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Business

Increasing taxes: is targeting small businesses the solution?

Uganda, with a fiscal deficit of 5.6% in 2023, has increasingly turned to local resources to make up for its revenue shortfall since the World Bank suspended its funding on 8 August 2023 over the country’s anti-homosexuality law. In early April 2024, traders in downtown Kampala protested against what they saw as high taxes and harsh enforcement tactics of the Uganda Revenue Authority. […]

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Business

Breaking down trade barriers for East African Community’s prosperity

During the 60th Zanzibar Revolution anniversary celebrations held at Amaan Sports Complex in Zanzibar on January 12, 2024, Ugandan President Yoweri Kaguta Museveni cautioned the East African Community (EAC) against divisionism, labelling it as a setback to the region. Museveni is mindful that the strength in numbers is an undeniable advantage. Many EAC states are […]

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Business

Hoima drivers launch SACCO with a call for reforms to prevent imminent collapse

In the face of a syndrome jeopardising Savings and Credit Cooperative Organisations (SACCOs), experts have highlighted mismanagement, embezzlement, and inadequate strategies leading to the downfall of many SACCOs. They called for urgent reforms, emphasising the effective utilisation of SACCOs to boost share capital and financial stability. During the launch of the Hoima City Tax and […]

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Business

Hoima real estate boom turns to bust amid economic shifts

A decade ago, Hoima City’s real estate market thrived on the activities of the oil industry, witnessing heightened demand and profitability. Investors eagerly purchased land, leading to increased gentrification and soaring property values. Elevated to city status in the 2019 fiscal year, Hoima underwent a transformative phase, evolving into a bustling urban centre adorned with […]

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Business

UMEME on track to increase connections from 1.9 million to 3 million in 2024

UMEME Ltd has invested sh9b in the revamping of the Hoima substation – which is located in Kinubi Cell on the outskirts of the city – from six megawatts to 20 megawatts. The substation, which is part of UMEME’s asset replacement project, aims to improve capacity and supply more customers reliably. The works, which commenced […]

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Business

Bunyoro Kingdom Invests sh5b in diverse ventures to tap oil and gas opportunities

In a strategic move to seize the forthcoming prospects in the burgeoning oil and gas sector within the Albertine Graben, Bunyoro-Kitara Kingdom has so far channeled an impressive sh5b into a range of business ventures. These investments encompass real estate, treasury bills, fixed deposits, and the Unity Trust Fund, a unique insurance vehicle designed to […]

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Business

Strategies for preventing a debt crisis in Sub-Saharan Africa

The average debt ratio in sub-Saharan Africa has almost doubled in just a decade—from 30 percent of GDP at the end of 2013 to almost 60 percent of GDP by end-2022. Repaying this debt has also become much costlier. The region’s ratio of interest payments to revenue, a key metric to assess debt servicing capacity […]

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Business

Malawi President launches initiative to eliminate Food Shortages

Malawi’s president has launched a large-scale crop production initiative known as “mega farms,” aimed at boosting the country’s agricultural-based economy and help end persistent food shortages. Malawi has long faced food shortages at both national and domestic levels each year. This, despite various efforts to boost agricultural production, including the Targeted Inputs Program, in which […]

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Business Featured

Report: Africa stands to lose $25b every year in EU carbon border tax

A new European law that imposes the first ever carbon border tax in the world comes into force in October 2023. It will be applied gradually over the next three years before it is fully implemented. A carbon tax is a type of levy imposed on greenhouse gas emissions. It is meant to encourage companies to adopt […]

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Business EDITORS' PICKS

Chinese President meets Bill Gates, calls him ‘an old friend’

Chinese President Xi Jinping called Bill Gates “an old friend” and said he hoped they could cooperate in a way that would benefit both China and the United States, in Xi’s first meeting with a foreign entrepreneur in years. In a meeting at Beijing’s Diaoyutai state guest house, where China’s leaders have traditionally received senior […]