Three commercial banks applied to downgrade to credit institutions, and the Bank of Uganda (BoU) granted their request. ABC Capital Bank (U) Limited, Guaranty Trust Bank (U) Limited, and Opportunity Bank Limited are the three commercial banks listed by BoU. The transition period for these banks is set to last three months, from April 1, 2024,…
The Ministry of Finance and Uganda Revenue Authority (URA) officials were dismissed by the Finance Committee of Parliament due to issues with the way that seven companies—three of which were higher education institutions—were selected to receive tax exemptions. The process had obvious irregularities that the lawmakers had pointed out, such as a rise in the number…
The newly appointed ministers have been urged by President Museveni to put fighting corruption and generating wealth first. “Corruption undermines our efforts, but by focusing on wealth creation and fighting corruption, we can achieve 80 percent of our goals,” he said. These statements were made on Wednesday at State House-Entebbe during the swearing-in ceremony of…
When the real drilling begins in the coming year, the East African Crude Oil Pipeline (EACOP) will be able to move Ugandan crude oil more easily from the Albertine region to the port of Mwanza thanks to the opening of a state-of-the-art insulation plant. Tuesday marked the official opening of this plant, which is situated…
European Union (EU) has opened investigations against some of the largest tech companies globally due to anticompetitive practices. Meta, Apple, and Alphabet, which owns Google, are being looked into for potential breaches of the Digital Markets Act (DMA) introduced in 2022. If they are found to have broken the rules, the firms can face huge…
The soon-to-be president of Senegal has declared his intention to abandon the heavily criticized CFA franc currency, which is backed by the French government and pegged to the euro. Mr. Faye desires to have a new Senegalese, or regional, currency from West Africa in its stead. Get informed
This announcement follows weeks of intense allegations of corruption, which led to his own party asking him to resign from a prominent parliamentary commission. Mpuuga was accused of soliciting a Shs 500 million payment from the Commission – Parliament’s governing body where he was a member. Get informed
The National Unity Platform (NUP) party does not have the authority to recall Mr. Mathias Mpuuga from his position as Commissioner of Parliament, according to Speaker of Parliament Anita Among. Get informed
The recent report (2023) by the Auditor General pins Uganda’s public debt at a staggering shs. 97 trillion ($25.3 billion). A 12.27 percentage change from 2022 when it stood at shs. 86 trillion. External debt is valued at shs. 52.8 trillion, up from shs. 48.4 trillion the year before. Shs. 44.6 trillion for the domestic…
According to data from the Ministry of Finance, the cost of debt servicing increased by 44.9 percent from Shs3.7 trillion to Shs8.3 trillion in the four years leading up to June 2023. This increase was caused by the public debt rising from Shs57.1 trillion to Shs96.1 trillion ($25.3b). Get informed
