Namayingo, Uganda – A volatile situation unfolded in Namayingo district as police fired live ammunition and teargas to disperse angry workers and Indian investors protesting the suspension of the CN Sugar factory. The Ministry of Trade, Industry, and Cooperatives suspended the factory’s operations due to the investors’ failure to establish a nucleus estate, leading to…
The Bank of Uganda has taken action to place Mercantile Credit Bank Limited under liquidation, revoked its license, and ordered the winding up of its affairs due to issues such as insolvency, under-capitalization and poor corporate governance. In a statement released by the Deputy Governor of the Bank of Uganda, Michael Atingi-Ego, in exercise of…
East Africa’s finance ministers on Thursday tabled a raft of measures for expanded expenditure plans for the 2024/2025 fiscal year with a keen eye on debt repayment and reliance on domestic revenues to run government operations. These measures effectively set the stage for increased taxation, which will potentially choke economic growth in the region. East…
President Yoweri Kaguta Museveni has visited the Inspire Africa Modern Coffee Park in Rwashamaire town, Ntungamo district. The coffee hub,is part of a pilot project by Inspire Africa, is set to benefit from a proposed $10m (Shs37b) government grant. The hub is designed to gather all graded coffee from farmers in the Ankole, Kigezi and…
The leaders of traders’ associations have threatened to lock down their businesses again, displeased with the outcome of the Kololo meeting with President Museveni. They argue that President Museveni did not address any of their concerns about taxes at the much-anticipated meeting. However, the Uganda Revenue Authority spokesperson, Ibrahim Bbosa, urged the traders to have…
The Deposit Protection Fund of Uganda (DPFU) has begun compensating depositors of EFC Uganda Limited Microfinance, which was liquidated by the Bank of Uganda in January due to liquidity issues. During a press conference at the DPFU offices in Kampala City o, 374 depositors received a total of Shs10 million, while 779 customers shared Shs125…
In a significant stride towards bolstering Uganda’s industrial landscape, Kapeeka Industrial Park in Nakaseke district emerges as one of the focal points of transformative infrastructure development. Spearheaded by the Investment Minister and the Uganda Investment Authority (UIA) board and management, the launch of infrastructure construction within the sprawling 1280 acres park heralds a new era…
The Uganda Revenue Authority commissioner general John Rujoki Musinguzi has urged African countries to work together and emancipate themselves from the effects of slavery and colonialism, which has kept them in the shadows. According to Musinguzi African countries face similar challenges, whereby the average tax- to GDP is at 16%, whereas in developed countries it…
Earlier today a Non-Aligned Movement (NAM) delegation, from Namibia headed by the president in waiting and the first-ever female president to be for Namibia Hon Dr. Nandi Ndaitwah Netumbo, and Uganda-Namibia ambassador H.E Hon Godfrey Kirumira, paid a courtesy visit to Hamz Stadium at Nakivubo war Memorial Grounds. The delegation was greatly fascinated by the…
Uganda Investment Authority (UIA), an autonomous body dedicated to promoting and facilitating investment in Uganda, has once again demonstrated its prowess by attracting investors from Egypt, Turkiye, Qatar, Morocco and India During the recently concluded EA Investment Summit, organized alongside NAM, UIA’s top leaders and the Minister of State for Investment, Hon Evelyn Anite, effectively…
