Business

Bank of Uganda closes EFC Uganda Limited

Mike Sebalu | January 19, 2024

Bank of Uganda (BoU) has announced the liquidation and revocation of EFC Uganda Limited’s license. EFC, a microfinance institution that was licensed and supervised by the Bank of Uganda has been ordered to wind up its services across the country. According to a letter released by the Bank of Uganda […]

Business News

MTN named official communication partner at NAM summit

Moses Ndhaye | January 13, 2024

With Uganda poised to host the highly anticipated 19th Non-Aligned Movement (NAM) and G77 + China Third South Summits, MTN Uganda has been designated as the official telecommunications partner to provide essential internet connections. The Permanent Secretary of the Ministry of ICT, Dr Amina Zawedde, today communicated the government of […]

Business News

Soaring public debt worries CSOs

Prossy Kisakye | January 12, 2024

Civil Society Organizations (CSOs) are concerned about the soaring public debt in the country. According to the Auditor General’s Report for the financial year 2022/23, the total public debt as of 30th June 2023, amounted to Shs96.168 trillion. Mr Jeff Gidaguyi Wadulo, the head of programs and advocacy at the […]

Business

Uganda-China trade hits $1 billion

Moses Ndhaye | January 5, 2024

The Chinese government says the bilateral trade volume between Uganda and China has increased by 16.1%, hitting a record of 1.1 billion US dollars within the last 12 months. The Chinese Ambassador to Uganda Zhang Lizhong says the bilateral trade increased to 1.1 billion US dollars, up from 800 million […]

Business

URA moves to popularise tax procedures among Chinese business community

Moses Ndhaye | January 5, 2024

Makerere University Confucius Institute has welcomed the move by the Uganda Revenue Authority to have key taxation information translated into the Chinese language. This comes as the tax body, together with the Chinese Embassy are today set to launch a Chinese version of an abridged taxation handbook meant to ease […]