Stanbic Bank
Stanbic Bank
17.2 C
Kampala
Stanbic Bank
Stanbic Bank
Home Blog Page 145

Museveni warns of rising global instability threatening investment and trade

President Yoweri Museveni.

President Yoweri Kaguta Museveni has raised alarm over what he described as “unpleasant global developments” that are fueling uncertainty in global investment, trade and development financing.

In a statement delivered on his behalf by Finance Minister Matia Kasaija at the 4th International Conference on Financing for Development in Seville, Spain, Museveni pointed to a range of challenges, including armed conflicts, trade wars and renewed global competition for natural resources.

“Unjustified wars in different parts of the world including the Israel-Palestine conflict, the Russia-Ukraine war and now tensions involving Iran combined with skyrocketing tariffs, non-trade barriers, protectionist policies and regional military threats in Africa, are all creating uncertainty for global trade and investment,” Museveni stated.

The President also criticized the misuse of global financial institutions, arguing that their original development-oriented purpose is being compromised.

“Multilateral financial institutions such as the World Bank and IMF need to refocus on their original mandate of development and refrain from being used as tools for geopolitical objectives of some countries,” he said.

Museveni called for a renewal of the global cooperation structures established after World War II, which he credited with helping to maintain peace and facilitate free trade.

“We should reform and preserve the multilateral frameworks which have sustained global peace since World War II and promoted free trade under World Trade Organisation trade rules,” he noted.

He emphasized that Africa, in particular, needs stability and equitable access to global markets in order to advance economically.

“This is the reason why in Africa we are prioritizing strengthening regional markets and intra-Africa trade to be able to expand the markets for exports,” Museveni said.

Rejecting dependency on aid, Museveni instead advocated for value addition to Africa’s natural wealth.

“We are not looking for grants or donations, we are talking about mechanisms where Africa can benefit by adding value to its abundant resources, through accessing technologies, affordable financing and access to markets of our manufactured products,” he noted.

Stories Continues after ad

Gender Ministry to host Vision Zero Africa 2025 Conference at Speke Resort Munyonyo

From August 27 to 29, 2025, Uganda through the Ministry of Gender, Labour and Social Development will host the 3rd International Vision Zero Africa Conference (IVZAC) at Speke Resort Munyonyo, reaffirming the country’s leadership in promoting occupational safety, health and sustainable development in Africa.

Held under the theme “From Commitment to Action – Realising Vision Zero in Africa,” the conference aims to translate policy pledges into measurable actions that reduce workplace harm and foster decent work for all.

The event is organized by the Ministry of Gender, Labour and Social Development in partnership with the Safety and Health Association of Uganda (SHAU), OSHAfrica, the Africa Vision Zero Network and the International Social Security Association (ISSA) particularly its Mining and Construction Sections.

“This is not just a strategy — it’s a movement,” said Prof. Karl-Heinz Noetel from ISSA.

Prof. Karl-Heinz noted, “Countries across Africa are rallying behind the Vision Zero approach: Zero harm. Zero injury. Zero emissions in the world of work.”

Uganda’s hosting of Vision Zero Africa 2025 places it at the forefront of the continent’s push for labour rights, workplace safety and inclusive development. The initiative aligns with the country’s Fourth National Development Plan (NDP IV), Africa’s Agenda 2063, and the United Nations Sustainable Development Goal 8 (Decent Work and Economic Growth).

Since its inception in 2018, the International Vision Zero Conference has grown into Africa’s premier platform for advancing occupational safety and health (OSH). It brings together policymakers, thought leaders, researchers, and practitioners to share insights, best practices, and innovations.

This year’s edition will feature:

·   Global keynote speakers and OSH experts

·  Immersive learning sessions to drive innovation and practical skills

·  High-level networking opportunities for stakeholders and professionals

· Exhibitions showcasing cutting-edge solutions in OSH and Vision Zero compliance

 ·  Access to global safety networks and premium content tailored to Africa’s needs

By convening over 137 clubs and networks of safety professionals, the Vision Zero Africa 2025 Conference aims to stimulate dialogue, promote cross-sector collaboration, and inspire long-term strategies that protect workers and improve well-being.

Hosting this conference is more than a milestone; it’s a continental call to action and signifies building a legacy of safe, inclusive and resilient workplaces across Africa.

Stories Continues after ad

UPDF-operated Helicopter crashes in Mogadishu, AU launches rescue operation

Site where the plane crashed.

A helicopter operated by the Uganda Peoples’ Defence Forces (UPDF) under the African Union Support and Stabilization Mission in Somalia (AUSSOM) crash-landed early Wednesday morning near Aden Abdulle International Airport in Mogadishu.

The aircraft, which was en route from Baledogle military airbase, went down at approximately 7:30 a.m., moments before landing.

“Three of the eight passengers on board were immediately rescued and rushed to the African Union Support and Stabilisation Mission in Somalia (AUSSOM) Level II hospital in Mogadishu for medical attention,” AUSSOM said in a statement.

Efforts to locate and rescue the remaining crew and passengers are actively ongoing.

“Search and rescue operations are currently underway to retrieve the remaining crew and passengers,” the statement added.

Aviation authorities have since launched an investigation into the cause of the crash.

“Aviation authorities have commenced investigations to establish the cause of the accident,” AUSSOM confirmed.

The African Union and UPDF have not yet released the identities of those aboard. Updates are expected as the situation unfolds.

Stories Continues after ad

EABC, AfDB sign Shs3.8b agreement to boost sustainable industrialization

The East African Business Council (EABC) and the African Development Bank (AfDB) have signed a $1 million (Shs3.8 billion) grant agreement to drive sustainable industrialization in East Africa.

The signing marks a milestone in advancing regional economic integration, growth, and the competitiveness of East African Community (EAC) priority manufacturing value chains of edible oil, leather and textiles.

Speaking at the signing ceremony, Mr. Adrian Njau, Acting Executive Director EABC said “We are thrilled to partner with AfDB on this vital project that paves the way for stronger regional value chains, greater market access, and inclusive growth that benefits businesses and communities across East Africa.”

The EAC Industrialization Policy and Strategy (2012-2032) targets to raise the manufacturing share of GDP to at least 25% from an average of 10% by 2032.

The grant will enhance industrial capacity through technical assistance, research, policy dialogue, and capacity building. The project will strengthen the East African private sector to seize trade and investment opportunities availed by the EAC Custom Union and Common Market Protocols and the 1.3 billion consumer market under African Continental Free Trade Area (AfCFTA).

This will be through enhancing public private policy dialogue, evidence based advocacy to unlock barriers to in the selected priority value chains.

Environmental, Social, and Governance (ESG) principles and gender inclusion are critical in fostering inclusive and sustainable industrialization through the effective integration of SMEs, women, and youth value chain actors. Over 1,500 industries including SMEs will directly benefit from the project.

This initiative aligns with EABC’s mission to foster a conducive business environment and sustainable private sector-driven growth, as well as AfDB’s commitment to scale up and accelerate industrialization through the manufacturing sector across all African regions by 2033, as outlined in the Bank Group’s Ten-Year Strategy (2024-2033), and builds on the Integrate Africa High 5 vision.

Stories Continues after ad

Rotary Uganda to implement Shs17b projects focused on impact, transparency & sustainability

Rotary District 9213 Governor Geoffrey Martin Kitakule.

Rotary in Uganda has unveiled an ambitious plan to implement projects worth approximately Shs17 billion (about $5 million) this year with a strong emphasis on holistic community impact, transparency and sustainable development.

Speaking to journalists on Tuesday, Rotary District 9213 Governor Geoffrey Martin Kitakule announced that 137 Rotary clubs under his leadership will spearhead efforts to identify and respond to pressing community needs across the country.

“We want to ensure the impact we have in the community is holistic. In terms of goals and targets, this year, we are looking at raising over $1 million through Rotarians and by that we will be able to implement projects in communities of up to $5 million,” Kitakule said.

The District Governor outlined key focus areas for the 2025 initiatives, including promoting peace, fighting disease, improving access to clean water, supporting education, protecting the environment, saving mothers and children, and strengthening local economies.

“Ours is a business of changing lives of those not advantaged as us,” he explained.

He added, “The business of making sure the environment stays and improves, providing care to mothers to give birth in a healthy environment. This year we are not only going to implement our projects but also tell the world and members what we have done before, and by doing that, people will appreciate more what Rotary does.”

Kitakule emphasized a collaborative and inclusive approach, saying Rotary will engage more with local leaders and partners to ensure a deeper and longer-lasting community impact.

“This year we will continue working with leaders in communities and partners to make a difference in people’s lives. We want to make a lasting legacy to communities we have worked in and impacted. We want to reach out so that people understand the impact we have done in communities,” he added.

He further noted, “Through the 137 clubs, we want to consolidate and ensure sustainability of our projects so that impact is felt within communities.”

The District’s priorities align closely with the United Nations Sustainable Development Goals (SDGs), reflecting Rotary’s global commitment to people-centered development and environmental stewardship.

Rotaract District 9213 Representative Abesage Nahabwe also spoke at the briefing, revealing this year’s theme for young Rotary members: “Unite for Good.” Noting, “We are united for a good cause because isolation doesn’t deliver results but together we can do more. We are looking at creating an everlasting impact.”

Nahabwe added that unite for good is a very good message and doesn’t only come to Rotarians and Rotaractors but everyone. Adding, “We want to listen more to communities, peers, and the world around us so that as we serve, we are tackling the real problems and solving exactly that.”

Stories Continues after ad

Gen. Muhoozi tightens rope on thieving Engineering Brigade as top commanders are arrested

The arrested, Brigadier Bekunda Besigye.

The other unit that is under investigation is the fuel department.

The Chief of Defence Forces (CDF), Gen Muhoozi Kainerugaba has ordered the immediate arrest of Brigadier Bekunda Besigye, the Joint Staff Chief Engineering and several senior officers attached to the UPDF Engineers Brigade over alleged corruption and misuse of public funds.

In a statement, Gen Muhoozi accused the implicated officers of betraying the core values of the Uganda People’s Defence Forces, especially its commitment to self-sufficiency and integrity.

“Yesterday, I ordered the arrest of Brig. Bekunda Besigye and other officers of the Engineers Brigade,” Gen Muhoozi declared.

He noted, “They poisoned, contaminated and desecrated a sacred principle we have always embraced as UPDF i.e. we can be self-sufficient, we can be efficient.”

The accused officers allegedly received large sums of money meant for construction and engineering works under the UPDF and misappropriated the funds, undermining both efficiency and public trust.

“They received monies and misused it! Let their punishment serve as a lesson to others,” Muhoozi said.

Eagle Online has learnt from sources that some of the arrested individuals were lending money to the Engineering brigade and had conspired most constructors who are majorly Chinese companies in the syndicate.

“We have evidence of these individuals’ lending money to the very unit employing them. Actually, one accountant meant to pay and procure goods and service on behalf of the unit was now lending the unit”. A source told this website.

The said accountant who is said to be wealthy is at the rank of Lieutenant Colonel and hails from the South Western district of Kisoro is extremely rich that he owns over 50 Sino-trucks which he hires out to the construction unit. Others under investigations are two accounts at the rank of Colonel. It is said that although Brig. Besigye and Col. Tukamwakira have been arrested, the man is the storm is this accountant who seem to have survived storms right from the early 1990’s. He is said to be a smooth operator that he has managed to swim the storms but remains at the helm of things.

Sources say the CDF is mooting the idea of attaching their property that is scattered all over greater Kampala and other parts for auction in order to recover the money.

In a shocking escalation, the CDF warned that harsher consequences await those who have plundered public resources on an even larger scale.

In one the incidences during the interrogations and search on the officials, the investigators recovered Shs1.5 billion which was being transferred to the bank account of Brig. Besigye and the money has since been intercepted and is going to be used as evidence against him at the court marital which source told Eagle Online will soon resume in August after the ongoing constitution of the court leadership is complete. Col. Godfrey Tukamwakira who is Brig. Besigye deputy has been in Makindye barracks for close a month after the audit implicated the unit.   

The other unit that is under investigation is the fuel department.

“For those who have stolen more than Shs1 billion from the people of Uganda, we shall put them in front of a firing squad!” he warned.

Severely, Gen Muhoozi has emphasized that corruption and mismanagement pose serious threats to the force’s operational efficiency and the welfare of its soldiers.

“Any individual or group with selfish interests—whether corruption, misappropriation of resources, or mismanagement of any kind—must reform immediately or leave our cherished UPDF before they are exposed,” he warned.

Muhoozi expresses the most forceful anti-corruption stances by the UPDF’s top leadership in recent years, signaling a zero-tolerance policy on internal graft.

Stories Continues after ad

U.S Embassy warns Ugandans against using tourist visas for childbirth citizenship

Images of the United States passport.

The United States Embassy in Uganda has issued a fresh advisory warning Ugandan nationals against misusing U.S. tourist visas for the primary purpose of giving birth in the United States to secure American citizenship for their children.

In a statement released on Tuesday, 1, the Embassy cautioned that such conduct is considered a violation of U.S. visa regulations and could lead to denial of current or future visa applications.

“Attention U.S. visa holders: Using your visa to travel for the primary purpose of giving birth in the United States so that your child will have U.S. citizenship is not permitted,” the Embassy warned.

The Embassy added, “Consular officers will deny your visa application if they have reason to believe this is your intent.”

The U.S. mission highlighted a growing concern over Ugandan parents entering the country on tourist visas and then relying on public funds to cover maternity and hospital bills.

“Many Ugandan parents with tourist visas travel to the United States for the purpose of giving birth, and they use government assistance to pay for their medical care,” the statement read. “These costs are passed on to the American taxpayer, and those parents may not be eligible to renew their visas in the future.”

This latest warning follows the U.S. government crackdown on visa misuse and immigration fraud. It reinforces a similar notice issued by the Embassy in March, where consular officials underscored the consequences of submitting fake or misleading information during the visa application process.

“If you submit fake documents with your U.S. visa application, you are committing fraud and risking your future,” the March statement emphasized.

The Embassy urged all Ugandan visa applicants to act with honesty, stressing that any attempt to misrepresent one’s purpose of travel especially through childbirth tourism or forged documents would be treated as a serious offense. Penalties could include visa denial, cancellation of existing visas, or permanent ineligibility to enter the United States.

The U.S. Embassy noted that visas must be used solely for their intended purposes and abuse of these privileges undermines the integrity of the immigration system.

In addition to visa misuse, the Embassy warned against overstaying legal entry periods.

“If you overstay your U.S. visa, you could face a permanent ban on traveling to the United States,” the advisory stated.

The Embassy added, “Consular officers have full access to your immigration history and will know about past violations. There is no such thing as an ‘honest mistake’ – it is your responsibility to use your visa correctly.”

Stories Continues after ad

Tycoon Sudhir, Tayebwa, others to speak at 15th Annual UK-Africa Investment Summit

Tycoon Sudhir Ruparelia, whose work in real estate speaks volume on the Ugandan Market.

London – Uganda’s top business mogul Sudhir Ruparelia and Deputy Speaker of Parliament Thomas Tayebwa will join other high-level dignitaries as keynote speakers at the 15th Annual UK-Africa Investment Summit, scheduled to take place on September 12, 2025, at The Royal Horseguards Hotel & One Whitehall Place, London.

The UK–Africa Business Summit, regarded as the UK’s leading platform for investment and trade engagement with Africa, will bring together over 500 influential figures from government, business, finance and development. It aims to foster robust partnerships that drive sustainable growth, regional integration, and export expansion across key sectors.

Joining the summit are notable speakers including Prof. Luis Franceschi, the Assistant Secretary General of The Commonwealth, who will headline the event. Sudhir Ruparelia, Chairman of the Ruparelia Group of Companies, is expected to share insights on private sector investment in East Africa. Thomas Tayebwa, Uganda’s Deputy Speaker of Parliament will articulate the country’s legislative and institutional frameworks for attracting foreign direct investment.

Also attending is General David Muhoozi, Uganda’s Minister of State for Internal Affairs, who will speak on regional security and its role in investment protection. Ruth Nankabirwa, Minister of Energy and Mineral Development, will present Uganda’s energy roadmap. Evelyn Anite, the State Minister for Finance in charge of Investment and Privatization, will discuss opportunities in Uganda’s privatization agenda. Lt. Gen. Joseph Musanyufu, Permanent Secretary at the Ministry of Internal Affairs, Francis Mwebesa, Minister of Trade, Industry and Cooperatives and Musa Ecweru, Minister of Works and Transport, are all scheduled to speak on trade facilitation, industrialization, infrastructure development and public-private partnerships.

The summit is structured to address pressing issues such as climate change, youth unemployment, and technological advancement by providing a space for practical dialogue between investors, policymakers, and entrepreneurs. It will highlight sectors like ICT, finance, real estate, agriculture, manufacturing, renewable energy, and health, with a strategic focus on unlocking trade and investment flows between the UK and East Africa.

Participants will include high-profile investors, venture capitalists, private equity firms, infrastructure developers, government officials, African diaspora business leaders, financial institutions, market analysts, and media strategists. The summit promises to deliver not only networking opportunities but also policy insights and investment leads aimed at boosting East African exports and increasing the continent’s visibility in international markets.

Backed by key partners such as the Ruparelia Group, the World Book of Records, and NIRA, the event is expected to solidify Uganda’s growing reputation as a competitive investment hub. It will also amplify the impact of ongoing initiatives like the Uganda–UK Trade Summit and SHIPU, which continue to promote investor confidence in the country’s economy.

In a significant service-oriented move, Uganda’s National Identification and Registration Authority (NIRA) will offer ID registration and renewal services at the summit. This will make it easier for UK-based Ugandans to update their national documents critical for civic access, property rights, and cross-border travel.

This year’s summit is not just another diplomatic event, it is a bold invitation for Uganda’s diaspora to step into a co-architect role in national development. Whether through entrepreneurship, advocacy, or public service, diaspora Ugandans will have an unprecedented chance to shape the country’s future.

Stories Continues after ad

Equity Bank expands to UAE in move to connect East Africa with global markets

Equity Group Holdings Plc has received shareholder approval to establish a Representative Office in the United Arab Emirates (UAE), marking its first physical footprint outside the African continent and showcasing a new chapter in the bank’s international expansion.

The approval granted during Equity Group’s 21st Annual General Meeting held on June 25, 2025, signals the bank’s ambition to link East and Central Africa with key global economic hubs. The new office, expected to open in early 2026, will be based in Dubai, pending regulatory clearance from the Central Bank of Kenya and relevant UAE authorities.

The UAE office is set to become a critical financial bridge between Africa and regions including the Middle East, India, Central Asia, and South Asia. Equity says it will offer diaspora banking, trade facilitation, customer relationship services, investment advisory, and capital-raising opportunities.

“This is more than a footprint in the UAE,” said Dr. James Mwangi, Group Managing Director and CEO of Equity Group Holdings.

He added, “It is a gateway to integrating East Africa’s economies with global financial markets and supply chains.”

The move is particularly significant for the thousands of Equity Bank Uganda customers living and working in the Gulf including in Dubai, Abu Dhabi, and Saudi Arabia who have long yearned for direct banking access. Many in the diaspora, including professionals, laborers, and entrepreneurs, currently face delays and high costs due to limited formal financial infrastructure and reliance on informal remittance systems.

Equity Bank Uganda has actively engaged this community in recent years. Its service teams have visited the UAE and Saudi Arabia to offer tailored services, including remittances, diaspora savings products, and investment options. These visits revealed a strong demand for deeper financial integration—demand the new Dubai office now seeks to fulfill.

Once operational, the office will provide on-site support for letters of credit, supply-chain financing, and enhanced remittance platforms, greatly improving turnaround times for cross-border transactions and boosting economic activity.

This expansion comes as Equity continues to solidify its position as a leading pan-African banking group, with existing operations in Kenya, Uganda, Rwanda, Tanzania, South Sudan, the Democratic Republic of Congo (DRC), and a commercial office in Ethiopia.

The Dubai office is also expected to attract Gulf investors interested in East Africa’s fast-growing sectors, including agribusiness, infrastructure, manufacturing, and renewable energy.

With its enhanced service capabilities, Equity is positioning itself as Africa’s “one-stop financial services platform”, aiming to power economic transformation not just across the continent, but across continents.

Stories Continues after ad

Finance Ministry launches revised guidelines for issuance of certificates of financial implication

Ministry of Finance, Planning and Economic Development.

The Ministry of Finance, Planning and Economic Development has issued  revised guidelines for the issuance of Certificates of Financial Implications (CFIs), aimed at streamlining the budgeting process and strengthening accountability in the formulation of government policy and legislation.

The guidelines, published in June 2025, replace the 2015 version and introduce a more rigorous framework to assess the financial, socio-economic, and equity implications of legislative and policy proposals. The move follows persistent complaints of delays, weak impact assessments, and lack of clarity around institutional responsibilities in the previous process.

“The revised guidelines are designed to ensure timely, accurate, and comprehensive evaluations of the cost and benefits of public interventions,” said Mr. Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury, in a foreword to the document.

He added, “They also provide the foundation for automating this critical government function.”

Under Uganda’s Public Finance Management Act and the Rules of Parliament, every new Bill whether government or private member, must be accompanied by a Certificate of Financial Implication. Similarly, Letters of Financial Clearance are required for Cabinet memoranda on matters such as new policy proposals, loan agreements, statutory appointments, and ratification of treaties.

Among the major changes is the introduction of an institutionalised three-tier review system:

Regulatory Fiscal Assessment Committees (FACs) at the Ministries, Departments and Agencies (MDA) level must first approve proposals.

A second review is done by Programme Working Group (PWG) FACs.

Final scrutiny is undertaken by an Apex FAC at the Ministry of Finance before a certificate or clearance letter is issued.

The guidelines also require Ministries, Departments and Agencies (MDAs) to submit a Statement of Financial Implications (SFI) at least 60 days before seeking Cabinet or parliamentary approval. The SFI must include detailed estimates of budget impacts, economic and distributional analysis, stakeholder consultations, and risk assessments.

To further enhance accountability, the guidelines prescribe the use of Discounted Cash Flow models, Economic Net Present Value (ENPV) calculations, and distributional assessments—especially for vulnerable populations such as women, children, PWDs, and small businesses.

The Ministry also signaled plans to automate the CFI process, introducing tracking mechanisms and databases to monitor submissions, reduce paperwork, and improve transparency.

“These guidelines not only align with international best practices, but they are also grounded in the legal and policy frameworks of Uganda, including Vision 2040 and the National Development Plan,” the document states.

MDAs will now be held to stricter standards when proposing new legislation or reforms. Proposals lacking solid financial backing or thorough impact assessments risk rejection or conditional approval.

Additionally, private members proposing legislation must now collaborate with responsible MDAs to ensure the submission of a compliant financial impact statement.

With Uganda’s fiscal space under pressure and increasing scrutiny on public spending, the Finance Ministry’s move is expected to inject much-needed discipline and foresight into policy planning. The revised CFI guidelines serve as both a gatekeeper and a compass—ensuring public resources are used prudently and policies are aligned with national priorities.

Stories Continues after ad