Category: Business

Diamond Trust Bank profit growth of 22% could be an indicator of a recovering economy

Diamond Trust Bank Uganda has registered a 22 percent growth in its profits before tax in 2018 compared to the previous year. According to the audited results released last week, the bank’s profits before tax in the last financial year grew to Ugx18.45 Billion compared to Ugx15.12 the previous year. Industry watchers say the bank’s […]

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President Museveni commissions Nile plywood company

Following the increased rate of unemployment in the country, President Museveni today commissioned the Nile Plywood Company in Nakansogola district. The company which produces furniture, plywood and medium density fireboards will employ more than 1,000 workers along its value chain. In his maiden speech, the president commended the sorrounding people for the support rendered to […]

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Kyambogo ICT boss Dr. Okuonzi on list to guide Uganda into industrial revolution

In a bid for technological advancements in Uganda, President Museveni on Monday 08 April 2019 inaugurated the National Task Force that will guide the country on its journey into the fourth industrial revolution. Among the members appointed on the National Task Force by President Museveni is the famous Kyambogo University ICT boss, Dr John Okuonzi. […]

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Uganda to get 16 million Euro support to boost her economy

The government of Uganda is set to get 16 million Euro support from Hungary in a joint bilateral cooperation engagement signed last year covering areas of Trade, refugees and water sector, Agriculture,Education, Security and tourism. According to the visiting Hungarian Minister for Foreign Affairs and Trade Peter Szijjarto, Hungary has designated Uganda as a strategic […]

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Make a condusive environment that encourages local investment, Kadaga calls upon government

While at the Buy Uganda Build Uganda (BUBU) Expo in Kololo, earlier today, the speaker urged Government to make condusive environment that encourages local investment. The speaker added that Uganda has the required raw materials for the manufacture of different products but costs are at times discouraging. “I met a girl in the last two […]

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Soroti fruit factory to be launched this year, Capt Mukula calls for more industries

The NRM Vice chairman Eastern region Hon. Captain Mike Mukula is satisfied with the progress of works at Soroti fruit factory that is currently undergoing a pre-commissioning exercise test where the machines are being run to see to it whether the machines can run according to the promised capacity. The chairman called upon the government […]

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Traders at risk of counting losses as Rwanda closes border with Uganda

People and their goods are stranded at the Uganda-Rwanda border after they were denied entry into Rwanda. If the situation continues, traders may make a lot of losses since they cannot deliver products as expected. Drivers say they were forced to park their trucks at around 5:00pm on Wednesday after their colleagues who had earlier […]

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Jinja taxi drivers cry foul over reduced passengers

By Leonard Nakhosi. The Transport sector is believed to be one of the sectors that reap a lot of money during the festive season since transport fare is hiked to different destinations across the country hence making transport operators like drivers earn more. Like they always say every day is not Christmas day, Tax drivers […]

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Uganda lacks an effective fiscal anchor – IMF

The International Monetary Fund -IMF in a statement said, that the Pearl of Africa’S  projected debt path in successive budgets has been revised upwards since the beginning of the infrastructure scaling up drive. In 2013, debt was targeted to peak at 31 percent of GDP, in 2016 at 44 percent of GDP, and currently debt is […]

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Uganda’s growth forecast to rise – IMF

IMF confirms in a statement that Uganda’s economic growth to gain momentum in a recent forecast, while the progress on social indicators is still mixed and poverty reduction has stalled. The economy expanded by 6.1 percent in FY17/18, supported by improvements in the services sector and a pick-up in the agriculture sector. The supportive monetary […]

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