WaterQuip, a leading provider of sustainable water purification solutions, has partnered with Housing Finance Bank (HFB) to make safe drinking water more accessible to schools through affordable financing options. Access…
MTN Uganda has declared an interim dividend of UGX 5.4 per share, a total of UGX 120.9 billion, after its net profit surges 21% to UGX 292.7billion for the nine months ending 30th September 2022. This is the second time that MTN Uganda has declared interim dividends to its shareholders this year, with the latest payment expected to be effected on 22nd December to shareholders on the register as at 1st December 2022. “The dividend will be transferred electronically to the bank accounts or mobile money wallets of shareholders,” MTN Uganda said in a statement. MTN Uganda’s service revenue rose…
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By Benard Mujuni Gross Domestic Product (GDP) is defined as a total sum and measure of all goods and services produced and sold in a given time. The growth rate of GDP is often used as an indicator of the general health of the economy. One of the limitations of GDP is that it only measures income. Yet poverty is more than just lack of income. And in a country like Uganda, where the informal sector commands more than 67% of productivity, and is responsible for more than 80% of all employment, there is a clear likelihood that most of…
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Bank of Uganda (BoU) has reduced the Central Bank Rate (CBR) by 0.5 percentage point to 6.5 percent, the Monetary Policy Statement for June 2021 says. According to the Central Bank, the aim of reducing the CBR is to boost the economy, which has stagnated due to the disruptions presented by the COVID-19 pandemic. BoU Governor Emmanuel Tumusiime Mutebile, in the statement issued on June 16, 2021, said: “Monetary Policy Committee (MPC) of June 2021, noted that economic developments have been broadly in line with the outlook in the April Monetary Policy Report (MPR). High frequency indicators of economic activity…
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Middle East is now leading destination for Uganda’s formal exports, according to a latest report by Uganda Bureau of Statistics (UBOS). The UBOS Merchandise Trade Statistics report for the month of March 2021 shows that the Middle East was the leading destination of Uganda’s formal exports throughout the period under review followed by the EAC, European Union, Other Africa and Asia. In March 2021, formal exports to Middle East decreased by 10.0 percent to US$ 161.6 million, accounting for 38.8 percent of formal exports compared to US$ 179.6 million registered in February 2021. The leading country of destination was United…
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The production of cattle, poultry and exotic goats has increased in Uganda for the last 10 years. The farmers attribute the increase in production on the rising demand for meat, dairy and poultry products in and outside Uganda. According to the Uganda Bureau of Statistics (UBOS), there was an increase in the production of cattle, poultry both indigenous and exotic increase by three million between 2009 and 2019. The rise in the production of indigenous cattle was 11 million in 2009 to 14 million in 2019.Exotic cattle production, increased by 213,000 during the same periods from 700,000 to 900,000 animals. The production of indigenous…
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The gradual recovery of the economy witnessed in the 3rd quarter of 2020, has contributed to the positive performance of the agricultural sector with prices improving by 5 percentage points. According to the June 2020 Uganda Bureau of Statistics report, food crop growing activities registered a growth of 4.3 per cent in 2019/2020, compared to the 1.5 per cent growth in 2018/19, while livestock growing activities grew by 7.7 per cent in 2019/2020 compared to 7.3 per cent in 2018/19. “The 5 percentage points price improvement, is largely attributed to the gradual recovery of activities in the agricultural sector and…
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Uganda Bureau of Statistics (UBOS) yesterday released Consumer Price Index (CPI) statistics for August 2020 showing a decline in Annual Headline Inflation of 4.6 percent compared to 4.7 percent recorded in July in the same year. The CPI highlights the trends of Inflation across the country, on the different products. The decline in Annual Headline Inflation according to UBOS is largely attributed to Annual Energy Fuel Utilities (EFU) Inflation that decreased to 4.3% in August compared to 6.6% in July 2020 mainly due to solid Fuels Inflation of 13.4 percent registered in August compared to 20.6 percent for July. Charcoal…
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Ugandans paid the highest to move in July compared to the same month last year, thanks to Coronavirus (COVID-19) pandemic restrictions on passenger numbers in cars, Uganda Bureau of Statistics (UBOS) reports. In the consumer price index for July, a measure of what Ugandans pay for different goods and services, UBOS says transport costs increased by 47.3 per cent in July compared to an increment of 34.2 per cent in June. This is the time that the government allowed public transport to start working after two months of suspension aimed at stopping the spread of coronavirus. However, the resumption of…
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Small-scale traders operating around Ugandan borders have suffered one of the biggest tumbles with coronavirus bringing their operations to near zero, official figures show.The scale of the impact is shown in the figures compiled by the Bank of Uganda in March, April and May 2020. Between March and May 2020, cross border informal exports fell by 99.8 per cent the central bank shows. This is a massive dent given that people engaged in it are the vulnerable mostly women and poor communities around the border.BOU says earnings from cross border trade dropped from USD 52 million (UGX193.5 billion) in March…
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