- published: 04 Jan 2017
- views: 1177
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 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...
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.
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.
Subscribe to BBC News www.youtube.com/bbcnews The UK is the world's second largest used clothing exporter - trading more than $600m worth of discarded fashion overseas each year, according to the latest UN figures. Top destinations are Poland, Ghana and Pakistan. What effect is this having? Subscribe to BBC News HERE http://bit.ly/1rbfUog Check out our website: http://www.bbc.com/news Facebook: http://www.facebook.com/bbcworldnews Twitter: http://www.twitter.com/bbcworld Instagram: http://instagram.com/bbcnews
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 ...
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.
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.
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The economy is struggling and so are the common Ugandans whose purchasing power has gone down. Retail shop traders say that they are almost being forced out of business as they struggle to pay the high rent, taxes and increasing power bills forcing them to work for survival.
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.
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
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.
Dozens of street vendors are getting free training to upgrade their businesses from hawking. The training supported by the government and a local non-governmental organisation, Girls Forum International, has attracted over 250 female street vendors, Hillary Ayesiga has the details. Subscribe to us on YouTube: http://ow.ly/Zvqj30aIsgY Follow us on: Facebook: https://www.facebook.com/cgtnafrica/ Twitter: https://twitter.com/cgtnafrica
There is a growing market for fruits such as watermelons countrywide in Uganda especially in urban areas by Fruit Vendors, Market Vendors and businesses like supermarkets and canteens. 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
The local business community fear that come 2016 many businesses will be forced to close down.
As the capital city, Kampala is the centre of business and politics. In a bid to make ends meet, many traders brave the cold on Kampala streets for months, even when they have established places of abode. But the traders have to find clever ways to avoid those who may want to take advantage of the cover of darkness to commit crime. In the first of a two-part series At Home on the Streets, Our reporter Sheila Nduhukire spends a night on the streets to understand what the traders go through. 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
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.
Ugandan businesses have welcomed the admission of South Sudan into the East African community. The young nation brings the number of members of the common market to six as the regional body strives for political integration. CCTV's Michael Baleke reports