- published: 04 Jan 2017
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2016 was a difficult year to do business in Uganda -- that's according to local traders in the capital, Kampala. Several companies have shut up shop and those who've managed to stay open say they're seeing little profit. As the New Year sets in, traders are rethinking business strategies for 2017. Michael Baleke reports
The parliamentary Trade committee this morning moved into downtown kampala, on what they termed a fact finding mission to get rid of foreign businesspeople disguised in Petty trade. The law makers are now promising to initiate reforms within the legal framework, that must cushion local business owners, already fighting a tight and complex trade environment. This amid widespread public outcry over Asians who are actively involved in ordinary trade shaking off many indigenous entrepreneurs across the country. Subscribe to Our Channel For more news visit http://www.ntv.co.ug Follow us on Twitter http://www.twitter.com/ntvuganda Like our Facebook page http://www.facebook.com/NTVUganda
Plans by central banks in East Africa to promote the use of local currencies in regional trade have hit a snag. In Uganda, traders say ditching the highly favored US dollar will not be practical. The central banks had backed the proposal to cushion traders against losses incurred by forex changes. But as CCTV's Michael Baleke reports, their proposal hasn't gone down well.
Bank of Uganda has signed a Memorandum of Understanding with the Uganda Forex Bureau and Money Remittance Association (UFBMRA). According to a statement issued by bank of Uganda the MoU formalizes the working relationship between the two parties to provide for closer engagement, capacity building, sound governance and compliance with laws and regulations. Subscribe to Our Channel For more news visit http://www.ntv.co.ug Follow us on Twitter http://www.twitter.com/ntvuganda Like our Facebook page http://www.facebook.com/NTVUganda
Uganda's importers and exporters who use the Kenya Mombasa port are happy that Kenyan election ended in harmony with no events of violence. Through their umbrella Kampala city traders association, traders now want their members to fast track their goods and clear them from the Mombasa port as soon as possible and stock Ugandan markets. As kennes Bwire reports, traders want the incoming Kenyan government to settle their compensation of 400 million dollars as agreed after losing their commodities in 2007 post election violence.
Business in the foreign exchange market has dipped further by more than half, with sector sources suggesting daily transactions now at average of $4M (Shs14.4B) down from approximately $10M (Shs36B) 18 months ago. The forex bureaux are blaming a huge reduction in foreign direct inflows, slow down in regional trade, as well as dwindling demand for international import requirements as some of the reasons for reduction in business. Slower business activities apart, the shut down of some bureaux including Crane forex bureau, is not helping the conditions in the market either, where money traders are reporting nearly 65% reduction in profit margin across traded unit currencies combined. Uganda’s nearly 270 registered forex bureaux are now having to deal with the running effects of wobbling ...
Commercial banks in Uganda want more Renminbi transactions to take place between entrepreneurs doing businesses in China and Chinese companies working in Africa. Subscribe to us on YouTube: https://goo.gl/lP12gA Watch CGTN Live: https://www.youtube.com/watch?v=L2-Aq7f_BwE Download our APP on Apple Store (iOS): https://itunes.apple.com/us/app/cctvnews-app/id922456579?l=zh&ls=1&mt=8 Download our APP on Google Play (Android): https://play.google.com/store/apps/details?id=com.imib.cctv Follow us on: Facebook: https://www.facebook.com/ChinaGlobalTVNetwork/ Instagram: https://www.instagram.com/cgtn/?hl=zh-cn Twitter: https://twitter.com/CGTNOfficial Pinterest: https://www.pinterest.com/CGTNOfficial/ Tumblr: http://cctvnews.tumblr.com/ Weibo: http://weibo.com/cctvnewsbeijing
It is now official that Ugandan traders have an alternative route for imports and exports through the southern corridor of Tanzania port of Dar-es --salaam. This follows a successful memorandum of understanding between Uganda and Tanzania governments that will see traders benefit from long storage time and faster handling of goods imported through the Dar-es-salaam port. As Kennes Bwire reports,
Uganda Exports’ dismal performance continue to offer sleepless nights to Uganda Export Promotion Board, something that is has forced the board to craft ideas for a major breakdown. Elly Twineyo, the executive director of Uganda Exports promotion Board, says Uganda’s exports are performing below expectations and part of this is a result of Ugandans not appreciating the importance of exports. Twineyo believes that lack of information on the available markets especially for agriculture products and being stuck in subsistence farming is curtailing the exports sector.
Grain dealers in Mbale district are calling upon government to come up with strict regulations on food exportation to avoid food shortages in the country especially during poor harvest. Local grain dealers are now blaming the food shortage on foreign traders who take the advantage of their strong currencies against the Uganda shilling. This has led to a shortage in the supply of corn flour and drastic increase in the price. This has left
Uganda will not kick out Chinese traders running retails businesses in Kikubo. State foreign Affairs minister Okello Oryem says the ultimatum issued by Members of Parliament recently, might spark off a diplomatic row with China. Oryem warns now warns of similar treatment for Ugandans doing the same businesses in China.
The Ugandan government has agreed to settle an outstanding debt owed to Ugandan traders who supplied goods and services to South Sudan. The traders were not paid their dues after an outbreak of war in the country. The decision follows a meeting earlier this year between Uganda's President, Yoweri Museveni and South Sudan's leader, Salva Kiir, aimed at establishing a strategy for the repatriation of proceeds from Ugandan companies. Michael Baleke tells us more.
Doing business in politically unstable countries can be pretty risky, as some Ugandans doing business in South Sudan have found out since December 2013. They say they are still waiting for the government of South Sudan to pay some $ 41 M dollars owed for grain bought between 2008 and 2010. The grain sellers say an assortment of maize and sorghum worth $ 56 M dollars was bought but only $ 15 M dollars of that, has been paid for. Ugandan Government officials say they are working with their counterparts in South Sudan to ensure the debt is cleared.
Ugandan traders owed by the government of South Sudan cry foul after waiting for payments from the conflict-stricken country in vain. The traders maintain that nothing concrete is yet to come out of the promises made to them over 50 million dollars worth of goods and services they supplied to Africa's newest state. For more news visit http://www.ntvuganda.co.ug Follow us on Twitter http://www.twitter.com/ntvuganda Like our FaceBook page http://www.facebook.com/NTVUganda