Uganda Business News | Uganda Business News 26

Business activity slows in March

Activity in Uganda’s economy contracted for the first time in 20 months in March, according to an official survey, as a drop in money supply suppressed consumer demand

Regulator raises Umeme electricity tariffs

Umeme Limited employees and officials from the Electricity Regulatory Authority of Uganda inspect a power station

The electricity sector regulator said it had increased domestic tariffs for electricity supplied by Umeme Limited by 2.7 per cent in the second quarter, and overall tariffs by an average of 2.5 per cent

Stanbic Bank names Samuel Mwogeza as interim chief executive, appoints acting executive director

Stanbic Bank Uganda has announced Samuel Mwogeza as the lender’s interim chief executive, following the departure of Anne Juuko

Stanbic Uganda’s annual net profit rose

Crested Towers in Kampala, with the shorter tower housing offices of Stanbic Bank

Stanbic Uganda Holdings Limited said its annual net profit rose by 15.2 per cent and was mainly driven by its anchor subsidiary, Stanbic Bank Uganda

Umeme writes off Sh432.9bn as end of service concession nears

Electricity infrastructure in Pemba, Tanzania. In May 2010, a submarine cable brought electricity from Tanga to Pemba (and on to the mainland). The cable was buried in the picturesque surroundings of Mkumbuu; three metres into the ground before rising to a mast about 120 metres from the water's edge. The cable continues to the Wesha substation, where "feeders" distribute the power to the island's grid. Norway paid NOK 475 million (out of a total cost of NOK 575 million). Norway also provided technical assistance to the project. The cable is now operated and maintained by the Zanzibar Electricity Corporation (ZECO).

Umeme wrote down Shs432.9bn in assets, an increase of Shs272.9bn from the previous year, to reflect the shorter remaining life of its power distribution concession, resulting in a sharp fall in profits

Coffee exports fall at steepest pace since December 2022

Jute bags containing coffee beans in a café storage area

Coffee exports fell by the most in fourteen months in February, but higher global prices led to higher earnings

Media often tout fintech as answer to Africa’s problems, overlooking its downsides

Three communications and politics researchers wondered whether African journalists were uncritically talking up fintech or were warning of its risks. They analysed news coverage and looked at journalism published between 2016 and 2021 by leading newspapers in Kenya, Uganda, and South Africa, as well as through the AllAfrica news aggregator. Based on their initial examination of 368 articles, they identified nine themes or frames that appeared frequently in news coverage of fintech.

African headlines often praise fintech as solving the continent’s economic problems, but some political economists and social theorists challenge this narrative

Goods trade gap falls to near three-year low

People crossing the border from the Democratic Republic of the Congo into Bunagana, in the south-west of Uganda.

Uganda’s merchandise trade deficit with the rest of the world fell to its lowest level in 35 months in January, helped by a sharp drop in imports of unrefined gold

Bank of Uganda’s Monetary Policy Statement for March 2024 — Full text

Michael Atingi-Ego, Bank of Uganda deputy governor, at a meeting at the bank's Kampala headquarters, February 2024.

On 6 March 2024, a special meeting of the Bank of Uganda’s Monetary Policy Committee increased the Central Bank Rate to 10 per cent

Interest rates raised by 0.5% to stem shilling’s slide

The Bank of Uganda's headquarters in Kampala

The Central bank raised its key interest rate at an emergency meeting to stem a “sharp depreciation” of the shilling caused by offshore investor outflows and in the wake of resurgent inflation