Uganda | - Part 5

Uganda economy to grow 5 pct 2016/17, 5.5 pct 2017/18, IMF says

KAMPALA (Capital Markets in Africa) – Uganda’s economy will grow by 5 percent in the 2016/17 (July-June) fiscal year, the International Monetary Fund forecast on Wednesday, trimming the forecast from 5.5 percent after state revenues missed targets and some major projects faced delays. The IMF also predicted Uganda would grow 5.5 percent next fiscal year, boosted by rising spending on infrastructure. Uganda has been pressing ahead with several major projects, including new dams and roads….

World Bank cuts Uganda’s GDP forecast, citing South Sudan

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KAMPALA (Reuters) – The World Bank cut its 2016/2017 growth forecast for Uganda on Thursday to 5.5 percent from 5.9 percent, citing the impact of South Sudan’s conflict on its exports and sluggish investments due to slower economic activity globally. South Sudan is one of Uganda’s major export markets but roads between the two countries have been unsafe since an eruption of violence in South Sudan in July. “The current economic forecast … is ……

Ugandan firm to open gold refinery by end of 2016

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KAMPALA, Capital Markets in Africa: A Ugandan company backed by a Belgian investor is due to open the East African country’s first gold refinery by the end of this year to process raw gold produced mainly from the region, a senior company official told Reuters. Uganda’s mineral reserves are generally viewed as under exploited. Although there are gold deposits, it has no big commercial mine involved in production of the precious metal, leaving the field…

Uganda to spend $2 bln on power connections, grid: Umeme executive

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NAIROBI, Capital Markets in Africa: Uganda plans to spend at least $2 billion in the next five years to connect more people to its electricity grid and raise connection rates, a senior executive at sole power distributor Umeme Ltd said on Thursday. Ugandan officials say they want to boost electricity supply rapidly to power an industrialisation drive. In recent years they have cut subsidies for consumers and introduced a tariff adjustment mechanism. The country said…

Raising Capital to Balance Budget Deficits in Uganda: Issues, Options and Strategies

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LAGOS, Nigeria, Capital Markets in Africa: Uganda’s fiscal deficit has widened sharply in the recent past increasing from 2.5 percent of GDP in 2011/12 to 6.2 percent of GDP in 2015/16 driven mainly by an increase in public investment in infrastructure, in particular roads and hydropower projects. At the same time, due to the global financial and economic crisis of 2008, foreign aid to developing economies like Uganda declined significantly as advanced economies adopted austerity…

Uganda’s Second Stock Exchange Opens, Seeks 10 Million Accounts

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Kampala, Uganda, Capital Markets in Africa: Uganda’s second stock exchange started operating Wednesday, more than two years after winning approval, and said it seeks to win 10 million customers within five years. ALTX East Africa Limited, a unit of Mauritius-founded ALTX Africa Group, will run with fully automated systems enabling it to handle 150,000 transactions a second and provide settlement within 15 minutes, Chief Executive Officer Joseph Kitamirike told reporters in the capital, Kampala. The exchange’s first…

Informal Sector on Tax Radar as East Africa Boosts Spending

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NAIROBI, Kenya, Capital Markets in Africa: Governments in East Africa will levy more tax on their informal sectors as they seek to accelerate growth through increased spending, while economies slow in other parts of the continent. Kenya will reintroduce a new tool to collect revenue from hard-to-tax parts of the economy, Treasury Secretary Henry Rotich announced in his budget speech on Wednesday. His counterpart in Uganda also set out plans to improve compliance in the informal sector….

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