- published: 09 Apr 2018
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In Uganda, some traders are uncertain over their country joining the Africa Free Trade Area. They aren't convinced the new trading bloc will be of benefit. The agreement recently signed by 44 African countries will open borders to free trade and movement of people once it's ratified. Isabel Nakirya has more from Kampala. Subscribe to us on YouTube: http://ow.ly/Zvqj30aIsgY Follow us on: Facebook: https://www.facebook.com/cgtnafrica/ Twitter: https://twitter.com/cgtnafrica
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
A section of Ugandan traders in South Sudan has accused State minister for finance in charge of planning, David Bahati, over what they say is acting in favor of one group of traders over another in relation to compensation. 33 companies are earmarked for compensation to the total tune of 453 billion shillings but according to the traders these companies should only receive 151 billion shillings . Patience Ndinawe reports.
Ugandan government has banned foreigners from running retailers in the country. The move follows complaints from local traders, who say they're being pushed out of business by foreigners posing as investors. Hillary Ayesiga has that report.
State Minister for Finance and Economic Planning David Bahati says he and his line Minister will present a detailed report on how Ugandan traders who supplied goods to South Sudan will be paid and the agreements they made with the government of South Sudan. MPs had tasked the minister to explain why compensation for the traders who lost goods and properties when the South Sudan war broke out in December 2013, has delayed. 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
Thousands fear for their livelihood as Uganda moves to ban used clothes
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.
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
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
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,
Traders in eggs business have run out of stock following a ban of poultry products from Uganda. This has led to the rise in egg prices due to supply shortfalls. According to traders and farmers, poultry products like eggs are usually imported from Uganda due to the low market price which is associated to the cheap feeds available across the boarder.
Government and development partners are expecting increased traffic of goods and people travelling to and from Uganda and Rwanda using the Kagitumba – Mirama hills one stop border point. This follows the timely completion of tarmacking of the 37 Km’s Northern corridor road network from Ntungamo Municipality to Mirama hills border post. The unpaved section was a major constraint to the better operationalization of the one stop border post.
http://ntvuganda.co.ug/ The Inspector general of police has assured Ugandans trading within South Sudan that with a force put in place to protect them, they need not to worry about their safety. Lt Gen. Kale Kayihura also says that not all that are killed are Ugandans, adding that those responsible could be bandits or rogue SPLA elements. Following the death of two Ugandan truck drivers late last month in South Sudan, one other national is said to have been injured along the Nimule road, raising more concerns of the safety of foreigners there.
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.
After disruption due to internal problems, the Turkish are back again to continue efforts started a few years ago. Today a Turkish delegation was meeting Ugandan business people under the auspices of the ministry of Trade to provide for Turkish investors and business to business opportunities. 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.
The central bank has issued a directive stopping Crane Bank from issuing letters of credit, bank guarantees, bid bonds as well as place restrictions on new loans.The directive comes after the Bank of Uganda identified that there was a continued and significant erosion of capital. The apex bank took over the management of Crane Bank after reports that it was significantly undercapitalised and could become a risk to the overall banking system. These "special" arrangements with customers are reported to have contributed to the rise in Crane Bank's non-performing loans, which were valued at 142 billion Uganda shillings, just about 40 million dollars, by the end of December 2015. Bank of Uganda's decision to place restrictions on lending was reportedly meant to prevent the situation from escal...
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.
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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 ...
Ugandan traders Uganda are calling upon government to freeze the South Sudan government accounts, reportedly in Bank of Uganda. Kampala City Traders Association-Uganda Spokesperson Issa Ssekito says Uganda must take tough measures or else, traders who supplied goods to South Sudan will continue losing their properties.
The government of Uganda has agreed to pay outstanding debts to companies that supplied goods and services in South Sudan. This will be on behalf of the South Sudanese government that has agreed to pay back the money later. State Minister of planning David Bahati told the parliamentary committee of trade that the payment of the debts would cost government 41 million dollars, approximately 140 billion shillings. 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