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Uganda ranked fourth of the 26 surveyed markets in Africa

(L-R) Jeff Gable, Keith Kalyegira, Prof. Samuel Sejjaaka, Prof. Pamela Mbabazi, Patrick Ayota & David Wandera during the panel discussion

The newly released 2022 Africa Financial Markets Index indicates that Uganda has registered strides ranking fourth out of 26 surveyed markets in Africa.

Uganda’s overall score in the Absa Financial Markets Index increased by six points to 66 this year, moving the country up to fourth from sixth place in the rankings. This is alluded to strong data reporting standards and new environmental, social and governance incentives.

Uganda is ranked fourth from sixth position in 2021. It is currently rallying behind South Africa, Mauritius and Nigeria. It is however ranked first in the East African Community, followed by Kenya in the eighth position; Tanzania, eleventh; Rwanda dropping from to 17th position and DRC in the 23rd position.

The report shows that Market transparency, tax and regulatory environment registered the largest increase to 81, from 60 in 2021. This was largely due to an improvement in ESG initiatives and standards after the Bank of Uganda launched a strategic five year plan from 2022-27 which focuses on the ‘sustainability of the financial system and climatic risk.

“Access to foreign exchange, Uganda’s score increased to 84 from 65 which was mainly due to an improvement in foreign exchange interbank liquidity. The score for FX reserves adequacy also rose. This indicator stayed relatively stable at four months of imports in Uganda in 2021, while it deteriorated more significantly in other AFMI economies,” the report indicates.

Despite tumult in the global economy and slightly worsening inflation, Uganda’s solid growth prospects and relatively strong macroeconomic data standards ranks it third behind only Egypt and Botswana.

Speaking at the launch of the report Gable, the Head of FIC Research and Chief Economist Absa said the economic growth in Uganda is progressively robust post-pandemic recovery.

“Inflation was painful in 2022, but should ease significantly during 2023.Moderating grain, fertilizer and oil prices, copied with easing supply chain constraints and improved weather conditions, should help bring inflation down. Fiscal consolidation is a theme across Africa as financial conditions have become more challenging and some countries face debt distress,” he said.

Mr. David Wandera, the Executive Director and Head of Markets at Absa Bank said their Interbank FX turnover increased by 20% year on year. This is a reflection of the confidence of the world in our country and prospects of future growth in trade.

He said despite the challenges faced our gross domestic product growth has been good ranging at 4.4% annually over the past years and it’s forecasted to rise to 5.9% over the next five years.

“There has been some good work done under legal standards and enforceability. Currently BoU is working on a way forward to improve use of master agreements and encourage a more liquid interbank market,” he said.

Mr. Michael Atingi-Ego, Deputy Governor of Bank of Uganda said the annual assessment of Africa Financial Markets Index (AFMI) is vital for policymakers, regulators, users and providers of capital to learn from challenges  and milestones in pursuing our national and continental advancement.

“We are grateful to Absa for shining a bright light on the African continent, increasing investor interest and encouraging us to learn from one another across several pillars to nature deeper capital markets,” he said.

He said through assessment of the Africa Financial Markets Index, we will be able to demonstrate our efforts towards answering our present challenges nationally.

Mumba Kalifungwa, the Managing Director of Absa Bank said; “We believe financial markets are vital to Africa’s growth, providing an opportunity to tap into domestic capital and be better positioned to access global capital.”

“We are grateful to policy makers and regulators and market practitioners whose input was essential to the findings presented under the index. Uganda’s ranking has steadily improved over the years. In 2021 we ranked 6th to currently a rank of 4th out of 26 markets surveyed,” he said.

Ramathan Ggoobi, Permanent Secretary to the Treasury, Ministry of Finance, Planning and Economic Development said the improvement Uganda has made on the Africa Financial Markets Index, is commendable however we still have massive work to do especially on market depth and capacity of local investors.

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Police issues guidelines ahead of schools reopening

ASP Faridah Nampiima

The Directorate of Traffic and road Safety in the Uganda Police Force has come out to issue guidelines to be followed by road users as parents and guardians all over the country are preparing to send back their children to school for the first term of 2023.

Schools will officially open on 6 February 2023, the season of sending pupils and students back to school is normally characterised by increased movement of people hence causing a lot of traffic on roads. During that period, people are always moving up and down almost at the same time to do shopping and also to take children back to school.

“All road users should expect heavy traffic flows on the roads, so we advise you to plan your journey earlier to avoid rushing and reckless driving since most of you will be moving almost at the same time,” Faridah Nampiima the PRO Traffic and Road Safety said.

Nampiima reminded all drivers of Passengers Service Vehicles (PSVs) including taxis, coasters and buses to respect road signage, to have discipline while using the road and avoid reckless driving. She also reminded passengers to always wear seat belts.

She noted that the traffic Police will have on spot checks on vehicles during this season, explaining that drivers tend to carry excess passengers and also rush on the road.

“We need to ensure that you arrive safely, we shall do snap checks to check on how people will be ferried on the roads during this season,” Nampiima said.

Police warned all drivers not to load any excess passengers in the vehicles, not to rush students as they are offloading their luggage from the vehicles. Taxi operators were also cautioned not to load luggage beyond the height of the rails on top  of the taxis.

The Traffic Police PRO urged all passengers planning to use taxis and buses to board only from gazette parks and terminals to ensure the safe travel of learners back to school.

Vehicles operating on long routes were also advised not to make return journeys. Boda boda riders were also reminded to be careful as they ride students back to school.

All school owners were reminded by Police to take their school vans for mechanical checkups and repair since they were parked since the schools broke off.

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MPs want sports facilities placed under NCS

NCS Chairperson, Ambrose Tashobya

The Committee on Education and Sports has proposed that the National Council of Sports (NCS), be granted right of ownership of all sports facilities in the country. 

While considering the National Sports Bill, 2021, legislators were dismayed that the majority of the sports facilities are run down with local governments delegating the maintenance of the facilities to politicians.

“Some of us own football clubs; now the town clerk of my district was tasking me to take over maintenance of sports facilities,” said the committee chairperson, John Ntamuhiira.

MPs said that with the right of ownership, the council will cease to depend on the meagre funding from government as it will collect revenue from the different events hosted in the sports fields.

“National Council of Sports must own land for all the sports fields as it is the case with the neighbouring countries; in that way, you will be able to collect fees from events that take place in stadia. We want to see an enterprising council that is self-sustaining,” said Busia Municipality MP Geoffrey Macho.

Kalungu West MPJoseph Ssewungu, elaborated that when the facilities are handed over to the NCS, they will be able to get alternative funding.

“If the council gets these properties, they can apply for loans even from government and mobilise funds externally. Once we grant ownership to the council, you will see the sports flourishing in this country,” Ssewungu said.

Legislators were also concerned about the continued grabbing of the land belonging to the different sports federations around the country.

“The land in Tororo District that was donated to the sports sector by the government of former President, Idi Amin has been taken away by a politician. We want the council to take full charge of these properties, Uganda Investment Authority owns all land under its jurisdiction, Uganda Manufacturers Association owns land tittles, the council must also own land,” said Macho.

The Secretary General of the NCS, Bernard Ogwel, said he was been advised by the Attorney General, that ownership of public land according to the constitution is vested in the Uganda Land Commission or the district land boards.

MPs, however, shunned the Attorney General’s guidance saying other government entities own land.

The NCS Chairperson, Ambrose Tashobya, said the council was on course with the upgrade of Lugogo Indoor Stadium to international standards.

“Every time we want to host sports as a region, we end up with Rwanda because we do not meet international standards,” Tashobya said.

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Namuganza petitions Court challenging her Censure

Minister of State for Housing, Persis Namuganza

The Minister of State for Lands, Housing and Urban Development, Persis Namuganza, has filed a petition before High Court challenging Parliament’s move to censure her.

In a plenary presided over by the Deputy Speaker Thomas Tayebwa on Monday January 23, 2023, Namuganza was censured over derogatory remarks and disrespectful conduct. “…the matters raised in the interview [which Hon Namuganza gave to various media houses] was obnoxious, reckless, insufferable, beyond the pale and in per incuriam,” a Mwine Mpaka led Committee established.

In a tally of 356 votes, 348 voted to have the minister censured, five MPs voted no with three abstentions.

“Upon a vote of censure being passed against a Minister, the President shall, unless a Minister resigns his or her office, take appropriate action in the matter,” reads Article 118(2) of the Constitution.

Namuganza has since filed a High Court petition for judicial review before the President appends his signature.

She declined to appear and defend herself in both the committee and in the House, choosing to instead say the matter is before court and therefore sub-judice, a view repeated by her lawyers who sought to halt the proceedings on the same ground.

“An order of Certiorari doth issue quashing the findings and recommendations of the Select Committee of Parliament on the Motion for a resolution of Parliament to Pass a Vote of Censure against the Applicant and any resolution of Parliament based or arising from the same,” Namuganza seeks in a petition suing the Attorney General.

“An order of Certiorari doth issue quashing the resolution of Parliament censuring the Applicant from office of a Minister in the Government of Uganda.

“An order doth issue expunging the impugned report of the select committee on the motion for resolution of parliament to pass a vote of censure against the Applicant from the records of Parliament of the Republic of Uganda.

“A permanent injunction doth issue stopping the Respondent and all its agents from executing the said resolution of Parliament and the report of the select committee to censure the Applicant.

“General damages be paid to the Applicant.

“Costs of the Application.

“Any other relief as court may deem fit.”

Censured ministers do not necessarily lose their seats, although the Constitution envisages that the minister against whom such a motion is carried resigns. Namuganza however retains her rightful seat in Parliament as the elected Bukono MP.

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Man collapses dead during love making session

crime

Police registered an incident of sudden death of a 25-year-old businessman Ali Musitafa, of Ozu cell, Kenya ward in Arua District during a love making session.

Musitafa is said to have sustained a respiratory failure during a love making session, with girlfriend, Adania Ratio, at Avenue lodge in Arua City on January 25, 2023 at around 9pm.

The girl friend went and alerted the hotel management, who immediately alerted the police at Arua.

“The scene was visited and well documented, no trace of drugs, poison or other body influences was recovered at the scene. The body was thereafter, transferred to Arua Referral Hospital and examined. The cause of death was established to be due to respiratory failure,” Fred Enanga, the Police spokesperson said.

Death during consensual sex, can occur for a number of reasons, that include the physical strain of the activity or because of unusual extenuating circumstances.

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“Use available resources to ensure justice”, Museveni implores judges

President Yoweri Museveni has requested Judges to use the available resources accorded to the Judiciary to ensure justice for all Ugandans.

The President said this while officiating at the opening of the 24th Annual Judges’ Conference held at Mestil Hotel, Kampala, on Monday. 

The four-day event is running under the theme: “The Judiciary Transformation Agenda: Enhanced Access to Justice.”

“What if the money is not enough, what do we do? Should we say that a country without money will have no justice? Is that what you are saying? Me, my answer is when we were in the bush, controlling the Luweero Triangle, we were having serious justice without money. I have proof for that because in Luweero I was the Chief Justice and the President. I was combining both. We had justice but no money. I have told these people that it is not acceptable to say that a country cannot defend itself if it has no money. We shall defend ourselves with or without money,” President Museveni said.

The President made the remarks in response to Chief Justice Alfonse Owiny-Dollo’s request to have the Judiciary’s budget enhanced so that they can be able to improve the arm’s infrastructural setup and recruit more judicial officers to deal with the judicial challenges they face.

“Your Excellency, when these reforms are funded and implemented, we hope to have a robust Judiciary that is accountable and capable of delivering quality and timely justice in accordance with our Vision, Mission and Strategic Plan,” Justice Alfonse Owiny – Dollo told Gen. Museveni.

However, according to President Museveni, currently, the Judiciary needs to plan well for the funds allocated to them to execute their mandate as Government comes up with other means of increasing their budget in the near future.

“In this particular case, I want to separate the strategy and the ideology from the actual decision because when I met the Chief Justice the other year, we set a target of Shs800billion for the Judiciary because by that time the Judiciary was getting around Shs190billion in a budget of Shs45Trillion. So, the Shs800billion budget target, in my view, is achievable if we plan better,” he assured.

“For us, we believe that we can have the army even without money; we can have justice even when we don’t have money or don’t have enough money but the way we stand now, we actually got some money. It is just a question of planning, not the ideology because if the ideology is ‘no money no justice’ then I don’t agree because some of the countries don’t have money at all.”

The President also urged the Judges to adopt and share with colleagues the National Resistance Movement Government’s core principles of Patriotism, Pan-Africanism, Socio-economic Transformation and Democracy if they want to be part and parcel of the system’s development agenda.

“So, these are the principles we pushed. Some of our colleagues used to say that we are wrong, but history has proved us correct. Because of those principles, when we came into power we were able to build a national political force, and a strong army and that is why Uganda has been peaceful all these years,” he added.

Chief Justice Alfonse Owiny-Dollo thanked President Museveni for understanding the critical role the Judiciary plays in the development of Uganda.

He explained that the conference is a forum where judicial officers of the Upper Bench of Uganda meet once a year to confer, share experience, audit their performance in the immediate previous year and to chat the way forward for the current calendar year.

“Your Excellency, we thank you for supporting the Judiciary agenda. We look forward to your continued support in enhancing our budget in order to enable us to achieve these milestones,” the Chief Justice said.

The Minister of Justice and Constitutional Affairs, Hon. Norbert Mao, informed the President that the Administration of the Judiciary Act which he supported throughout its process of enactment until he signed it into law is an important piece of legislation in governing the Judiciary.

“Your Excellency, once the Act is fully operationalised, I am very certain the Judiciary will be sustainably transformed into a new Judiciary that will see a tremendous reduction in and elimination of case backlog, timely delivery of justice, increased investment and economic growth as a result of investor confidence in the justice system of Uganda, taking judicial services nearer to the people, promoting peace, the rule of law and constitutionalism in the country,” Hon. Mao said in a statement read for him by the Attorney General, Hon. Kiryowa Kiwanuka.

The event was also attended by the Chief Justice of South Africa, His Lordship Hon. Justice Raymond M.M. Zondo, Hon. Justice Angelina Mensah-Homiah of the Court of Appeal of Ghana, Hon. Justice Afia Serwah Asare-Botwe of the High Court of Ghana, Ambassadors and Ugandan judicial officers among others.

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Unlock the Secrets of Copykat Trading: How to Maximize Your Profits as a New Investor

For over ten years, Copy Trading – also known as copykat trading, social trading, auto trading, or mirror trading- has become increasingly popular and widely embraced. Thanks to social media and a faster internet connection, the spread of industry news updates, financial reports and market analysis are instantaneous.

Through the power of collective wisdom and sentiment analysis, copykat trading platforms have skyrocketed in popularity as investors develop profitable signals to enter the market with compelling trades that other traders can duplicate.

What is Copykat trading?

Copykat trading is a social trading platform that provides users with the opportunity to follow and replicate the trades of successful investors. Copykat offers an array of current data and analysis tools, as well as a vibrant community of experienced traders who can provide you with insight into the market.

Copykat is ideal for those who want to trade like a professional but don’t have the time or expertise to do it independently. New traders can quickly become informed and generate income by replicating trades from successful investors. Moreover, there’s practically no risk as they can keep track of their results and customize their financial commitment at any moment.

How does Copykat work?

Copykat trading is an automated service that allows users to copy the trades of successful investors in real-time. The platform connects with many brokers and traders, allowing users to follow their trades quickly and easily. This enables those using the Copykat platform to access market information and analysis tools like experienced traders.

With Copykat, users can conveniently monitor their results and shift the exposure of their trades whenever they want. Plus, it comes with essential risk management tools such as stop loss orders which help minimize losses in case of unexpected market shifts.

Copykat’s ranking system helps you to discover the most successful traders so you can have a guide to choose the one that suits you best.

Benefits of Copykat trading

Copykat trading is the ideal way to begin your journey into online trading. Here are some of the main benefits:

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What type of social trader are you?

If you’re beginning your trading journey, the first step is to decide which type of social trader best suits your needs. In the realm of social trading, there are two main categories – copy and mirror trading.

Copytrading:

Copy-trading means that you are automatically copying another trader’s portfolio. This means that the primary trader makes all the decisions, and you copy what they do. With copy-trading, you don’t have to research or watch trends because the experienced trader you are following will make all the decisions for you.

Mirror trading:

In mirror trading, investors select a trading strategy (like what positions to open or close and how much money to spend) based on which currency pairs or indices they want to make money from. When the developer carries out the selected strategy, the same trade is automatically carried out in the investor’s account.

Final thoughts

Copykat trading offers an intuitive platform for those new to trading who want to gain experience quickly. By replicating the trades of experienced investors, you can learn from their successes without risking your own capital. With Copykat, there is no need to become a financial expert overnight or have expertise in the markets. Thanks to its comprehensive selection of educational resources and analysis tools, users can get to grips with online investing in record time. So why not give it a try?

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Emmanuel Eratu named FDC flag-bearer for Serere County by-election

Emmanuel Eratu (in black suit) with FDC party president Patrick Amuriat

The Forum for Democratic Change (FDC) has unveiled Emmanuel Eratu as the party’s flagbearer for the Serere County by-election.

“We are pleased to announce Mr Emmanuel Eratu as our Parliamentary candidate for the Serere County by-election,” FDC said in a statement.

Unveiling the candidate during a media briefing, the party president Patrick Amuriat said their candidate is a seasoned politician and an outstanding citizen who has the capabilities of transformative legislation in the National Assembly.

“We call upon all the people of Serere to trust us. Our candidate is rated excellent and highly commendable!  We know that the Junta will unleash the money, arsenal and security services in this campaign. However, our confidence is in the people of Serere,” he added.

The Serere County MP seat fell vacant after the death of Patrick Okabe in a road accident on December 19, 2022.

Eratu contested as an independent candidate against the late MP Okabe in the 2021 elections. He came fourth with 1,035 votes compared to Okabe’s 17,826 votes.

According to the road map released by the Electoral Commission, the display of the voters’ register kicked off on January 23 and will end on February 1 in all the 138 polling stations in the county.

The Display of Parish Tribunal Recommendations for deletion from/or inclusion on the Register will be conducted for six (6) days, that is, from Wednesday 1st to Monday 6th February 2023 at the respective Parish/Ward Headquarters.

The nomination of candidates will be conducted on Thursday 9th and Friday 10th February, 2023 at the Office of the District Returning Officer, Serere.

Nominated candidates will conduct campaign meetings for nine (9) days, that is, from Monday 13th till Tuesday February 21, 2023.

Polling and tallying of results for by-election of Member of Parliament will be conducted on Thursday February 23, 2023.

The Alliance for National Transformation (ANT) leadership last week unveiled former Serere district woman member of parliament, Alice Alaso as the party’s flagbearer in the by-election.

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TradeMark East Africa rebrands to TradeMark Africa

TradeMark East Africa has rebranded to TradeMark Africa (TMA) and simultaneously launched its West Africa operations.

Founded in 2010 in Kenya, marks TradeMark Africa expansion from its previous core operational area of East Africa and the Horn, to also support countries in West and Southern Africa.

TradeMark Africa now has a presence in fourteen countries in sub-Saharan Africa (SSA): Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo (DRC), South Sudan, Ethiopia, Somaliland, Djibouti, Malawi, Zambia, Mozambique, and Ghana.

TradeMark Africa has to date made cumulative investments of over $1.3 billion in East Africa and the Horn, to reduce the time and costs of trading across borders, and to improve export competitiveness of African businesses.

These have among other results slashed the time for traders to cross borders – by 70% on average; and for businesses to receive certification – often from many days to a number of hours. Its programmes have contributed to a 16.5% reduction in the total time it takes to transport a container on the Northern Corridor from Kenya’s Mombasa Port to Bujumbura, Burundi.

As part of the pivot to West Africa, TradeMark Africa will support the Secretariat of the African Continental Free Trade Area (AfCFTA), based in Accra, Ghana, to realise its vision of integrating the $3.4 trillion African market. TradeMark Africa will also work with regional economic communities (RECs) such as the Economic Community of West African States (ECOWAS), to boost regional economic integration and accelerate trade. Further, it will work with Member States to ensure Governments and businesses benefit practically from the opportunities presented by these shifts – in particular along the Lagos-Abidjan corridor.

The successful implementation of the AfCFTA is predicted to boost incomes in Africa by $450 billion by 2030.

At the same time, TradeMark Africa announced that its new strategy will build on and scale up on its core strengths, to focus on facilitating development of digital and green trade corridors, to position Africa as a partner of choice for global off takers; as well as promoting inclusive trade that drives down poverty levels and ensures that vulnerable groups are more integrated in trading systems.

TradeMark Africa’s Board Chairman, Amb. Erastus Mwencha said, “As a leading Aid-for-Trade (AfT) Program, a continental approach gives TMA an important opportunity to expand its impactful programming progressively, while supporting the aspirations of AfCFTA to unleash the immense impact that free trade in high value products, exists in Africa. Our key aim remains trade facilitation, just like we have always done in the last 12 years in the East and Horn of Africa region, where we were founded and have had great milestones in our programs.”

TradeMark Africa’s Chief Executive Officer, Mr. David Beer remarked, “We believe that combining a regional and national approach has always been part of our comparative advantage. With our expanded scope, we are excited now to harness the critical continental dimension to drive faster growth in trade volumes, and to support linkages between regions. TMA’s focus on reducing the barriers to trade and improving business competitiveness will also be a core element of tackling the trade challenges of the future, as we pivot towards creating green trade corridors and enhancing regional food security.”

Some of TradeMark Africa successes in the last 12 years include the construction and operationalization of 15 One Stop Border Posts (OSBPs) across East Africa, which have reduced the time taken to cross select borders by up to 89% in some cases. Moreover, TradeMark Africa has supported the implementation of 60 Single Window Information for Trade (SWIFT) Systems in multiple Government agencies, thus reducing the time and cost of acquiring trade documents, designed the Regional Electronic Cargo Tracking System (RECTS) on the Northern Corridor in East Africa, which ensures safety of cargo, and operationalized programs like Standards, Sanitary and Phytosanitary (SPS), and reduction of Non-Tariff Barrier (NTBs).

It has also supported over 200,000 women cross-border traders and small and medium enterprises.

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Justice Stephen Musota appointed new Chief Inspector of Courts

Justice Stephen Musota

The Chief Justice Alfonse Owiny-Dollo has appointed Justice Stephen Musota as the new Chief Inspector of Courts.

CJ Owiny-Dollo confirmed the development during the 24th Annual Judges Conference at the Mestil Hotel and Residences in Kampala today. President Museveni officially opened the four-day Conference that will run until February 2.

“I have just appointed a new Chief Inspector of Courts, Justice Stephen Musota following the unfortunate demise of Justice Rubby Opio Aweri,” CJ Owiny-Dollo said.

Justice Rubby Opio Aweri died on December 7, 2022 at Mulago National Referral Hospital in Kampala.

Justice Musota was first appointed as a Magistrate Grade One in 1984, rising to the level of Senior Principal Magistrate Grade One in 1992. He went on to work as Chief Magistrate, then as Deputy Registrar and then Registrar of the High Court.

He was appointed as a judge of the High Court of Uganda in 2004. He served as the head of the civil division of the high court. On February 8, 2018 he was then appointed to the Court of Appeal.

In November 2022, he was appointed by the President to the Supreme Court bench together with Justice Christopher Madrama and Justice Elizabeth Musoke.

The Chief Inspector of Courts position was created by the Chief Justice in his efforts to strengthen the Inspectorate wing of the Judiciary by empowering it to inspect, receive complainants and investigate cases of judicial officers and judiciary staff of all cadres.

Previously, the Inspector of Courts was being run and headed by a high court registrar, a position which made it difficult for the officer bearer to inspect and take decisive action against errant senior judicial officers in appellate courts like Court of Appeal and Supreme Court.

The Chief Inspector of Courts will, among other strategic reforms, lend support towards the Judiciary’s anti-corruption initiatives through the implementation of the Judiciary Anti-Corruption Plan of Action and strengthen accountability.

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