Uganda Business News | Uganda Business News 2

FSD Uganda report leaves recovery fund figures unexplained

Bank of Uganda governor Michael Atingi-Ego and Treasury secretary Ramathan Ggoobi sit with other panellists before an FSD Uganda backdrop.

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

OPEC Fund appraises €150mn loan for Uganda railway

The OPEC Fund is reviewing a €150mn railway loan for Uganda, where the project office says full implementation depends on concluding financing

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.

Ionic reports continued Makuutu spending and talks with potential financiers, without setting a replacement timetable for commercial production

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.

Researchers say development banks overlook the combined benefits of cutting air pollution and greenhouse gases, and argue for funding based on costs and benefits

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.

Christopher Burke argues that Uganda should use Makuutu’s strategic review to seek commitments on processing, skills and local procurement

Blencowe targets military batteries with Uganda graphite

Gloved hands holding a glass container of graphite powder.

Blencowe tests Uganda graphite for military batteries with AETC, a US defence award recipient; the record does not confirm Blencowe’s role in the award

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.

URA plans to verify taxpayer records against NIRA identity data before a full switch to NIN logins, whose date has yet to be announced

Shilling surrenders rate-hike gains as the dollar returns

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

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

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

A grey transformer on a steel bracket between two wooden poles against a clear blue sky, with white boxes and cables on the right-hand pole and UEDCL, ERA and other event banners below.

ERA says fourth-quarter tariffs are unchanged, but VAT and a monthly service charge, not the unit price, decide how far a prepaid payment goes

Uganda leaves first-oil date open until June 2027

A blue and yellow steel drilling rig with yellow staircases and walkways stands against a hillside, a red wellhead assembly at its base. A group of people in hard hats and coveralls stand in front of it.

With the pipeline 92 per cent complete and Tilenga at 78 per cent, first oil depends on three linked projects finishing together by mid-2027