- 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
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.
Parliament’s trade and Investment committee has recommended the removal of Chinese retail traders from Kikubo trading centre in downtown Kampala. According to the committee most of the Chinese are involved in petty trade and not the investments they applied for when they came in to the country. The recommendations regulating the areas the Chinese traders can operate in are contained in a report to be presented to Parliament this week. 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 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.
A cross section of vendors, taxi drivers and traders in Kampala city have today marched to Uganda’s parliament in a solidarity with the pro- legislators that are pushing for the amendment of 26 that installs an age cap on presidential candidates. The group which started procession from downtown carried placards, banners with inscriptions urging president Museveni – who will be making 35 years at the helm of power by 2021 to contest again.
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
Nakasero traders selling tiles and other building materials have this morning gone on strike and closed their shops. They are protesting Chinese here who sell the same products at cheaper prices. They argue they pay a lot of rent and are taxed yet they have fewer customers compared to the Chinese. They demand for government’s intervene. Holding placards, the traders marched through down town kampala
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.
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
The Uganda Revenue Authority has come clean over allegations advanced by downtown traders that the authority is more interested in the money than the survival of their business. The URA team camped in Kikubo for about 3 hours trying to sensitise to traders, both retailers and wholesalers on the need to pay taxes.
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.
TRADERS THREATEN TO CLOSE BOARDERS TO BLOCK TRADE BETWEEN UGANDA AND SOUTH SUDAN FOR LONG STANDING DEBT OF APPROXIMATELY 60 MILLION US DOLLARS.
A group of Ugandan traders are seeking redress from government after they allegedly lost thousands of dollars to people they claim worked for Kenya Ports Authority in the Port of Mombasa. The traders claim this happened while they had gone to clear their goods out of Mombasa port and the extortion that took place included Kenyan police. 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 hope of Ugandan traders, who lost billions of shillings in the South Sudan war to be compensated, now lies in the hands of a joint verification committee. The committee which is composed of officials from the Ministry of Trade, Finance and foreign Affairs and selected traders, starts work on Thursday next week.
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
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 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.
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 ...
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 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...
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.