Bank of Uganda has raised its key lending rate, the Central Bank Rate, by 1 percentage point to 10 percent. This, according to the Central Bank, was done in order to keep inflation close to the target of 5% and to maintain economic growth. While presenting the October 2018 Monetary Policy Statement in Kampala on […]
Truecaller has announced the launch of its instant messaging (IM) platform ‘Truecaller Chat’. With the aim to make communication safer to prevent fake news from circulating, the IM platform will allow users to report links, ensuring that fake news is not circulated unchecked by users. With social media’s rapid adoption across the country, fake news […]
The 2018 financial year proved to be a challenging year for South African mining companies. Globally, the financial performance of the mining industry improved considerably from the previous year. That position was largely mirrored by South African bulk commodity producers with iron ore, coal, manganese and chrome performing well. Unfortunately, the aggregated SA mining industry, […]
High supply growth during the past five years has placed pressure on hotel performance in Sub-Saharan Africa, yet the outlook in the medium term is positive, with a more sustainable pipeline and stronger demand fundamentals. This is one of the interesting facts presented by Xander Nijnens, Executive Vice-President, Hotels & Hospitality Group, JLL Sub-Saharan Africa, at the […]
Sub-Saharan African economies are still recovering from the slowdown in 2015-16, but growth is slower than expected. This is according to the October 2018 issue of Africa’s Pulse, the bi-annual analysis of the state of African economies by the World Bank. The average growth rate in the region is estimated at 2.7 percent in 2018, […]
Centenary Bank, has moved to improve the lives of over 48000 boda-boda cyclists who are members of Kampala Metropolitan Boda Boda Entrepreneurs SACCO by offering them quick ways of acquiring Boda Boda loans. Members of the SACCO can acquire motorcycles for business by securing a loan at a minimal down payment of Ugx 500,000. “Today […]
After several squabbles and string pulling in Uganda’s Parliament, majority MPs finally voted to support the Excise Duty Amendment Bill No 2 which provides for 0.5 per cent tax on Mobile Money withdrawal transactions. Only 288 legislators of the over 450 participated. 124 MPs voted against the imposition of the 0.5% tax on mobile money […]
Criminal networks of poachers, suppliers, dealers, wholesalers, and consumers make up the multi-million dollar industry in live great apes, their bushmeat, and their body parts. However, investigators are missing intelligence and enforcement opportunities on these illicit financial flows, according to a study released today by Global Financial Integrity (GFI), a Washington, DC-based research and advisory […]
The 6th International Open Data Conference (IODC) will be held in Africa for the first time, in Nairobi, Kenya, in 2020. The Announcement was made at the closing ceremony of the 5th IODC 2018 held in Buenos Aires, Argentina, from September 27 – 28, 2018 under the theme “The Future is Open.” This year’s IODC […]
The African Continental Free Trade Area (AFTA) process seems to be stalling. There is concern that some critical timelines will not be met. Funds for the long meetings to undertake the ongoing negotiations are running out. Ratifications have dried up, though the number quickly grew to seven since the launch of the Agreement in March […]
The East African Business Council has asked member states of the East African Community to adopt the regulatory framework for Mutual Recognition Agreements (MRAs), as stipulated in the region’s Common Market Protocol, in order to facilitate easy movement of professionals in the region. Nicholas Nesbitt, the Council Chairman said although the six member states signed […]
Tanzania recently introduced regulatory changes for the mining sector, which appear to have dampened investor sentiment. These changes have not come about in isolation as a number of jurisdictions in Africa have introduced more severe regulatory regimes – but it does appear that Tanzania may have gone further than most. Some of these regulatory changes […]
Tanzania Tourist Board (TTB) will kick-start the positioning and marketing of Tanzania as Business and Meetings, Incentives, Conference and Exhibition/Events (MICE) Tourism destination starting this month. The entity has collaborated with Africa Tourism Partners (ATP) to up-skill travel and tourism professionals in Tanzania running a business and MICE Tourism. Prospective participants include professionals, executives and […]