Online trading has brought in the possibility of new financial opportunities for East Africa, with digital solutions increasingly being implemented. The same platforms give users access to the globe’s leading markets today, thus allowing any trader to trade currencies, stocks, indices and a lot more ultimate ease of trading. Tools such as MT4 for PC are more […]
Uganda now recycles State debt paper worth $2bn as high cost of loans looms
The total value of refinanced government securities exceeded half of the entire amount of Treasury Bills and bonds issued in the financial year 2023/24 in a development that promises higher borrowing costs amidst growing fears of debt distress surrounding Uganda’s economy, The EastAfrican has learnt. Refinancing government debt securities refers to the rollover of maturing Treasury Bills […]
Low prices likely to lure Ugandans to spend more cash
Ugandan consumers could get enticed to spend big as inflation rates fall and prices of commodities head south. Latest data from the Bank of Uganda (BoU) shows inflation levels averaged 3.2 percent in the financial year 2023/24 while annual headline inflation clocked 3.9 percent at the end of June 2024. Annual headline inflation stood at […]
Uganda drills 74 wells ahead of first oil
Uganda has drilled 74 oil wells in its two production areas in the western and northern regions of the country ahead of commercial production scheduled for next year. Ruth Nankabirwa, Minister for Energy and Mineral Development, told journalists at a press conference in the Ugandan capital Kampala on Wednesday that the wells were drilled in […]
Uganda mid-year financial reporting season thrills investors
Investors in Uganda are looking forward to better returns as listed firms begin to report their half-year earnings. Latest stock trading data shows significant investor appetite towards Stanbic Holdings Uganda, MTN Uganda, Bank of Baroda and Umeme Ltd shares in recent weeks. MTN Uganda’s total revenues grew by 20.17 percent to Ush1.52 trillion ($405.9 million) […]
Why East African bourses could benefit from turbulence in advanced markets
The current turmoil in the markets in Europe, Japan and the United States of America may bode well for East African bourses, which have for months been caught in the undertow of the former’s bull runs. Analysts project that with the jitters currently experienced in the world’s largest equity markets, investors may turn to smaller […]
Green energy: TotalEnergies acquires Uganda power plant
TotalEnergies has signed an agreement with Bujagali Energy Ltd as part of its plans to invest in energy projects, particularly renewable energy. The deal will see the oil company acquire a 28.3 per cent stake in the hydropower plant located in Jinja, 80km east of Kampala. With a capacity of 250 MW, the plant covers […]
EADB writes off $13m loans owed by regional members
The East African Development Bank (EADB) has written off loans amounting to $13.03 million, highlighting the economic constraints facing its member countries after Uganda defaulted on a $1.02 million loan last year. The lender disclosed in its audited financial statements that during the year (2023) it “de-recognised” the loans out of which assets available for sale amounting to $3.4 million were booked. This is a significant jump compared with $140,000 […]
Uganda Airlines to launch Abuja, Harare and Lusaka flights
Uganda Airlines on Wednesday announced new services to Abuja, Lusaka and Harare in a bid to increase revenue, improve fleet utilisation and position itself for further market expansion.The Abuja service, operating two times a week, will be launched on September 12, 2024, with Lusaka and Harare to follow two weeks later.The latter two, operating four […]
Uganda has costliest fuel in East Africa despite direct imports
Uganda has failed in its bid to lower prices of petrol and diesel in Kampala through a deal to directly purchase fuel from oil and commodities giant Vitol Bahrain. This is after diesel price in Kampala jumped this week to $1.38 per litre from $1.37 while that of petrol rose to $1.47 from $1.46, meaning that Kampala has […]
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