The Supreme Court released its full ruling in the petition challenging the results of February’s presidential election. The petition was dismissed in favour of President Museveni and the Electoral Commission. The recommendations arise from an application by Makerere law professors in support of Amama Mbabazi’s petition. The court’s ruling contains ten recommendations it tasked the Attorney General to implement and give an update on the process in the next two years.
Annual headline inflation fell to its lowest level in 16 months, coming in at 4.8% for August, according to data from the Uganda Bureau of Statistics. Core inflation, which is targeted by the Central Bank, also fell to 4.9% year-on-year, just below Bank of Uganda’s policy target of 5%.
Bank of Uganda cut its benchmark lending rate by 100 basis points in August, citing an improved near-term inflation outlook on account of a stabilised exchange rate. It named exchange rate pressures caused by “uncertainty over international events” and weather uncertainties that could lead to an increase in the prices of food as possible risks to its outlook.
The Ministry of Energy and Mineral Development granted eight oil production licences to Tullow Uganda Operations Pty Limited and Total E&P Uganda B.V. The development will allow the companies to commence exploration activities and gives a new impetus to Uganda’s oil production ambitions. The companies are expected to spend over $8 billion in exploration and production activities for the licences, according to the government.
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