Inflation in Uganda dropped to 4.8 percent year-on-year in October, from 5.3 percent a month earlier, the Uganda Bureau of Statistcis  (Ubos) says.

According to the latest report released by Ubos, core inflation, which excludes food, electricity and metered water, went down from 4.2 percent to 3.5 percent during the same period. Ubos attributes the decline to the reduction in the prices of services as they came down to 2.3 percent in October from 4.1 percent recorded for the year ended September 2017.

The Annual Food Crops Inflation declined to 7.8 percent for the year ending October 2017 compared to the 9.6 percent recorded for the year ended September 2017. This is mainly attributed to the fall in the prices of vegetable and fruits in the month October as more arrived in the markets.

Meanwhile, the annual energy, fuels and utilities (EFU) inflation increased to 14.1 percent for the year ending October 2017 compared to 10.6 percent recorded for the year ended September 2017. This was attributed to increases in the prices of charcoal and firewood as little arrived in the markets. Price changes of charcoal and firewood increased to 25.0 percent for the year ending October 2017 compared to 15.0 percent recorded for the year ended September 2017.

However, Liquid Energy Fuels inflation (diesel, petrol, paraffin) declined to 5.3 percent for the year ending October 2017 compared to 5.5 percent recorded in September 2017. This was because the products were available on market in sufficient volumes to cover consumers.

According to the report Fort Portal, Gulu and Arua towns registered the highest annual inflation in October of 8.1 percent, 7.0 percent and 6.7 percent respectively. But these were lower than the September points of 8.9 percent, 8.8 percent and 9.0 percent respectively.

Compared to other towns surveyed in October, the report says, Jinja, Masaka, Mbarara and Kampala had the lowest inflation of 3.1 percent, 4.4 percent, 4.8 percent and 4.8 percent, respectively. The figures came down as the supply of goods and services increased bringing down prices.

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The Doing Business 2018 report released Tuesday in Washington DC unveils Uganda as one of the countries that have performed poorly, positioned at 122 for the ease of doing business out of 190 countries considered.

Uganda came behind her neighbours Rwanda, Kenya and Tanzania, with Rwanda coming in position 41, making it East Africa’s top country in the ease of doing business.

The Doing Business 2018 based on indicators; starting a business, dealing with construction permits, getting electricity and registering property. On the indicators implemented from June 2016 to June 2017, Uganda came in positions 165, 148 and 124 respectively.

However was recognised for reducing time for export documentary compliance and border compliance by allowing for electronic document submission and processing of certificates of origin and by further developing the Malaba One-Stop Border Post.

Kenya was recognised as it made starting business easier by merging the procedures required to operate formally.

On the other hand Tanzania made dealing with construction permits easier by implementing a One-Stop Shop and streamlining the building permit process.

Rwanda increased quality control during contruction by introducing risk-based inspections.

Meanwhile Burundi was noted as it made starting business more expensive by increasing the cost of registering business.

Doing Business report focuses on promoting regulatory reform that strengthens the ability of the private sector to create jobs, lift people out of poverty and create more opportunities for the economy to prosper.

The report shows that Governments in 119 economies carried out 264 business reforms in the past year to create jobs, attract investment and become more competitive, says the World Bank Group’s latest Doing Business 2018: Reforming to Create Jobs report.

Developing countries carried out 206 reforms, accounting for 78 percent of the total reforms, with Sub-Saharan Africa implementing 83 reforms, a record for a second consecutive year for the region, and South Asia implementing a record 20 reforms.

A large number of reforms centered on improving access to credit and registering a new business, with 38 reforms each, as well as facilitating cross border trade, with 33 reforms.

Marking its 15th anniversary, the report notes that 3,188 business reforms have been carried out since it began monitoring the ease of doing business for domestic small and medium enterprises around the world.

“Job creation is one of the transformational gains that countries and communities can achieve when the private sector is allowed to flourish. Fair, efficient and transparent rules, which Doing Business promotes, improve governance and tackle corruption,” said World Bank Chief Executive Officer Kristalina Georgieva.

“Policy reforms catalyze private investment. Promoting a well-functioning private sector is a major undertaking for any government. It requires long-term policies of removing administrative barriers and strengthening laws that promote entrepreneurship,” Georgieva adds.

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As Uganda joins the rest of the world to mark the financial inclusion week, it has been revealed that over 400,000 Ugandans initially excluded from financial services currently have access to the same.

This was revealed by the Executive Director of Financial Sector Deepening Uganda (FSDU), Jacqueline Muna Musiitwa at a financial inclusion symposium held at Serena International Conference Centre, that was attended by several top officials from various banks and financial institutions including the State Minister of Trade, Cooperatives and Microfinance.

“I can proudly say that with generous support from the UK government, through the Department for International Development, FSDU has become a key facilitator and leader in the effort to make the financial services sector work for all Ugandans. Since its establishment as a company in 2015, FSDU has continued to grow and innovate to best serve Uganda and as such has built up capacity to bring about change in the way of doing business. We don’t do this alone. Through our partners, we’ve impacted the lives of over four hundred thousand men and women who were previously excluded individuals by giving them access to a suitable and affordable formal financial services product,” Ms Musiitwa told the guests.

She further added that FSDU has managed to support innovation for over 2,500 micro and small to medium enterprises through alternative credit scoring, microfinance solutions and better record keeping and financial management practices.

“These are businesses fighting not only to survive but to thrive and through our support, now have a chance at improving their livelihoods. But beyond the numbers, our goal is in collaboration and partnership to make the financial markets work for the poor. For too long, the bulk of Uganda’s population has depended on the good will of others.

“But we believe that there’s not only unbelievable potential in the entrepreneurial spirit of the people in the Pearl of Africa but there is a sound business reason to tap this potential, not tomorrow but today. The latest Fin scope study, a financial services landscape survey pioneered by FSDU and used by several public and private institutions, shows that only one in every five adults (representing 3.3 million adults) had a formal account of some nature in formal banks or nonbank formal intuitions. We must do better,” she said.

According to Ms. Musiitwa, the FII tracker from the Gates Foundation shows that 6 in 10 Ugandans are financially excluded.

“This means they have no access to formal or non-bank financial services. As we prepare to carry out the next Fin scope survey, we expect this number to have improved, but work remains to be done. We must do better. We will do better,” she noted.

“The challenge before us is not an easy one, but together, through sound design, innovative risk taking and efficient government policy, I believe that we can get there. FSDU is here to provide the support that you as regulators, policy makers and private sector financial service providers may require in maximizing not only your own potential but that of all Ugandans,” Ms. Musiitwa added.

Speaking on behalf of government, the State Minister of Trade Michael Werikhe lauded FSDU for complimenting government to ensure that most Ugandans have access to financial services.

“I commend FSDU for addressing one of the key challenges to Uganda’s SMEs.”

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Telecommunication service providers are beginning to bow to the demands of their customers, with Airtel Uganda the first company toreduce prices for its internet bundles.

According to Airtel Uganda, it is introducing the cheapest data bundles dubbed Data Blasta, a new two-month promotion that is part of an overall effort that has seen Airtel Uganda launch 4G LTE services, revise existing data bundles and establish new network sites across the country.

As part of the promotion, the the Shs2,000 daily bundle of 150MB has been doubled to 300MB while the Shs5,000 bundle has been increased from 450MB to 1GB, both valid for three days.

“Reliable and affordable telecommunications services are no longer a luxury in an emerging economy like Uganda. Through this promotion, we want to ensure that all Ugandans, across all segments – whether youth, young corporates or any other segment – have full access to affordable internet services,” said V.G. Somasekhar, the Airtel Uganda Managing Director.

Below are the new data packs

For Shs2,000, one can will get twice the data bundle that was initially offered. Shs2000 one will receive 300MB up from 150MB.

Shs5,000 one will receive 1GB up from 450MB.

This new promotion comes a few weeks after Airtel Uganda revised data bundles, especially the weekly and monthly subscriptions, in a bid to increase the value offered to customers.

As part of the data bundles revision, daily bundles were cut to as low as Shs250, weekly bundles of 100 MB to Shs2,000 and monthly bundles to as low as Shs1,500.

Somasekhar added that Airtel Uganda data bundles will remain affordable even after this two-month promotion.

“Affordability is key at Airtel Uganda; I therefore want to assure our subscribers that our data bundles will remain affordable even after this two-month promotion,” he added.

To access the new data bundles, simply dial *175*2#.

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