Author: Caroline Muriuki

Somaliland economic growth is on the rise despite the country’s unique economic constraints. Somaliland President Musa Bihi during his annual address to the nation, said in fiscal 2019 its revenue increased by 4.5% which shows the efforts and capabilities of the National Revenue Authority. “The economy is the basis for the development and transformation of life and society in every country. Therefore, the government is focusing on the development of the Republic and the promotion of the national economy,” Bihi said. “The GDP growth rate in the UK has increased by 2% in the last two years, whereas the economic…

Uganda Airlines and Uganda Tourism Board signed a memorandum of understanding(MoU) to combine efforts to promote the tourism potential of Brand Destination Uganda in the next three years. The MoU signing was witnessed by the First Deputy Prime Minister and Deputy Leader of Government Business in Parliament, Moses Ali, among others. According to the agreement, the two entities will both develop the tourism industry in Uganda and will work together to promote the country as a destination, its culture, people, environment and attractions. Uganda Airlines will promote Brand Destination Uganda in all its platforms, in-flight, online and on the ground…

Pearl of Africa Tourism Expo 2020 was hosted in Kampala Uganda where Tourism players from across Africa gathered to discuss the industry’s future prospects. This was the 5th Pearl of Africa Tourism Expo (POATE), it was under the theme ‘promote intra-Africa tourism’ organized by the Uganda Tourism Board (UTB). The event attracted around 57 international hosted buyers, 140 domestic and regional tourism operators as well as international and domestic media. The Expo was officially opened by Moses Ali, the first deputy prime minister and deputy leader of Government Business in Parliament, on behalf of President Yoweri Kaguta Museveni. Uganda’s President…

Uganda National Oil Company (UNOC) to invest $840 million in joint infrastructure projects in the oil and gas sector in Uganda, said Proscovia Nabbanja, the Chief Executive Officer. Nabbanja signed a memorandum of understanding with Stanbic Bank to facilitate the two entities collaborating to train local entrepreneurs ahead of oil developments. She said a significant amount of money either through loans or the national budget will go towards investments in the refinery, pipeline, bulk trading, storage tank as well as the industrial park. “We hope that this level of equity will be spread in a period of five years in…

Rwanda is set to construct its first powdered milk factory in an attempt to boost profit for its livestock sub-sector. This came after a joint venture firm owned by Rwandan investors and South African in collaboration with dairy farmers in Gicumbi District agreed to invest $38 million towards the development. The powdered milk factory will be situated in Byumba Sector of Gicumbi District in Northern Province of Rwanda. Construction of the plant is expected to start by the end of 2020 and it will take a year for the factory to be completed so it will be completed by the…

Uganda’s Cabinet agreed to borrow about €108 million from China for the construction of oil roads. Uganda’s government will borrow the money from the Industrial and Commercial Bank of China to finance the construction of Hohwa-Nyairongo-Kyarusesa-Butoole and Masindi-Biiso, Kabaale-Kiziranfumbi roads. “Upgrading and constructing the national oil roads will facilitate the efficient development of the strategic national oil resources,” said Denis Katungi, Uganda Media Centre communications and media relations manager. Mr Katungi did not give more information on the interest rate the government will pay on the loan or the loan period. Also Read: Uganda’s economy growing but not braced for shocks,…

The Democratic Republic of the Congo (DRC ) and General Electric (GE) announced the signing of a Memorandum of Understanding (MoU) in infrastructure projects that will see the increase in health modernisation programmes and the supply of electric energy. Under the MoU, General Electric will work with the government of DRC to look into power solutions that will increase electricity in the country’s power grid and benefit thousands of homes. General Electric will also work with the ministry of health for the modernisation of the Congo’s health system at the primary, secondary and tertiary levels. It will look into the…

Uganda received 4,758 metric tons of rice for distribution to refugees and socially vulnerable people including those in communities hosting refugees. Japan’s Ambassador to Uganda, H.E Kazuaki Kameda handed over the donation. The donation was also topped up with the contribution of $640,000 in cash to meet associated costs like transportation, handling and storage. ‘Japan grants aid for the foods assistance program’ made possible for the food donation. A grant of about Ush 12 billion was given to the Ugandan government in 2017. While addressing the media at the World Food Program warehouse in Nalukolongo, Ambassador Kameda said, “I’m happy…

The World Bank said Uganda’s 7 per cent projected growth rate under the National Development Plan (NDP) III, given the current economic fundamentals is too ambitious. National Development Plan (NDP) III, is a government-working document for at least the next five years. It will start this year in the 2020/21 financial year. Speaking during a media briefing in Kampala about the country’s economic outlook, the World Bank senior economist, Mr Richard Walker, said the government’s capital spending continues to fall, dropping to about 8 per cent in the last two financial years. Also Read: Uganda need to Expand Social Protection Programs…

Uganda’s GDP grew faster than initially predicted in the 2018-2019 fiscal year, but the growth is still not fast enough for the government’s lower-middle-income status and poverty reduction ambitions. The World Bank said that data estimates released in 2019 by the Uganda Bureau of Statistics show that real GDP increased at an annual rate of 6.5% in 2018-2019, higher than its previous estimate of 6.2%. According to the bank, the expansion maintains the rebound in economic activity recorded over the last two years. It was “driven by strong levels of domestic consumption and sustained levels of public and private investment.”…