in 2023 (7.0%), when oil-related construction activity should gain momentum,” says Razia Khan, Chief Economist & Head of Research, Middle East & Africa, Standard Chartered Bank The Final Investment Decision (FID) was announced; first oil is expected in 2025, with an eventual ramp-up in production to 230kb/d. Land purchases related to oil developments are almost complete, and preliminary work on the East African Crude…
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Uganda Revenue Authority (URA) has kicked off the third edition of the e-bomba ya business summits with discussions on survival of businesses in the wake of the effects of COVID-19 pandemic. The month-long virtual engagements are aimed tipping business owners on financial growth and fostering voluntary compliance. These have been incorporated with skills to help businesses thrive in the new normal. According to the URA Ag. Commissioner General Abel Kagumire, majority of the businesses which were a big source of revenue for government have been greatly hit by the effects on trade by the COVID-19 pandemic and this has affected…
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