Kampala, Uganda | THE INDEPENDENT | John Robert Elangot, the former Deputy Governor at Bank of Uganda has died. He was 87. Elangot, who served as the Central Bank Deputy Governor between 1981 and 1989, breathed his last at International Hospital Kampala on Saturday. He was hospitalized in late September …
Read More »2020/2021 was tough for economy
BoU Governor says loosening of COVID 19 restrictions, shrewd monetary policy decisions kept the economy ‘alive’ amidst major threats | THE INDEPENDENT | The financial year 2020/2021 was largely challenging due to the COVID-19 pandemic hit that negatively affected all sectors of the economy, according to the Bank of Uganda …
Read More »Uganda’s multi-pronged approach to revive economy
Outlook remains overcast by a mutating virus | THE INDEPENDENT | Uganda’s economy has been struggling for some time now since the outbreak of coronavirus but the government and the private sector are coming up with numerous options to reverse the trend. On Oct. 20, the government released Sh 5.8trillion …
Read More »Bank of Uganda’s appeal in Supreme Court had no chance of success since receivership ended
COMMENT | THE INDEPENDENT | The Supreme Court on Monday delivered yet another ruling in favour of Sudhir Ruparelia in which it emphasized that the appeal filed before it by Bank of Uganda had no chance of success. This is the fourth application that has been won by …
Read More »Bumpy business terrain hurts multinationals
Firms need to go big on innovations, corporate governance and cost management, experts say Kampala, Uganda | THE INDEPENDENT | The exit of multinational companies in Uganda including South Africa’s largest grocery retailer Shoprite Holdings exposes the challenges that businesses in the country are grappling with to remain afloat. Several …
Read More »Uganda’s shadow state
Revealing the networks of people with power Kampala, Uganda | THE INDEPENDENT | In the April 30-07 issue of The Independent, Andrew Mwenda; in his column, wrote an article entitled “Paved with good intentions: How Western interventions in African affairs, even when well intentioned, produce bad results.” In that article, …
Read More »BOU withdraws appeal against Sudhir
BOU Governor Tumusiime Mutebile (left) and former Cranes Bank boss Sudhir Ruparelia (right). Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has withdrawn an appeal in their case – Crane Bank (In Receivership) against Sudhir Ruparelia and Meera Investments Limited. “Take notice that the appellant does not intend …
Read More »Go slow on IMF financing, gov’t tells civil society
Kampala, Uganda | THE INDEPENDENT | The recent allocation of special drawing rights by the International Monetary Fund to its members has triggered fears of misuse, since the resource had been described as free, and not a loan. Special Drawing Rights are an international reserve asset, created by the IMF to …
Read More »Private sector firms report improved business activities
Growth is attributed largely to government’s move to relax second lockdown measures Kampala, Uganda | JULIUS BUSINGE | The business community has reported an improved business environment that has seen them somewhat recover from the negative effects of the 42-day lockdown, according to a monthly survey report sponsored by Stanbic …
Read More »New capital requirements for banks
Proposal is good for the industry but a headache to investors, small players | THE INDEPENDENT | The central bank’s proposal to raise capital requirements for commercial banks is commendable but could threaten survival of small players, according to industry players and experts. Wilbrod Owor, the executive director at the …
Read More »