BoU Governor Atingi-Ego Confident Budget Cut Means Well for Economy
Bank of Uganda Governor Michael Atingi-Ego says the government must manage borrowing carefully to avoid crowding out private businesses from the credit market. Domestic borrowing is expected to fall from Shs 11.4 trillion to Shs 9 trillion, while external budget support is projected to drop sharply by 84 percent, from Shs 2.1 trillion to Shs…
African Survey Unveils Economic Turnaround for Uganda
Uganda’s economic growth has strengthened markedly in recent years, rising from below 3 per cent in 2020 to an estimated 7 per cent today, supported by some of the strongest macroeconomic indicators on the continent. While these gains have drawn both praise and scepticism, particularly around per capita income figures and middle-income status claims, the…
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Why EAC Harmonised Call Rates Are Still Elusive
The cost of mobile telephone call costs in the East African Community have remained high and varying despite the introduction of the One Network Area (ONA) Initiative in 2014. ONA was created to make mobile roaming across the EAC simple and affordable, by making the phone work as if it is within its “home country”…
Standard Chartered Secures Gov’t UGX 2.7TR for Infrastructure
Uganda has secured €641.1 million (about Shs2.75 trillion) in external financing for three major infrastructure projects after signing financing agreements with Standard Chartered Bank, in a move the government says will accelerate its long-term growth ambitions. The agreements were signed by the Minister of Finance, Planning and Economic Development, Matia Kasaija, on behalf of the…
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BoU Clears Finance Trust Bank to Downgrade to Tier II Credit Institution
Finance Trust Bank will transition from a Tier I commercial bank to a Tier II credit institution effective April 1, following approval by the Bank of Uganda (BoU). The downgrade from a Tier I commercial bank to a Tier II credit institution followed a strategic decision by its board. The move aligns with tighter capital requirements…
South Africa’s Nedbank to Acquire NCBA Bank
South African financial services group Nedbank is set to enter the East African market, including Uganda, through the acquisition of a controlling stake in NCBA Group PLC. This follows NCBA’s announcement that it has received a Strategic Investment Proposal and a Notice of Intention (NOI) from Nedbank Group Limited to acquire approximately 66 per cent…
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