Struggling businesses dominated the news in July, weighed down by loans they cannot pay off. This followed the publication of a leaked list of 65 firms said to be financially distressed and seeking government bailouts as a result. The companies owe Shs1.3 trillion to different banks, which debts the government is apparently considering to help them settle.
Inflation fell to 5.1% year-on-year in July from 5.9% in June according to data from the Uganda Bureau of Statistics, setting the stage for a third consecutive rate cut when Bank of Uganda’s Monetary Policy Committee meets in mid-August.
The Ministry of Energy and Mineral Development invited three Nigerian companies and one from Australia to negotiate for production sharing agreements for its oil exploration licensing round. The four companies will negotiate for five production sharing agreements.
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