Black gold runs the world and Uganda’s President Yoweri Museveni seems to have struck his long-coveted oil pipeline deal with Tanzania.

In the wake of his November state visit to Tanzania, the $3.5 billion deal is heading in the right direction.

However, this article is about another black gold, not crude oil, no, our topic of discourse is another prime foreign exchange earner for Uganda; the sweet aroma filled and much-coveted Robusta coffee, a $657 annual earner for Uganda.

Granted it’s but a fraction of what the oil deal will earn the country but coffee earnings represent much bigger financial inclusion for the Ugandan people than any oil deal ever will.

Here is why. Coffee farming directly employs over 1.7 million Ugandans who produce close to 6 million bags. Actually, Uganda produces 6% of global Robusta and 1% of the world’s Arabica coffee. Put together, coffee brings 18% of all …

• Carrefour only had two stores before the takeover
• Shoprite, the previous owner of the space, has exited Uganda after 21 years of operations
• Majid Al Futtaim is currently on an expansion spree in East Africa 

French retailer Carrefour has entered into an agreement with Shoprite Checkers Uganda Limited to take over its Shoprite franchise in the country.

Under the deal, Shoprite will transfer six of its Ugandan stores’ leases to Majid Al Futtaim, Carrefour’s parent company, by end of year.

Majid Al Futtaim currently operates two stores in Uganda, under the Carrefour banner.

Following the implementation of the agreement, Majid Al Futtaim will expand its footprint to eight Carrefour stores.

Commenting on the deal, Hani Weiss, CEO of Majid Al Futtaim Retail said: “We welcome the opportunity to bring our unique Carrefour offering of unbeatable value range, international standards to more customers across Uganda.

He added that the agreement represents …

The Uganda Securities Exchange (USE) in partnership with MTN Mobile Money Uganda has launched a digital service to facilitate convenient Securities Central Depository (SCD) account opening, using the MTN Mobile Money platform. 

In a statement, the partners said deal is envisaged to simplify the process of opening an SCD account, which is a requirement for individual investors to participate in the securities market.

While launching the digitized SCD account opening service Paul Bwiso, the Chief Executive Officer of the Uganda Securities Exchange noted that the new digital SCD account opening platform will bolster participation of the everyday Ugandan in the country’s stock market.

He added that the move will allow more people to open their SCD accounts remotely and subsequently be able to invest in any of the companies and debt instruments listed on the USE.

“Since embarking on its digital transformation journey in 2015, USE had been intentional about …

Regional Financial Services Group, I&M Group PLC has announced an increase of 33 per cent after-tax profit for its 2021 half-year financial results up from UGX 102.5 billion to UGX 134.6 billion.  

In a statement, the Group says its Total Assets recorded a growth of 12 per cent to close at UGX 12.2 trillion up from UGX 10.9 trillion in June 2020, bolstered by expansion into Uganda and increased private and public sector lending.

The Group adds that the acquisition of Orient Bank Ltd (OBL) in Uganda has expanded the Group’s balance sheet by UGX 753 billion as of the reporting date.

Net interest income also recorded growth of 28 per cent to UGX 285.2 billion up from UGX 221.1 billion in June 2020 attributed to increased interest income from government securities.

The Group’s total Non-Funded Income reduced by 6 per cent to UGX 124.9 billion from UGX 134.6 billion.…

East Africa’s largest insurer, Jubilee Holdings Limited has announced a Profit Before Tax of Sh5.206 billion, representing an increase of 119 percent for the Half Year ended June 30th, 2021.

This jump was partly due to the gain of Sh2.074 billion, from the sale of 66 percent of its Kenyan General Insurance business to the Allianz group on May 4th, 2021.

However, the Profit Before Tax on the Insurance business grew by an impressive 32 percent from Sh2.377 billion to Sh3.132 billion.

Total Gross Written Premiums and Deposit Administration contributions grew by 10 percent to Sh22.2 billion compared to Sh20.2 billion in 2020 due to a dynamic growth of 20 percent in Medical business and a 36 percent increase in Annualized Premium Equivalent sales.

This strong performance reflects Jubilee’s diversified business and investment portfolio that has proven robust against the backdrop of the Covid-19 pandemic and is now well positioned …

Looking at the bigger picture, speculations are that the milk and milk product levies and taxes are designed to lure Uganda to choose favourably towards other trade issues that are pending.

As local Ugandan media puts it; “Uganda maintains that if there are issues that need to be addressed, they can be handled through bilateral arrangements or the regional trade agreements within the East African Community instead of using arbitrary means such as high taxes.”

Squeezing Uganda to act in its favour, Kenya has also imposed what Uganda is terming ‘a restriction to Ugandan diary products since January 2020.’ Notably, Kenya is Uganda’s largest milk trading partner in the region, yet for over an year now, Kenya has maintained restrictions on Ugandan milk products despite the East African Community (EAC) common market protocol.…