| Africatime
Saturday 29 April 2017
(The Observer 04/28/17)
In a revealing testimony to a Parliamentary committee investigating the controversial Shs 6 billion cash reward to 42 senior government officials, President Museveni said he has had to endure ever since "he discovered oil in 2006", according to a source. Behind closed doors on Wednesday at State House, Entebbe, Museveni testified before Parliament's committee on Commissions, Statutory Authorities and State Enterprises (COSASE) that is investigating the cash reward, which was christened the "presidential handshake." Museveni told MPs that the issue they were investigating was not a small one because ever since the discovery of oil in 2006, it has been a source of big fights which drew in several African presidents. He named South Africa's...
(Daily Monitor 04/28/17)
Kampala — Uganda is looking to tap into Equatorial Guinea's experience of oil production, in order to build its own capacity before oil production starts. Speaking at the Joint Oil and Gas Convention and Regional Logistics Expo at the Kampala Serena Hotel, on Thursday, country's President Teodoro Obiang Nguema Mbasogo, who wrapped up his visit to Uganda shorty after speaking at the conference, said they had agreed with President Museveni of Uganda on areas of corporations especially in the petroleum sector. Equatorial Guinea which produces 300,000 barrels per day has been an oil producing country for the last 20 years. "This visit has actually enabled us to identify a number of important areas for economic cooperation for the two countries,...
(Voice of America 04/27/17)
This month saw hundreds of Ugandan shop owners march in Kampala against Chinese traders. Local merchants and some city officials want foreigners barred from petty commerce. The government has promised to address the long standing tensions. Inexpensive Chinese goods are common in the markets of downtown Kampala, where locals operate small businesses selling the imported merchandise. But it has also become increasingly common for Chinese in Uganda to set up shops selling the same items, only cheaper. Local shop owner Everest Kayondo, the Kampala Capital City Traders Association chairman
(Geeska Afrika 04/27/17)
Trade and Logistic note Opinion By Mark Keith Muhumuza (The Monitor). Uganda is considered a cheaper cargo route for goods bound to South Sudan, than the direct route to from Mombasa to Juba. This was revealed by Mr Richard Kamajugo, the senior director for trade development at TradeMark East Africa while giving a keynote speech at the opening of the joint oil and gas convention and regional logistics expo at the Kampala Serena Hotel on Tuesday. He said this was...
(Business Day Ghana 04/27/17)
There are currently 960 million mobile subscriptions across Africa – an 80 percent penetration rate among the continent’s population. Internet penetration is at 18 percent with 216 million internet users, according to the latest Jumia mobile trend report for Africa. The 2017 edition of the African Mobile Trends Paper is the third white paper presentation from Jumia delving into mobile trends across Africa and specifically Nigeria. The study takes a look at the how the market has democratised mobile internet...
(The Observer 04/26/17)
A World Bank study has singled out Uganda and Seychelles as the two countries with the most efficient power utilities in sub-Saharan Africa. The 2017 study, which surveyed 39 sub-Saharan countries, compared cash collected from bills sent out with the total costs of supply--broken down into operational and capital expenditures--per kilowatt hour (kWh) billed. "The findings show that only Seychelles and Uganda fully covered both operational and capital expenditures," said the report, noting that it did not take into account...
(Xinhuanet 04/26/17)
The Belt and Road (B&R) Initiative is a golden opportunity to bring about regional integration and sustainable economic growth for Africa, said Berhane Gebre-Christos, special envoy of the Ethiopian Prime Minister, on Tuesday. The special envoy made the remarks at the opening of a seminar organized on the B&R Initiative in Ethiopia's capital Addis Ababa. Welcoming the initiative, the special envoy said he is looking forward to the expected effects of the initiative. "The B&R is a project that will...
(Bloomberg 04/20/17)
WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home. The seven-year-old company, in which Facebook Inc.-backer Accel Partners LP invested $40 million in 2014, will this year open a regional office in South Africa, its largest market on the continent in terms of money-transfer value, founder and Chief Executive Officer Ismail Ahmed said in an interview. Another site will start...
(Bloomberg 04/18/17)
Uganda’s central bank reduced its benchmark rate for a seventh consecutive time to support economic growth and encourage banks to lend more to the private sector. Policy makers at the Bank of Uganda cut the rate by 50 basis points to 11 percent, extending an easing cycle that began in April 2016. They have reduced the rate by a total of 550 basis points at the past six meetings. “Given that core inflation is forecast to remain around the medium-term...
(AFP (eng) 04/18/17)
The International Monetary Fund on Tuesday forecast 2.6 percent growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. "Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016," the IMF said its latest World Economic Outlook report. A slump in commodity price in 2016 and devastating drought had affected...
(Xinhuanet 04/18/17)
Africa's diaspora is playing a big role in the economic transformation of the continent, the UN said on Tuesday. UN Population Fund (UNFPA) Regional Director Dr Julitta Onabanjo told Xinhua in Nairobi that remittances are important source of income for many African families. "The diaspora therefore complements government efforts to lift many families out of poverty," Onabanjo said on the sidelines of the First Africa-China Conference on Population and Development. Onabanjo said that Africans in the diaspora also bring back...
(Reuters (Eng) 04/07/17)
Access to off-grid solar energy in rural areas of Africa goes beyond lighting up homes - it also enables people to connect to the wider world and boosts their economic prospects, said the head of one of the continent's biggest solar companies. Azuri Technologies' entry level solar system - for which customers pay a one-off installation fee, then use scratch cards or mobile phone payments to top up on a weekly or monthly basis - provides eight hours of lighting...
(Bloomberg 04/05/17)
Economic growth in Uganda may accelerate in the coming fiscal year, underpinned by government spending on infrastructure and an anticipated recovery in lending to the private sector, according to the International Monetary Fund. The growth rate may increase to 5.5 percent in the 12 months through June 2018, compared with an estimated 4.5 percent this year and 4.8 percent in the prior 12-month period, Clara Mira, IMF’s resident representative in Uganda, said in an emailed response to questions. The Finance...
(New Vision 04/05/17)
The loans will cover 89% and 88% of the Uganda and Kenya project costs respectively. The African Development Bank Group (AfDB) has approved $253 million of loans to the Governments of Kenya ($147.3 million) and Uganda ($105.7 million) for the upgrading of a 118km road section connecting the two countries as well as the construction of the a 32km Eldoret town bypass in Kenya. Once completed in 2021, the project will contribute to improving the living standards of the 1.4...
(Financial Times 04/04/17)
Countries should develop policies to attract labour-intensive production leaving China. China’s initial wave of investments in Africa focused on natural resource extraction. Their demand for metals and energy was so large that it actually boosted global commodity prices overall, which in turn accelerated growth across the African continent. These times of China propping up global commodity prices are now over, as it has built up excess capacity in many sectors and now faces slow investment growth. This lower demand has...
(New Vision 03/29/17)
Uganda is referred to as the Pearl of Africa and has a lot to offer that remains unexploited Uganda has started an aggressive and marketing and promotion marketing campaign in order to increase tourist arrival from the current 1.3 million visitors to four million by the year 2020, according to Ephraim Kamuntu, the Minister of Tourism. Kamuntu said that destination Uganda should be made popular by the agencies, media and the visitors. He said the country referred to as the...
(Reuters (Eng) 03/23/17)
Uganda has discovered an estimated 6.5 billion barrels of crude reserves on its Albertine rift basin along the border with the DRC. Uganda says it has asked China for a $500 million loan to help build almost 600 km of roads in the country’s oil-rich west, amid criticism over heavy borrowing that has ballooned the country’s debt. Uganda has discovered an estimated 6.5 billion barrels of crude reserves on its Albertine rift basin along the border with the Democratic Republic...
(Agence Ecofin 03/20/17)
At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass development of the renewable energy technologies – especially solar energy – that will play such a key role over the coming years,...
(Voice of America 03/18/17)
Each year, the University of Southern California hosts the African Global Economic and Development Summit, bringing delegations from Africa to meet with business leaders, government officials and others in the U.S. But this year, the African summit has no Africans. All were denied visas. Visa issues are not uncommon for people traveling from African nations. During her prior three summits, Mary Flowers saw a high percentage of her attendees unable to attain visas. "Usually we get 40 percent that get...
(New Vision 03/17/17)
Irene Muloni, the Minister of Energy and Mineral Development expressed optimism that the pipeline will be done by 2020 The deliberations were heated. The media was locked out. After more than eight hours behind closed doors, the talks between Ugandan and Tanzania officials regarding the crude export pipeline ended past 9pm on Thursday night. After the talks, Prof. Sospeter Muhongo, the Tanzanian minister of Energy and Minerals revealed to waiting journalists that an inter-governmental agreement between Uganda and Tanzania will be reached this month regarding the subject. “The discussion today was fruitful. We are 85% sure that we may come up with an inter-governmental agreement document by the end of this month.

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