Government’s allocation of huge amounts of money to interest payments is depriving the already underfunded social economic sectors thereby exacerbating the plight of citizens whose recurrent social economic needs remain unmet, the Uganda Debt Network (UDN) says.

According to UDN, interest payments accounted for Shs309.4 billion in financial year 2007/2008; ten years later the money allocated for interest payments has increased almost nine fold to Shs2, 739 billion in fiscal year 2017/18, an exponential increase of 785.3 percent. The 2017/18 national budget stands at Shs29 trillion.

“A trend analysis of growth in interest payments in the last 10 years depicts increasing government expenditure with an annual average percentage of 78.5%,” UDN says in its latest weekly update, adding that this rate is too bad for the government that still has to borrow to fund some of its projects.

The organisation noted that Uganda’s huge expenditure on interest payments has encroached on human development and service delivery efforts. They add that Interest payments are increasingly becoming a priority, taking second position in financial year 2017/18 compared to fourth position in financial year 2016/17.

“Notwithstanding the anticipated long term benefits of loan funded projects for example in roads and energy sectors, sacrificing citizen’s current social economic priorities at such a rate is too high a price to pay,” UDN, which tracks government’s debt management says, calling for  stricter scrutiny, increased restraint and moderation regarding government’s loan contraction.

UDN, in its brief, says the civil society organizations applaud the recent refusal by President Yoweri Museveni to approve the 11 loans worth one billion US dollars that they say was ‘clearly not all that crucial for the country to absorb’.

According UDN, Uganda’s slow growth rate of less than 5 percent undermines the country’s debt sustainability and economic growth projections in the near future.

UDN now urges Parliament to restrain government from excessive borrowing especially for loans with non-concessional terms. The group also wants government to streamline the already existing loan projects alongside identifying growth drivers in which to invest to generate economic dividends.

“In terms of prioritization, any subsequent loan contraction approvals should be those that focus on financing projects that can generate income within a reasonably period to pay off the debts,” the organisation says.

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The Former Uganda Investment Authority (UIA) Executive Director, Prof. Maggie Kigozi will receive the 2017 Digital Impact Awards Africa (DIAA) Investment Leadership Award for her business acumen.

The prestigious award will be presented to Prof. Kigozi on September 22 at the Kampala Serena Hotel by the State Minister for Public Service, David Karubanga, who is also the DIAA patron. The award will be one of the activities of the 4^th Digital and Financial Expo to be held at the same hotel. Other individuals in IT and business promotion will also be recognized.

Launched in 2017, the DIAA Investment Leadership Award is given to individuals and groups who have through the years exhibited exemplary business acumen through promoting investments (some in digital and financial sectors), creation of employment and playing a crucial role in citizens’ empowerment.

“We are recognizing Prof. Maggie Kigozi for her outstanding contribution towards industrialization, attracting and nurturing investments, empowering women and youth and supporting the sports and creative arts industries over the years,” Innocent Kawooya, CEO Hipipo says.

Kawooya says many of the investments such as telecoms and banks which are leading the current digital revolution and financial inclusion in Uganda were possible under the leadership of Prof. Kigozi.

 “With exceptional dignity and courage, Prof. Maggie Kigozi has been at the forefront of investment; providing young people of all backgrounds with an example they can emulate in their own lives,” he says

The 4^th Digital and Financial Expo, featuring Digital Impact Awards Africa will include exhibition of innovations, products, and services in the digital and financial services space and their application to the different economic sectors. Building on from the last 3 events, the project’s growing success is fostered by different individuals’ open mind embrace of promotions, projects, and events that propel our innovation and investment environment.

A senior consultant at the United Nations Industrial Development Organization (UNIDO), Prof. Maggie Kigozi, a medical doctor, has over the years, served at various levels.

• Marketing Director at Crown Beverages (June 1994 to November 1999).
• Executive Director at Uganda Investment Authority (December 1999 to June 2013).
• Director/ Crown Beverages (June 1994 to date).
• Chair of the Board Zuri Model Farm Ltd (April 2013 to date).
• Chancellor of Nkumba University (Until 2011).
• Founder Uganda Investment Authority Women Entrepreneurs Network.
• President, Business and Professional Women (BPW) Uganda.
• Consultant at the United Nations Industrial Development Organization (UNIDO).
• Member of Global Banking Alliance for Women (GBA) Advisory Board.
• Chief Scout of the Uganda Scouts Association.

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Less than half of companies officially recorded as exporting minerals from Uganda, the eastern Democratic Republic of Congo and Rwanda published due diligence reports in 2015, according to a new study by Global Witness.

According to the ‘Time to Dig Deeper’ report, a national reporting rate of 70 per cent of exporting companies in Rwanda, 45 per cent in eastern Congo and zero in Uganda, was found.

Also, across the three countries, almost 75 per cent of the companies that published reports failed to mention any risks encountered in their work or how these were addressed.

The report released Wednesday is the ‘first ever detailed analysis of public supply chain due diligence reporting in the region’, Global Witness,  an international NGO established in 1993 that works to break the links between natural resource exploitation, conflict, poverty, corruption, and human rights abuses worldwide’, indicates.

Due diligence was introduced in response to the well-documented links between the minerals trade, human rights abuses and the financing of conflict prevalent in parts of the Great Lakes region and elsewhere. It is mandatory for companies exporting certain minerals from Congo and Rwanda, according to their national laws.

“Millions of people rely on the difficult and often dangerous artisanal mining business for an income. Yet too many are exposed to human rights abuses, corruption or violence on a daily basis,” said Global Witness Campaigner Natasha White. “Due diligence is the steps companies can take to identify, address and be transparent about issues in their supply chains. It is a means by which they can do their best to ensure they don’t contribute to such harms and continue to source minerals from high risk areas in a responsible manner,” Ms. White added.

She noted that due diligence reports are a vehicle for sharing information on risks throughout the supply chain, and a crucial mechanism for ensuring that all the companies profiting from these minerals can be engaged in addressing the problems associated with them.

“This is the honest and responsible way to do business; if profits are shared along the supply chain, then responsibility should be too,” she adds.

In terms of reporting quality, Congo came out on top. Six Congo-based companies were transparent about at least one risk associated with their operations, compared to just one in Rwanda. No Ugandan companies in the study reported at all, showing that the country is seriously lagging behind in efforts to promote responsible mineral sourcing.

“Too many companies wrote generic one-pagers on what they commit to doing rather than what they have actually done. The seven companies that took steps to report on risk represent the beginning of a much-needed shift in the region’s minerals sector,” notes White.

Global Witness tracked minerals from Congo-based companies to six international traders based in Malaysia, Hong Kong, Belgium, Luxembourg and Rwanda. The reports of some of these companies were even less detailed than those of the exporters, despite their greater size and resources. From here these minerals would have been used in electronics, jewellery and industries the world over.

The Great Lakes’ gold sector is particularly high risk, yet it remains at the back of the pack in terms of due diligence reporting. Gold is a high-value commodity that can be easily smuggled and traded in small quantities. Global Witness estimates that 94 per cent of Congo’s gold left the country illegally in 2014. Only one of the 18 companies officially recorded as operating in the region’s gold sector in 2015 published a report for that year.

Key recommendations in the report include that all companies operating in and sourcing minerals from DR Congo, Rwanda and Uganda conduct and report on their due diligence. In DR Congo and Rwanda this is law.

The report also asks the companies to improve the quality of their reports. In particular, to include more detail about risks identified and how these were addressed with tangible reforms or actions.

And that DR Congo, Rwanda and Uganda monitor the due diligence and reporting efforts of companies in their jurisdiction, and – in the case of Congo and Rwanda – to sanction those that don’t comply.

Finally it asks Uganda to live up to its international commitments made in 2010, and to introduce a due diligence law like Congo and Rwanda have done, to ensure companies operating in and from its jurisdiction conduct due diligence.

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Kira Municipality Member of Parliament and Forum Democratic Change Spokesperson Ibrahim Semuju Nganda has blamed the Entebbe gruesome murders on President Museveni for failure to prioritize internal security.

In the last two months 19 women have been killed by unknown assailants who are alleged to have first raped them, before putting them to death. Early in August the Inspector General of Police Gen. Kale Kaihura visited Katabi village where the massive killings are suspected to have taken place with motive of combating the catastrophic acts of the merciless gangs.

In a telephone interview with EagleOnline Semuju said Mr Museveni does not Prioritize Internal Security concerns claiming that he has never called National Resistance Movement (NRM) party caucus to discuss security concerns of the country rather than political issues.

‘’When I was still on the security committee of Parliament I told Gen.Kayihura that this country needs to beef up its security’’. The opposition Chief Whip said.

On Monday the minister for security Gen. Henry Tumukunda paid a visit to the mayor for Entebbe Municipality Vincent Kayanja to discuss the security angles of the area and how they will come to a conclusion of who is behind this particular set of crimes.

‘’victims disappear first but Ugandans should know that we are working diligently to handle this matter’’ Gen. Tumukunde said in the meeting with Entebbe Municipality Mayor.

From the starting of the inhuman killings, police vowed to work with different intelligence networks to arrest and prosecute all criminals behind the killing of women in Entebbe.

Today over 28 suspects have been aligned before Nabweru Chief Magistrates Court and charged with terrorism. Suspects were arrested following the killings of women that occurred in Nansana over the last two months. However, while in Nansana last week, Kayihura revealed that they had arrested a businessman who was behind the killing of women. He said the killers were trading women parts in for human sacrifice.  However, whether to believe Gen. Kayihura or not, the Entebbe and Nansana are another indicator that police as a public protestor has failed in manning security.

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