Economy

Economy

Coronavirus: BoU cuts interest rates, lowers growth forecasts, offers flexibility on bad loans

The Bank of Uganda cut its benchmark interest rate by a percentage point as part of measures to mitigate the economic crisis caused by the coronavirus pandemic, and also announced actions to support the financial institutions it supervises, including a moratorium on dividends and bonus payments
Emmanuel Tumusiime-Mutebi, the governor of the Bank of Uganda
Economy

Private sector contracts for the first time in over three years in Covid-19 fallout

The first indicator showing the economic impact of the Covid-19 coronavirus outbreak is out, and it shows that private sector activity in Uganda shrunk for the first time in over three years
Namirembe Road in downtown Kampala
Economy

Bank of Uganda postpones monetary policy meeting to Monday [Update]

The Bank of Uganda has called off its monetary policy committee meeting which was scheduled for Friday and said it will communicate a new date "soon"
Bank of Uganda officials during the Monetary Policy Press Briefing
Economy

GDP growth in last quarter of 2019 slows on lower mining output

Economic growth in Uganda slowed down in the last three months of 2019 amid a decline in mining and quarrying output, according to seasonally adjusted estimates from the Uganda Bureau of Statistics
A drilling rig at a drilling site in Uganda
Economy

Core inflation slips to 6-month low in March

Consumer prices rose at a more modest pace in March compared to February as core inflation slowed to its weakest pace in six months, according to figures from the Uganda Bureau of Statistics
Clothes stalls in downtown Kampala
Economy

Businesses to shut down as Museveni announces lockdown

President Yoweri Museveni announced lockdown measures on Monday, telling all shopping malls, non-food shops, salons, and guesthouses to close for 14 days, and stopping all people to people travel
A shopping mall in Kampala
EconomyPolitics & Policy

Covid-19 could break Africa. But it also offers an opportunity to reboot the continent’s economic policies

Africa’s ability to use monetary and fiscal policies to mitigate the pandemic’s economic impact is limited. Whereas governments and central banks around the world have adopted robust and often unprecedented short-run stimulus measures, most African countries lack the policy space and capacity to do so, or are constrained by monetary arrangements that prevent them from implementing national strategies
Female worker in a garments factory
Economy

Government suspends public transport as coronavirus cases rise to 14

Uganda's government said on Wednesday that it is banning public transport for two weeks in a further tightening of measures aimed at preventing the spread of the novel coronavirus. Earlier, the ministry of health announced that infections of the Covid-19 coronavirus had risen to 14
Taxi park in Kampala
Economy

Coronavirus cases rise to nine, all Ugandan nationals

The number of confirmed Covid-9 coronavirus cases in Uganda has risen to nine after eight new infections were detected, the ministry of health said late on Monday
Economy

How coronavirus will affect the informal sector

Coronavirus is going to have a devastating impact on economies. Africa has a particular vulnerability because so many people work in the informal sector. Njeri Kinyanjui explains how this could unfold for informal labourers and whether there’s anything that can be done to support them
Vendors in a market in Uganda
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