Economy

Economy

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

The central bank's Monetary Policy Committee voted to reduce its benchmark interest rate by 25 basis points
The head office of the Bank of Uganda in Kampala
Economy

BoU cuts rates, lowers inflation forecast

The Bank of Uganda cut its benchmark interest rate, the first easing since March when borrowing costs were raised in response to the sharp depreciation of the shilling
The Bank of Uganda's headquarters in Kampala
CompaniesEconomy

Business activity edges higher in July

Uganda's private sector grew at a faster pace in July as output and new orders picked up for the fourth month running, according to a closely watched business survey
An overhead view of Kikuubo, Kampala's busiest market
Economy

Inflation rate accelerates as underlying price pressures mount

Consumer prices accelerated for the third consecutive month in July, largely due to an in increase in the price of services, the statistics bureau said Wednesday
Kampala road in Kampala on a busy day
CommoditiesEconomyTrade

Coffee export earnings hit all-time high

Uganda's coffee export earnings rose to an all-time high in June, boosted by rising prices for robusta beans
A cup of espresso being made in a café
EconomyPolitics & Policy

The IMF is failing countries like Kenya: why, and what can be done to stop it

IMF’s declining resources relative to the size of the global economy has meant less funding than members need, forcing austerity and weakening its bargaining position in crises
Street art in Dublin against IMF/EU debt, June 2013. The recent Kenyan anti-tax protests are a warning that the International Monetary Fund (IMF) is failing. The public does not think it is helping its member countries manage their economic and financial problems, which are being exacerbated by a rapidly changing global political economy. The IMF has provided financial assistance to Kenya; however, the funding comes with strict conditions that suggest debt obligations are more important than the needs of long-suffering citizens. This is despite the IMF's claim that its mandate now includes helping states deal with issues such as climate, digitalisation, gender, governance, and inequality. Unfortunately, Kenya is not an isolated case. Twenty-one African countries are receiving IMF support. In Africa, debt service, on average, exceeds the combined amounts governments are spending on health, education, climate and social services. The tough conditions attached to IMF financing have led the citizens of Kenya and other African countries to conclude that a too powerful IMF is the cause of their problems. However, research into the law, politics and history of the international financial institutions suggests the opposite: the real problem is the IMF’s decline in authority and efficacy.
EconomyPolitics & Policy

The roots of the economic turmoil that led Kenyan youth to take to the streets

Corruption, a perennial problem in Kenya, has become a major source of anger; young people, who see corruption everywhere, from the street to offices, feel that it has stolen their future
A large group of youths protesting against proposed tax increases in Nairobi, June 2025
EconomyPersonal Finance

Why government bonds are a good investment

Seeking a safe and reliable way to grow your savings while supporting the Ugandan economy? Look no further than Treasury bills and bonds, issued by BoU on behalf of the government
The crest of the Bank of Uganda on its premises
CompaniesEconomy

Business activity rebounds after March decline

Business activity picked up in April after a month of falls in output and new orders, as demand firmed, a closely watched survey showed Monday
Downtown Kampala, where wholesale and retail trade are the dominant economic activities, close to the Old Taxi Park and St Balikuddembe Market
Economy

Rising core inflation highlights persistent price pressures

Core inflation rose last month, bolstering the central bank's recent contractionary policy in the face of what it says are strong inflationary pressures
An agricultural market in downtown Kampala
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