Economy

Economy

Construction costs slowed in December

Construction costs rose at the slowest pace in four months in December as prices for inputs used in building construction and building completion and finishing fell
A multi-storied building under construction
EconomyOpinionTrade

African countries need to shift from exporting commodities to tapping domestic demand

Recent internal instability and external shocks have created a vicious cycle of economic and financial distress in Africa, raising questions about the continent's ability to shape its own destiny
A panoramic photo shows the rapidly growing sustainable energy network constructed by the U.S. Army Corps of Engineers, Sacramento District at Toole Army Depot, Utah, March 22, 2016. When the two turbines, solar array, backup generators, battery storage systems, a micro grid and other planned renewable sources are operational, Tooele expects to become net zero by 2020 – going off grid and producing all of its own energy needs.
EconomyOpinion

Africa needs a grand revival plan from the West and China

Africa's crises have fuelled a surge in migration to Europe unlikely to abate soon unless rapid population growth is matched by improving economic conditions
An overcrowded refugee boat capsizes in the Mediterranean Sea. The current economic and political situation in Africa has already fuelled a sharp rise in migration. Last September (2023), the UN High Commissioner for Refugees reported that more than 2,500 people had died or gone missing while trying to cross the Mediterranean to Europe in the first nine months of 2023, with many more perishing before they reached the coast. During that same period, 130,000 migrants, many departing from Tunisia or Libya, landed in Italy. These numbers will increase sharply if Africa’s population growth is not coupled with improving economic conditions. Worryingly, the International Monetary Fund’s current forecasts suggest GDP growth of around 4 per cent in Sub-Saharan Africa for the next two years – well below long-term trends. The current influx of mass migration to European countries such as Italy, Spain, and Greece may be only the beginning.
Economy

BMI forecast: Interest rates to fall by 1% by year-end

Research firm says Bank of Uganda will keep policy rate at 9.5% in first half due to rising inflation, but will cut by 1% by year-end as inflation stabilises below target
The Bank of Uganda's headquarters in Kampala
CommoditiesEconomy

Trade deficit in goods narrows in December

Uganda's merchandise trade deficit narrowed for the fourth month in a row in December as exports continued to grow at a faster rate than imports
Overhead image of shipping containers in a port
Economy

Bank of Uganda’s Monetary Policy Statement for February 2024 — Full text

The Bank of Uganda's Monetary Policy Committee kept its benchmark interest rate unchanged at 9.5 per cent at its meeting on 6 February
The Bank of Uganda's headquarters in Kampala
Economy

Private sector credit growth drops in December

Lending to the private sector slowed in December due to a decline in microfinance loans and stagnant growth in commercial bank loans
Crested Towers in Kampala, with the shorter tower housing offices of Stanbic Bank
Economy

BoU keeps rates on hold, raises inflation forecast

Bank of Uganda said that economic activity continues to strengthen, although the weakening shilling could lead to a modest increase in inflationary pressures
Bank of Uganda's headquarters in Kampala
Economy

Economy shows signs of slowing as mining activity pulls back

Business activity slowed in January, according to a survey of private sector purchasing managers
Two excavators at a mine
EconomyOpinion

Fixes for Africa’s exploding debt and collapsing currencies

Highly indebted African countries face stark trade-offs between servicing expensive debt, supporting growing development needs, and stabilising domestic currencies
Storm clouds gathering over Accra, Ghana. Nineteen African countries, including Ghana and Zambia, are already in debt distress (meaning they are unable to meet financial obligations) or at high risk of debt distress. Ghana’s public debt has more than doubled since 2012 and amounts to 85 per cent of GDP. Zambia’s went up much higher and stood at 98 per cent as of 2022. Both Ghana and Zambia, along with Ethiopia, have defaulted on their foreign debt, sparking fears about a broader sovereign debt crisis on the continent if more countries fall into debt distress.
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