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Thursday, October 22, 202612:55 am (Nairobi/Kampala)

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Street scene outside a luggage shop in downtown Kampala

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Uganda Shilling

Shilling closes at record low a week after rate rise

Uganda’s shilling closed at Shs4,208.10 to the dollar, a record low, one week after the central bank raised its benchmark rate

Uganda says Nigeria Ebola case does not show local transmission

Nigeria’s imported Ebola case involved travel through Uganda, but WHO says the infection source remains under investigation

FSD Uganda report leaves recovery fund figures unexplained

FSD Uganda’s 2025 fund report gives conflicting loan totals and no formula for its multiplier, and the organisation has not answered questions

United States Embassy building in Nairobi, Kenya

US tells Americans to reconsider travel to Kenya

The US has raised Kenya’s travel advisory to Level 3, citing health risks, while Uganda remains at Level 4 after its own Ebola outbreak

An inland oil rig

Insiders fault leadership of Uganda’s first-oil ceremony committee

OPEC Fund appraises €150mn loan for Uganda railway

Makuutu funding options remain under review as Ionic plans equity raise

Ionic Rare Earths Limited workers at the Makuutu Rare Earths Project in Eastern Uganda. Ionic Rare Earths Limited, the Australian mining company, has acquired an additional 34 per cent interest in Rwenzori Rare Metals Limited, the owner of the Makuutu Rare Earths Project, bringing its majority interest in the project to 94 per cent, as it prepares for small-scale production in a few months' time.

Cutting air pollution and emissions together could save African countries billions

A high-angle view of a crowded Namirembe Road in downtown Kampala, featuring a dense flow of pedestrians, commuters, and vehicles amidst commercial buildings and advertising billboards.

Uganda should use Makuutu to negotiate up the value chain

A yellow bulldozer beside a large mining machine and conveyor at an open excavation site.

Blencowe targets military batteries with Uganda graphite

Gloved hands holding a glass container of graphite powder.

More than 3mn tax records await NIN match before login switch

A yellow and blue Uganda Revenue Authority sign reading “Service Centre, Jinja Branch”, partly surrounded by plants.

Bank of Uganda raises benchmark rate to 12 per cent at special meeting

Uganda’s central bank lifted its rate to 12 per cent, the largest increase since 2011, and raised its inflation forecasts as the shilling weakened

The Bank of Uganda's headquarters in Kampala

Shilling surrenders rate-hike gains as the dollar returns

Uganda’s shilling erased Wednesday’s gains by Friday, with the dollar back above its opening level on the day of the Bank of Uganda’s rate increase

A stack of Ugandan shilling banknotes—50,000, 20,000, 10,000, and 5,000—arranged in a currency counting machine.

Service charge and VAT, not tariffs, cut what a first power purchase buys

Uganda leaves first-oil date open until June 2027

Africa’s steady growth conceals widening economic divide, IMF says

International Monetary Fund name and emblem on a stone wall at its headquarters in Washington, DC.

What the Bank of Uganda’s rise to 12 per cent means for the shilling, fuel and loans

An illustration for property, mortgages, bank loans and home savings. A model of a house sitting on architectural plans, with a blurred piggy bank in the background.

Research links Busoga hunger to sugar contracts held mainly by men

Sugar mill with a tall red-and-white striped chimney, blue-roofed sheds and pipework in front of a wooded hillside

Editor’s Picks

Absa Africa Financial Markets Index

Uganda ranks fourth in Absa’s markets index, held back by pensions and depth

Uganda is the only one of 26 African countries scored in both years to lose ground in Absa’s financial markets index since 2022, as Kenya and Ghana close in

Trading screen showing a candlestick price chart that falls and then partly recovers, beside a list of share prices

A group including President Museveni pulls back a yellow ribbon to reveal the Kampala Storage Terminal foundation plaque, with a soldier and officials looking on.

Kampala Storage Terminal

Ticking bomb in Mpigi: a 320-million-litre oil terminal beside an open-air landfill

Five men in dark suits stand on a stage at NSSF's annual members' meeting. Finance minister Henry Musasizi, second from left, shakes hands with a man on the far left, beside gender minister Henry Tumukunde, centre, and NSSF managing director Patrick Ayota, far right. The figure 22.53 is displayed on a large screen behind them.

National Social Security Fund

NSSF pays a record 22.53%, partly from gains it has not banked

Most read

Shilling surrenders rate-hike gains as the dollar returns

US tells Americans to reconsider travel to Kenya

What the Bank of Uganda’s rise to 12 per cent means for the shilling, fuel and loans

Uganda leaves first-oil date open until June 2027

Blencowe targets military batteries with Uganda graphite

Markets

Bank of Uganda raises benchmark rate to 12 per cent at special meeting

Uganda’s central bank lifted its rate to 12 per cent, the largest increase since 2011, and raised its inflation forecasts as the shilling weakened

The Bank of Uganda's headquarters in Kampala

Trading screen showing a candlestick price chart that falls and then partly recovers, beside a list of share prices

Uganda ranks fourth in Absa’s markets index, held back by pensions and depth

Nine people in formal dress, most of them applauding, stand on a stage beneath a blue backdrop reading “AfCRA, Africa Credit Rating Agency”.

African Credit Rating Agency

AU-backed rating agency seeks $15mn for two-thirds of itself

Various currency notes of African countries are seen in this photo

Foreign exchange

Shilling opens past Shs4,150 as Bloomberg reports offshore selling of bonds

An Airtel Uganda promotional poster at a hotel in Kampala in 2023

Airtel Money skips African exchanges for London

A stack of Ugandan shilling banknotes—50,000, 20,000, 10,000, and 5,000—arranged in a currency counting machine.

Foreign buying of Ugandan government debt fades after a record 2025

Five men in suits at a table beneath an initial public offering banner, one leaning in to speak to Aliko Dangote, seated centre

Dangote refinery IPO cleared for Ugandan professional and high-net-worth investors

Politics

Thomas Tayebwa chairs a meeting at the head of a boardroom table; to his side sit MEPs Anna Strolenberg, nearest him, and Tineke Strik, with Ugandan officials opposite

Uganda’s refugee plan is a third funded as Kampala seeks EU help

Workers at the Kingfisher Oil Field in Kikuube, Uganda, on 24 January, 2023. Ugandan President Yoweri Museveni launched the drilling process at the Kingfisher Oil Field, operated by the Chinese oil giant China National Offshore Oil Corporation Cnooc.

Lamu Oil Refinery

East Africa’s pipeline politics repeat themselves in the refinery race

Medium shot of Ugandan President Yoweri Museveni signing an official act into law at State House.

Museveni’s new foreign funding law deepens fears over shrinking political space

Global migration

Third-country deportations expose democratic costs of Africa’s deals with the US

Economy

Bank of Uganda raises benchmark rate to 12 per cent at special meeting

Uganda’s central bank lifted its rate to 12 per cent, the largest increase since 2011, and raised its inflation forecasts as the shilling weakened

The Bank of Uganda's headquarters in Kampala

Uganda ranks fourth in Absa’s markets index, held back by pensions and depth

Provision releases and currency gains drive Bank of Uganda’s doubled surplus

Shilling opens past Shs4,150 as Bloomberg reports offshore selling of bonds

Various currency notes of African countries are seen in this photo

Mobile money value reaches 72 per cent of 2025 total

Customers at a roadside kiosk in Uganda covered in yellow MTN Mobile Money signs, one woman showing a phone to the attendant while a man stands nearby.

Museveni rejects selling dollar reserves to prop up the shilling

President Yoweri Museveni speaking at a podium bearing the presidential seal during the Independence Day celebration, wearing a white shirt and a maroon, white and gold sash.

Travel & Tourism

Disease control and prevention

US tells Americans to reconsider travel to Kenya

The US has raised Kenya’s travel advisory to Level 3, citing health risks, while Uganda remains at Level 4 after its own Ebola outbreak

United States Embassy building in Nairobi, Kenya

Uganda Airlines Airbus A330 aircraft on the runway at Entebbe International Airport.

Uganda Airlines

Uganda Airlines faces potential disruption as Airbus orders software fix for A320 jets

A performance stage at the Nyege Nyege festival in Bujagali, Jinja, October 2015

Nyege Nyege keeps on dancing, too fast for the moral police — and terrorists(?)

A passenger airplane packed at an airport

Uganda Airlines cancels all flights as government halts air travel

Ground support equipment at Entebbe International Airport

Uganda Airlines cancels some flights amid coronavirus outbreak

Weathered stone steps framed by lush tropical vegetation and vine-draped trees leading toward a sunlit opening in Entebbe Botanic Gardens.

How the colonial past of botanical gardens can be put to good use

Ground support equipment at Entebbe International Airport

Uganda Airlines to launch in 2019 with flights to 19 destinations

Uganda Business News

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