Tag Archives: economy

The International Monetary Fund (IMF) expects Uganda’s gross domestic product growth to record anywhere between 3.5%-4% in FY2016/17, lower than 5% that had earlier been projected. This was announced on Tuesday by Axel Schimmelpfennig, the head of IMF mission that visited Kampala, Uganda from May 2-15, 2017 to conduct the …

  Nigerian economy glimpses dim light at end of tunnel Lagos, Nigeria | AFP |  Suffering from rampant inflation, stalled investment and mass layoffs, Nigeria is still gripped by one of the worst economic crises in its history. But for the first time in months, the West African economic giant …

Former African Union Commissioner Tumusiime roots for increased agricultural funding as she launches her autobiography Former African Union (AU) Commissioner Rhoda Peace Tumusiime has demanded that Uganda’s finance ministry explains why the agricultural sector is underfunded. “When are you making the 10 percent budget allocation to agriculture? This is a decision at a …

Palma, Mozambique | AFP |  The small, palm-fringed fishing town of Palma was meant to become a symbol of Mozambique’s glittering future, transformed by one of the world’s largest liquefied natural gas projects. But construction has fallen far behind schedule and the town’s fate is uncertain after gas prices fell …

Durban, South Africa | AFP |  African countries are becoming increasingly repressive and causing more people to leave their homes, British charity Oxfam said this week, as Germany warned of the destabilising effect migration is having on the continent. Political freedom and the problem of Africa’s brain-drain were among the …

Nairobi, Kenya | AFP | A lack of foreign currency means petrol pumps are running dry across Burundi, the government has admitted, as the country struggles with a serious two-year-old political crisis. Long queues have been quickly forming in the capital Bujumbura where petrol is only available at some of …

Lokichar, Kenya | AFP |  Kenya plans to export its first oil in June, but analysts say the test phase faces major challenges and appears motivated primarily by political considerations just months ahead of elections. British company Tullow announced the discovery of oil in Kenya in March 2012, when prices …

Tripoli, Libya | AFP |  Libya’s oil production, the country’s main source of revenue, rose Monday to more than 760,000 barrels per day for the first time since 2014, the National Oil Corporation said. Oil is Libya’s main natural resource, with reserves estimated at 48 billion barrels, the largest in …

US seeks talks with North Korea to solve nuke issue Washington, United States | AFP | The United States is not ruling out direct dialogue with North Korea on its nuclear program, Secretary of State Rex Tillerson said in an interview with National Public Radio. “Obviously, that would be the …

COMMENT: What would happen if you woke up tomorrow and found that your boss had doubled your salary? Well, on January 5 1914, Henry Ford doubled salaries for all his employees. That simple fact revolutionized the auto industry. Ford’s actions may noy have been led by altruistic intentions but he …