Browsing: Uganda

China Energy Engineering Group Company has announced its plans to develop a 500 megawatt (MW) dam and has contracted China Gezhouba Group International Engineering Company as its engineering, construction contractor and procurement.

“China Gezhouba Group International Engineering Company (Gezhouba International Company), a subsidiary of China Gezhouba Group Company has entered into a framework contract for the 500 MW photovoltaic power generation project in Uganda,” the statement made by CEEC, read in part.

According to the Chinese company, the 500 MW project will be constructed in two phases at an estimate of $500 million.

Also Read: Uganda’s economy growing but not braced for shocks, says World Bank

For the 500 MW photovoltaic power generation project, Gezhouba International Company will be required to design, procure, construct and perform trials.

According to the statement, subsequent formal commercial contract agreement will determine the specific scope of work, contract amount and time limit of performance …

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 to note that using this grant assistance, 4,758 metric tons of rice have been procured for the improvement of nutrition of at least 350,000 refugees and 150,000 host community members.”

The World Food Programme (WFP) and the office of the Prime minister will distribute the donated rice to the refugee …

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 World bank

Which he said has constrained Uganda’s fiscal policy which is characterised by low tax revenue to GDP ratio.
“Capital spending continues to fall short of expectations, diminishing the expected return from public investments. 5.3 per cent capital spending versing budget allocation of 6.4 per cent. This inability …

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.”

In its 14th Uganda Economic Update report, the World Bank said that the Net foreign direct investment inflows rose to 5.1 per cent of GDP in 2018-19 from 3 per cent the previous year.

Also Read: One stop border to boost Uganda, South Sudan trade

“The construction sector continues to …

Uganda’s economy grew by 6.5 per cent in the fiscal year 18/19, maintaining the rebound in economic activity over the last two years, according to the latest edition of the Uganda Economic Update released by the World Bank.

The 14th Uganda Economic Update report, “Strengthening Social Protection Investments to Reduce Vulnerability and Promote Inclusive Growth” shows that the country’s economy was boosted by strong consumer spending and sustained levels of public and private investment.

The World Bank advised that in order to control shocks and support more inclusive growth, Uganda’s government should expand social protection programs to areas with the highest levels of vulnerability and risk.

“Recent favourable weather and stronger agricultural growth has contributed to the recovery of household incomes and lowered the estimated poverty levels down to those observed in the 2012-2013 fiscal year. However, environmental shocks and climatic risks can quickly reverse this trend.” said the report.…

The World Bank told Uganda’s government to stop giving unnecessary tax exemption because they are eroding a huge tax base that would otherwise have huge returns.

A study conducted by George Town University, presented during Economic Growth Forum in Uganda last year indicated tax incentives cost Ugandan taxpayers between about $8.9 billion and about $12.9 billion or 2 per cent of GDP annually.

The World Bank said this, has denied Uganda an opportunity to increase the country’s tax ratio to the GDP, which remains low compared to other countries in sub-Saharan Africa and East Africa.

Speaking in Kampala on Wednesday, the World Bank senior country economist, Mr Richard Walker said Uganda’s fiscal policy is constrained by low revenues and slow execution of capital spending.

Also Read: Airtel has fastest Internet speed in Uganda

“At 12.6 per cent of GDP, it is far below government’s medium-term revenue target and compared to …

Uganda Revenue Authority (URA) received information from Australia that Ugandans own assets worth $13.1m in the country.

URA revealed it is re-enforcing its alertness towards tax leakages driven by off shore assets held by Ugandans in a brief released last week.

“An initial report obtained from the Australian Tax office indicates that by September 2019, over $13.1m was held in various assets in Australia by person’s resident for tax purposes in Uganda,” the brief reads in part.

To counter risks presented by globalisation, open markets and digitisation Uganda Revenue Authority has enhanced the exchange of information facility through the worldwide exchange of information network.

Also Read: Middle East, Comesa leading markets for Ugandan export

The move seeks to simplify investigations into the concealment of incomes, tax base erosion by multinationals and country of origin fraud. Through the platform, URA has retrieved $25.4m.

In hope of accessing concealed transaction-level data and …

The Middle East and Comesa have become the leading export markets for Ugandan goods, according to the Bank of Uganda(BoU) report for the year ended December 2019.

The two markets and others in East Africa, Europe and America saw a 10.1 increase in Uganda’s exports for the period under review.

During the period, the Comesa, Middle East and (Common Market for East and Southern Africa) each fetched earnings of $1.2 billion.

According to some experts, the increasing exports to the Middle East is mainly due to the growing gold exports, specifically to the United Arab Emirates.

Also Read: Uganda growth could lower and oil investment delays are part of it, IMF says

The report also added that the Middle East also received a good share of Uganda’s fruits, coffee and vegetable exports in the same period under review.

The report further indicates that Uganda’s exports receipts from Comesa mainly came …

Barclays Bank Kenya has successfully changed its name to Absa Bank Kenya marking an end to centuries of the domination of the banking sector by British banks. This follows the acquisition of Barclays Plc operations in Africa in 2017 by Absa Bank of South Africa in restructuring by the London-based lender.

These are some of the changes experienced in several countries across Africa as the Absa brand cements its presence in the continent, a market that was firmly held by Barclays brand for almost a century. Similar changes have happened in Ghana, Botswana, Seychelles and Tanzania.

With these changes, the bank is knocking doors in one of the biggest global lenders, the Multi Investment Guarantee Agency (MIGA) with an aim of creating a broader investment base for individual banks in several African countries.

Different Central Banks in the region require commercial banks to have a minimal investment base to enable …

Audit firms in Uganda are still producing poor audit reports that are tarnishing the image of local audit firms, a survey by the Institute Certified of Public Accountants of Uganda (ICPAU) on the quality of audit firms has shown.

To reverse the poor auditing situation, the ICPAU –which is the steering committee on audit, says the audit firms must put in measures that will enable them to conduct proper auditing and produce quality reports.

Presenting the committee’s survey results during the accountants’ Practitioners’ Forum the managing Partner of Jim Roberts & Associate, Mr Julius Tumuhimbise said the Institute’s Audit Quality Review team had made several revelations within the ongoing fourth audit quality review cycle during which a total of 181 audit firms were surveyed.

“We found out there is lack of partner input; limited appreciation of technical and documentation requirements; failure to devote sufficient time and attention to planning the …