The Ugandan national budget for 2024/2025 was approved by Parliament, with a total expenditure of UGX72.136 trillion. The biggest portion of this⏤ UGX31.98 trillion will be financed by domestic revenues and domestic borrowing (UGX8.97 trillion), project support (UGX9.58 trillion) and budget support (UGX1.39 trillion) amongst other sources. Expenditure on wages and salaries is projected to amount to UGX7.926 trillion while non-wage recurrent expenditure shall be UGX17.454 trillion. Development expenditure from own resources is projected at UGX6.152 trillion, while external project financing shall be UGX9.584 trillion. UGX3.15 trillion has been allocated to external debt repayment amongst others. GDP is projected to…
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The quest for economic integration of Africa is finally here. The African Continental Free Trade Area (AfCFTA) represents a historic milestone in the economic integration of the African continent. The FTA which entered into force in May 2019, is poised to be among the world’s largest free trade areas in terms of participating countries. The FTA brings together a total of 55 countries and 8 Regional Economic Communities (RECs) and aims to create a single market for goods and services, facilitate the movement of capital and promote the free movement of people across the continent. Just like any economic integration,…
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Your Excellency, The President of The Republic of Uganda. I hope this letter finds you in good health and high spirits. I am writing as a concerned citizen and tax practitioner in Uganda to bring to your attention certain tax amendments over the years that have had a significant impact on the investment climate in our country. I would like to express my sincere hope that you and your esteemed government continue to work towards a prosperous and progressive Uganda. The reasons for the seemingly confused approach to tax vis a vis investors and investment promotion stems from several factors…
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As I sat on my front row seat enjoying the sweet tones that oozed out of the musical instruments ‘Myko’ and his team effortlessly manipulated, I witnessed an interesting spectacle tease out. I noticed how the music gradually rose in tempo from the slow jazzy breezes that it started off with, to faster and faster beats that had the effect of wooing listeners off their seats and onto the dance floor. More than just the tempo change though, I noticed the subtle but effective way in which the band leader, ‘Myko’, who also plays the role of lead guitarist, signalled…
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Weeks back, I read a tweet that went like this; “I asked some boda guy why he parked within a roundabout, and he said you can’t be orderly in an environment where everyone is out of order.” And a response under that tweet was something like this; “That’s right. It’s difficult to maintain legality as an individual when illegality is the norm. Similarly when corruption is the norm the uncorrupt get ejected from the system.” This article is not about bodas or corrupt politicians but about corporate corruption and kickbacks in corporate dealings and I am trying to answer one…
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Tell us about yourself and your career summary- especially the Bugembe that we don’t already know. The normal Andrew, not the MTN Andrew is a happily married man with two boys. I am an Arsenal F.C. supporter, so you know what that means with resilience. Am a Formula 1 Team Mercedes fan and recently during COVID, also picked up on golf. Career-wise, I just made 25 years at MTN, I joined MTN Uganda in 1998, at the time they were opening. It has been a great opportunity working in the telco industry, for the biggest telco on the continent and…
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In a bid to equip the financial sector with practical knowledge on ethical framework and conduct in daily operations, Absa Bank Uganda has conducted a one-day training for sector compliance experts. The event, officiated by theBank of Uganda (BoU) Executive Director for SupervisionDr. Tumubweine Twinemanzi, took place at Protea Hotel in Kampala under the theme ‘Building blocks of an ethics programme’. In his address, Dr. Twinemanzi said that it is important that banks and other financial institutions give special attention to conduct risk if they are to address the upsurge in financial fraud in the post-COVID era. Twinemanzi added that…
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In one of his most popular plays, Julius Caesar, Caesar (the Roman King), banishes one Publius Cimber from the empire for a crime that he (Cimber) had committed and though many of the king’s cohorts, including Brutus, who was hitherto Caeser’s right-hand man had pleaded with the king to pardon Cimber, the king remained steadfast, proclaiming that he was as ‘constant as the Northern Star’ and that Cimber’s sympathisers would rather ‘lift up Olympus’ (a dormant, holy mountain in Greece) than assume that he would rescind his decision. Many times, people find making difficult decisions an arduous task. Decision-making, especially…
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Coming hot-on-the heels of the World Mental Health Day, I want to lend my voice to the issue of mental well-being as it’s such a critical issue that has become rampant and is impacting society and businesses alike. It’s also a less understood issue until one experiences it so, I take this opportunity to join other authorities to create awareness in the hope that it will help someone or change someone’s perception. First, we need to appreciate that we all have mental health, just as we all have physical health. Even the fittest people can get physically unwell, and our…
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The recent Africa Climate Summit 2023 (ACS), hosted by the Government of Kenya was a crucial caucus where policymakers, practitioners, business leaders, and civil society representatives gathered to address the pressing challenges of climate change. As the world confronts the climate crisis, ACS was an opportunity to emphasize the vital role of leadership in fostering sustainability. The African Leaders Nairobi Declaration on Climate Change highlighted the African perspective, acknowledging the profound challenges climate change poses and expressing unwavering commitment to address this existential threat. Our continent is home to a rapidly growing population that is particularly vulnerable to the adverse…
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