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Middle East war

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.
Uganda National Oil Company

Uganda leaves first-oil date open until June 2027

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

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

Africa’s steady growth masks divergent fortunes, with commodity gains supporting exporters while debt costs and aid cuts constrain spending
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.
Explainer

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

How the Bank of Uganda's increase in its policy rate to 12 per cent could affect the shilling, pump prices, and existing loans and savings
The Bank of Uganda's headquarters in Kampala

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 World Bank Group headquarters in Washington D.C.
World Bank

World Bank cuts Uganda’s growth forecast as regional outlook improves

Uganda’s budget assumes faster growth than the World Bank forecasts, with oil receipts depending partly on the timing of production
Several white fuel tankers bearing "Danger Petrol" signs parked on a dirt lot at a storage depot in Jinja, Uganda, under a blue sky.
Inflation

Fuel prices push inflation higher in May

Headline inflation edged up in May as energy and transport costs climbed sharply amid higher global oil prices
The oil and chemical tanker Petrel Pacific moored at a terminal during twilight, discharging ballast water.
Monetary policy

Bank of Uganda’s Monetary Policy Statement for May 2026 — Full text

Monetary Policy Committee keeps rates on hold for a seventh consecutive meeting but raises its inflation outlook as fuel costs begin feeding through
An inland oil rig
Fiscal Policy

Uganda set to outpace region as IMF flags oil-driven growth surge

IMF forecasts place Uganda among the world’s fastest-growing economies as oil production nears, even as risks rise across sub-Saharan Africa
A brightly lit, modern exhibition stall for Uganda at the 138th Canton Fair. The stall features the national flag and the "Explore Uganda" branding, alongside large posters of gorillas and elephants. A diverse crowd of business professionals and visitors are gathered around the counters, discussing trade opportunities in agriculture, coffee, and tourism.

Geopolitics hastens China’s Hunan-led shift in Africa trade and investment

Beijing’s Hunan-based Africa strategy gains urgency amid US-China tensions and Middle East disruptions to trade and energy flows

More Middle East war

13 April 2026

Supply chains

US blockade of Iran ports deepens global oil uncertainty after Hormuz standoff

US blockade of Iranian ports raises risks for oil supply, fertilisers and global trade flows

A US Coast Guard cutter sails alongside a sleek, smaller unmanned surface vessel in open blue water, with a large commercial tanker visible on the horizon.
11 April 2026

Pope Leo’s Africa tour underscores continent’s rising weight in global Catholicism

Africa’s rising Catholic population frames Pope Leo’s tour amid conflict, inequality and questions of church leadership

A man wearing a white cassock and zucchetto sits in a high-backed chair while holding a sheet of paper.
8 April 2026

Foreign exchange

Uganda shilling weakens sharply as oil prices and global risk sentiment shift

Rising oil prices and shifting investor sentiment drive Uganda shilling to weakest level since mid-2024

A stack of Ugandan shilling banknotes—50,000, 20,000, 10,000, and 5,000—arranged in a currency counting machine.
2 April 2026

Middle East war

The Middle East war is hurting Africa. Here is how the continent fights back

As the Middle East war pushes African currencies lower and borrowing costs higher, a Pretoria scholar sets out how the continent must respond

Scattered South African rands notes against a white background.
23 March 2026

Uganda’s oil moment approaches — but the risks are multiplying

Uganda's first oil is due in H2 2026, but timing risks, fiscal pressures, and a Middle East conflict cloud the outlook

The offices of the Ministry of Finance and Economic Development in Kampala
15 March 2026

Middle East war

Stanbic analysts see opportunity for disciplined investors amid global unrest

Stanbic analysts say Middle East war poses real risks for Uganda's exports, currency, and inflation — but also creates openings for long-term investors

The oil and chemical tanker Petrel Pacific moored at a terminal during twilight, discharging ballast water.
4 March 2026

Uganda faces higher fuel costs as US-Iran war roils oil markets

Uganda faces dearer fuel imports and currency pressure as the US-Iran war pushes oil prices higher, but first oil in H2 2026 offers a longer-term upside

Rise in gasoline prices concept with double exposure of digital screen with financial chart graphs and oil pumps on a field. Stock photo.