Stanbic Bank Uganda Limited and KCB Bank Uganda will manage the first-ever Dollar Unit Trust Fund launched by Old Mutual Investment Group last week.

Old Mutual Investment Group is the official sponsor of the Fund, while KCB Bank Uganda Limited and Stanbic Bank Uganda Limited are the official Trustees and Custodians respectively.

KCB Managing Director Edgar Byamah will help to expand the country’s capital markets sector.

“This Dollar denominated Fund is an innovative product and an investment opportunity designed to answer to the outcry of those investors who for long have wanted to invest in a US Dollar denominated Fund. This will not only bring attractive returns to these investors but will also contribute to the economic growth and development in Uganda,” he said, urging investors to use the Dollar Unit Trust Fund’s offers for exposure to global markets.

 “This is an excellent platform for investors seeking exposure to global markets through a diversified portfolio that is professionally managed. By pooling funds from investors with similar objectives, we aim to make investing more accessible and affordable for a wider audience while providing significant potential for capital appreciation.”

 “As the appointed Collective Investment Scheme Trustee for this Fund, KCB Bank Uganda Limited is committed to ensuring that investor interests are protected, and transparency is always upheld. In line with our commitment to excellence, KCB Bank Uganda will continually strive to provide exceptional service and support to investors. We understand that trust is earned through consistent performance, open communication, and a client-centric approach,” he added.

The Director UAP Old Mutual Investment Group, Kenneth Kitariko said the dollar fund is an excellent platform for Ugandan investors to tap into the global market by utilizing all innovation and access to diversified investments the trust fund brings with it.

According to Uganda Capital Markets Authority, 60,000 Ugandan investors both local and in diaspora have a total of Shs2 trillion in Assets Under Management and Shs.1.4 trillion of that is under Old Mutual Investment Group.

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Over 350 business leaders from East Africa, Asia, Nigeria and the Middle East have convened to learn, network, and grow their businesses.

BNI is the world’s largest referral networking organisation with over 470,000 members in over 200countries.

The BNI Founder, Dr. Ivan Misner, said that in the last twelve months, BNI worldwide has generated over $22.6 billion in business for its members all around the world.

“If you were to take a look at the United Nations estimates of Gross Domestic Product around the world, the combined GDP of 114 countries in the world would be a lower than what BNI has generated for its members around the world in the last 12 months,” he said

The inaugural East African Convention took place last year in Nairobi Kenya, and the 2023 Convention in Uganda featured a variety of speakers, including a keynote address by Mr. Murali Srinivansan, the BNI Global Master Trainer, industry experts from the United Arab Emirates, Oman, Bahrain, Taiwan, South Korea, Kenya and Tanzania.

“We are excited to welcome business leaders from all over the world to our annual convention. This is a unique opportunity for our members to connect with each other, learn new skills, and grow their businesses,” said Diana Kibuuka, National Director for BNI Uganda,” she said.

“BN is all about helping businesses grow through word-of-mouth marketing. Our convention is a great opportunity for our members to learn news strategies and tactics for generating referrals and building relationships, “said Muraguri, the National Director for Kenya.

Mr.Murali Srinivasan, the BNI Global Trainer, and Keynote Speaker at the Convention was happy to see the progress BNl is making in Africa, and in particular, in East Africa.

“I am really excited about the impact BNis making on the Business Community particularly in East Africa. The amount of closed business in Uganda in the last 12 months alone is Shs25.6 billion (that is approximately $6.7million). I can’t think of a better way for one to grow your business and build relationships with other business owners. BNI is a supportive community where everyone is focused on helping each other succeed.”

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Uganda Revenue Authority (URA) has revealed that it has collected Shs256 billion from the use of Exchange of Information on Request (EOIR), a tool that allows tax authorities to share information with other countries.

The Commissioner General of URA, John R. Musinguzi, revealed this at the opening of the 2nd Round Peer Review on EOIR at Sheraton Kampala Hotel on Wednesday.

Musinguzi reckoned that EOIR has helped the URA to detect and deter tax evasion and fraud, increase voluntary compliance, and gain more knowledge of taxpayer operations. 

He also said that Uganda is currently rated “Largely Compliant” by the Organization for Economic Cooperation and Development (OECD) Global Forum, which assesses the compliance of countries with the international standards on EOIR.

He added that Uganda’s goal is to achieve a “Compliant” rating, which would have positive effects on the country’s reputation, business climate, and investment flows. He warned that a negative rating, such as “Non-Compliant” or “Partially Compliant”, would have adverse consequences for the country.

The Director of Economic Affairs at the Ministry of Finance, Planning and Economic Development, Moses Kaggwa, who represented the Minister, said that the Government has supported the economy to recover from the COVID pandemic by reducing borrowing and adopting tax policies that increase the efficiency of URA. He clarified that these policies do not involve increasing tax rates, but rather exchanging information with other agencies and partner states under the OECD Global Forum.

The peer review, which concludes today, will conduct a thorough evaluation of how Uganda implements the standard of transparency and exchange of information for tax purposes. 

The outcome of this review will determine Uganda’s international rating on compliance to exchange of information on request. This is the second round of peer review for Uganda, covering the period from January 2020 to December 2022.

The Global Forum has assigned three assessors from Norway and India, both member jurisdictions, to conduct the review. Lead Assessor Agnes Rojas said that Uganda’s previous rating in 2016 was “Largely Compliant” and that the country will receive a new rating in 2024 when the final report is submitted for discussion and approval in Paris, France.

The peer review process examines both the legal and regulatory framework and the practical implementation of the Exchange of Information on Request (EOIR) standard in Uganda. The peer review aims to ensure and enhance the effective exchange of information by assessing three main aspects:

The availability of information on legal ownership, identity, beneficial ownership, accounting, and banking.

The access to this information by Uganda Revenue Authority.

The efficiency of mechanisms in place to exchange this information with treaty partners.

The Global Forum comprises 162-member jurisdictions and Uganda can currently exchange taxpayer information with more than 147 jurisdictions around the world for tax purposes.

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MUBENDE-September 20, 2023 – Farmers have been urged to work in groups and cooperatives and establish modern storage facilities as a measure to solve quality gaps that have affected Uganda’s grain exports in recent times.

In 2018 Kenya rejected over 600,000 tonnes of maize from Uganda after it was suspected to contain aflatoxins, causing huge losses to grain exporters and several players across the value chain. The same happened mid-this year as South Sudan rejected to let in Uganda’s maize.

The call for farmers to have modern storage facilities comes at a time when Uganda’s grains market size is expected to grow from $4.27 billion in 2023 to $5.22 billion, reports Mordor Intelligence, a global research company.

Grains grown in Uganda include maize, millet, sorghum, rice, and wheat. They play a prominent role in increasing the income of smallholder farmers and the national economy. The growing demand for grains increased regional exports to East Africa, and favorable government policies supporting grain production are some factors driving the market growth.

“Poor storage is one of the reasons why despite Uganda being a big grain producer, grain earnings remain low and its farmers continue to swim in poverty,” said Ivan Asiimwe, a board member of the Uganda Warehouse Receipt System Authority (UWRSA), the body regulates that regulates and promotes the warehouse receipt system through partnership with other entities.

Under the Warehouse Receipt System, farmers are able to store their produce in a gazetted warehouse where they are issued with receipts that they can present to banks as collateral but also the farmers can use the receipts to get market for their produce.

Asiimwe stressed the need to support private warehouse operators who provide storage facilities to grassroots farmers who cannot afford decent storage facilities and continue to suffer losses arising out of poor storage of their produce.

“These [storage facilities] can help farmers to maintain the quality of their produce until the market is found,” he said.

According to the Ministry of Agriculture, Animal Industry and Fisheries (MAAIF) Ugandan farmers lose above 30 per cent of their produce due to poor post-harvest handling, which limits their chances to earn more income.

Tadeo Nsubuga, another board member of the UWRSA highlighted the importance of such storage facilities in helping farmers aggregate their produce, especially maize. He said storage facilities ensure the quality standards demanded by the market.

Nsubuga said there is a need to improve the entire grain value chain, where the use of pesticides is carefully applied, which calls for training of the grain handlers.  

Nsubuga and other officials made the remark recently while touring Aponye Warehouse Facility in Mubende district. The warehouse which has a licence to handle grain storage was built by Aponye Limited, a company owned by the late businessman Apollo Nyegamehe, aka Aponye.

Deborah Kyarasiime, the Managing Director of the UWRSA said the visit was meant to assess the readiness of the grain warehousing facility to support the farmers in the wider Mubende region which is one of the grain-growing hubs in the country.

“As regulators, we are interested in promoting the development of infrastructure that supports better agricultural commodity storage, value addition, and structured commodities trading system,” she said.

“This is also in line with government’s goal of encouraging private warehouse operators to support its efforts of improving post-harvest handling, especially in the grains sector,” she said.  

The UWRSA team delivered post-harvest handling supportive items including tarpaulins and fumigation tools to the warehouse operators. 

The Warehouse Receipt System was established in Uganda in 2006 by the Ministry of Trade, Industry and Cooperatives. It is governed and regulated through the Warehouse Receipt System Act of 2006.

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