When the BRICS, a growing bloc of the world’s major developing economies, announced Uganda among the 13 new Partner Countries, there were questions as to what this meant and why Uganda, of all the others in the East. It was the only country preferred by the BRICS in the East African Community, and which is […]
Umeme writes off Sh432.9bn as end of service concession nears
Umeme wrote down Shs432.9bn in assets, an increase of Shs272.9bn from the previous year, to reflect the shorter remaining life of its power distribution concession, resulting in a sharp fall in profits. Uganda’s largest electricity distributor said a Shs432.9bn writedown on the value of its service concession contract and impairments of Shs9.3bn resulted in a […]
Why Uganda’s Q3 financial inflows fell?
Uganda’s capital inflows are weakening largely as a result of offshore investment outflows on domestic debt securities, declining budget and project support loans and banks increasing their placements of deposits abroad, according to the Bank of Uganda (BoU). Through its latest state of the economy report for September, BoU says while foreign direct investments (FDIs) […]
Light at the end of the tunnel: Karuma power plant goes live after 11 years
After 11 years under construction, Uganda’s flagship hydropower project, Karuma, was finally commissioned on Thursday, marking an end to a long, winding journey littered with technical defects, fights between the government and the contractor as well as other non-engineering challenges. Construction of the tunnel-design power station, an interconnection station, and high-voltage transmission lines was launched […]
World Bank is leaving? Big deal! We’re joining the ‘Big City Club’
Imagine a couple whose marriage has produced many children celebrating their golden jubilee (50th anniversary) with divorce! The World Bank and Uganda did better (or worse) – celebrating their Diamond Jubilee by parting ways. Yet diamond symbolises strength, durability and enduring value. Uganda officially joined the World Bank group in 1963 after a decade-long courtship […]
Rwanda joins regional stock exchanges in data vending as trading income falters
East African stock markets are pursuing additional revenue raising prospects in data vending business to cushion against faltering trading incomes, linked to declining equity market performances across the region. Rwanda Stock Exchange (RSE) is the latest entrant into the business that the regional exchanges are viewing as an important source of revenue in turning around […]
How online trading platforms are transforming East Africa’s financial landscape
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 […]
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 […]
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 […]
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