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Uganda

Gold Lifts Uganda's Total Exports

Gold exports from Uganda recorded an 89 per cent increase in the year ending 2016, a Bank of Uganda (BoU) report has shown. Although Uganda is not a big miner of gold, experts said the re-exports saw the country register $340 million (Shs1.2 trillion) revenue up from $36 million (Shs129 billion) exported the previous year.

This performance makes the commodity the country's second largest export product after coffee. According to the report, most of the gold was destined to United Arab Emirates (UAE). Because of this, UAE became the leading export destination recording 20 per cent of Uganda's exports. Responding to this performance, Mr Adam Mugume, the director of research at BoU, said: "The increase in exports to UAE is largely because of the increase in gold exports."

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Illegal immigrant turned entrepreneur builds top-rated tourism business

These are some of the reviews tourists have left on TripAdvisor about Walter’s Tours – a guided excursion through Uganda’s capital Kampala via a motorcycle taxi (or boda-boda). The company was started about seven years ago by Ugandan Walter Wandera and today employs close to 30 motorcycle drivers who weave through Kampala’s dense traffic jams to show visitors some of the city’s main attractions and historical sites. But few know of the odds that Wandera had to beat to get to this stage. Before he was an entrepreneur of this reputable business, he was first a school dropout, homeless, and even an illegal immigrant.

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Lagarde "Impressed" By Uganda's Economic Progress

The International Monetary Fund (IMF) managing director Ms Christine Lagarde is impressed by Uganda's economic progress since the 1990's when the fund recommended radicle economic reforms. Ms Lagarde, who concluded a three-day visit to Uganda on Saturday hailed Uganda on poverty reduction, public investment, inclusive growth, financial inclusion and transparency in the oil sector. She had come to Uganda, as she said prior to the visit, to understand the economic agenda going forward.

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DFCU Takes Over Crane Bank

In exercise of its powers as receiver, under Sec 95(1)(b) of FIA, Bank of Uganda has transferred the liabilities (including deposits) of Crane to DFCU Bank. Bank of Uganda Governor Emmanuel Mutebile said on Friday the central bank has also conveyed Crane Bank's assets to DFCU bank. Addressing journalists in Kampala, Mr Mutebile explained all customers and depositors of Crane Bank shall now have their accounts operated by DFCU Bank through its wide branch network.

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