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Rwenzori Water announce Shs170m sponsorship deal for Rwenzori Marathon

L-R- Kirunda Magoola Public Affairs and Communication Director, Newton Lee Ogong Channel and Trade Marketing Manager at Coca- Cola Beverages Uganda with Equator Hikes Director, Amos Wekesa during the launch

Rwenzori Water has announced Shs 170 million sponsorship of the Rwenzori Marathon scheduled to take place on Saturday September 3, 2022, in Kasese.

CCBU joins other sponsorship partners including Jumia, a leading online retailer, who will sell tickets at Shs50,000 each.

“Registration is now open on the Jumia online shop. You can purchase your tickets and we will deliver your kits to your doorstep within Kampala, or you can choose to pick them up in Kasese,” said Shakib Nsubuga, Jumia’s Expansion Manager.

The Rwenzori Marathon will consist of a 42 km full marathon, a 21km half marathon and 5km fun run. The marathon is open to the general public, both amateurs and professionals.

“It goes without saying that the Rwenzori brand was inspired by the natural beauty of the Rwenzori Mountains. It stands tall, magnificent and breathtaking which is reflected in the Rwenzori brand. This marathon affords runners the opportunity to enjoy its beauty while keeping fit. Kasese district has a lot more to offer and no one should miss-out on this experience,” said Isaac Sekasi, Business Development and Commercialization Director at CCBU.

“As part of our business sustainability initiatives, environmental protection is at the core of our business operation. The Rwenzori Marathon gives us the opportunity to promote this region that represents our roots. We are more than excited to be a part of this,” he added.

The Rwenzori Marathon aims at promoting sports tourism, fostering healthy lifestyles, and highlighting the importance of caring for the environment. It seeks to raise awareness of the iconic Rwenzori Mountain ranges.

“I climbed the Rwenzori Mountains recently and the beauty is indescribable. The marathon will help draw attention to this resource and increase tourism,” said Equator Hikes Director, Amos Wekesa.

With about 2000 running enthusiasts and professional athletes expected to be at the foot of the Rwenzori range, the marathon will represent an exciting new challenge to Ugandan and foreign runners alike.

Wekesa announced Shs42m in prizes for the marathon runners courtesy of Standard Chartered Bank. Shs5m, 4m, 3m, 2m and 1m prizes are allocated to the top five runners in the 42km full marathon for both men and women. The top three male and female athletes in the 21km half marathon will bag Shs3m, 2m and 1m respectively.

Other partners for the Rwenzori Marathon include UNDP, Tusker Lite and Rocket Health.

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MPs approve Shs266 billion loan for Heart Institute

Parliament has approved a US$70 million loan for the construction of a state of the art facility to house the Uganda Heart institute.

A loan request brought by government to collectively borrow US$70 million from the Arab Bank for Economic Development in Africa, Saudi Fund for Development and the Opec Fund for International Development sailed through following unanimous approval from Members of Parliament.

Parliament’s Committee on National Economy scrutinized the loan request and approved it with recommendations.

“…the committee therefore, recommends that the request by government to borrow [up to $70 million] for the construction and equipping of the Uganda Heart Institute Project be approved subject to the recommendations herein,” said Committee Vice Chairperson, Hon. Robert Migadde.

Migadde however, asked government to renegotiate the loan terms to ensure flexible payment terms.

“The committee recommends that there is need for the Ministry of Finance to engage the financiers with a view of improving the financial terms to more concessional or semi concessional terms…in particular increasing the repayment period of the BADEA and OPEC proposed loans to20 years,” he said.

Challenges facing the Uganda Heart Institute in the execution of its mandate, said Migadde, informed the approval of the loan.

“The committee recommends that going forward, government addresses the immediate constraints that is, inadequate working space and medical infrastructure in order to build a strong foundation for the Uganda Heart Institute for it to become a centre of excellence in cardiovascular medical services,” he said.

Deputy Speaker Thomas Tayebwa asked the Uganda Heart Institute to utilize the loan well and ensure the centre stands to serve the multitude of patients with heart problems.

“We lose 500 children every year because they have the expertise but they don’t have the facilities to do it; you can save that Ugandan who cannot go to Kenya; the decision is yours,” he said adding that, ’this loan started in the 10th Parliament; one of the demands was their independent home where they will be able to take on and carry out sophisticated surgeries’.

Hon. Lucy Akello (FDC, Amuru District) endorsed the loan as a journey to unburden families troubled by health care challenges.

“Every money that we borrow must be put to good use; there are families that cannot even afford Shs50,000 . I hope when we have our own centre and, our people will not suffer,” she said.

Kabale Municipality MP, Dr. Nicholas Kamara said the approval will come in handy given the growing statistics of people suffering from non-communicable diseases.

“I have been to Uganda Heart Institute many times and I have seen the constraints; we are in a demographic transition where non-communicable diseases are accounting for more deaths,” he said.

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Stanbic Bank injects Shs50m into Uganda Secondary Schools Sports Gala

Stanbic Bank has injected Shs50 Million in this year’s edition of Uganda Secondary Schools Sports Association (USSSA) Gala taking place in Lira, Northern Uganda. The gala runs for one week and participants will compete in different types of sport.

Bernard Ogwal, the Stanbic Bank Regional Manager for Northern Uganda said; “Todaywe are partnering with the Uganda Secondary Schools Sports Association because we believe that education is one of those critical sectors for us. We have compelling offers for schools and teachers. For this particular event, we hope to go a long way in promoting sports and raise many more talented individuals who will go ahead to represent the country internationally.”

He added, “We believe that these partnerships help us to unravel opportunities in terms of supporting but also unpacking the solutions that we offer to schools and the nation. As a bank, we want to make sure that we deeply entrench ourselves because Uganda is our home. We would like to commit ourselves to moments like these where there are sports and similar activities, we will be there.”

Stanbic continues to engage schools in different avenues like the Stanbic National Schools Championship, a corporate social responsibility programme where it supports schools to generate business ideas and turn them into a reality and in the end create opportunities like jobs.

The Bank has also been instrumental in supporting school owners and parents with affordable financing and insurance products during tough times like COVID-19 era. 

Justus Mugisha, the USSSA President said, they are the number one sports association in Africa and that they are proud to be partnering with the biggest bank in Uganda.

“We are very excited because this partnership is going a long way to supporting, growing talent to compete at the international stage,” Mugisha said.

Rev. Canon Duncans Mugumya, the Commissioner for Physical Education at the Ministry of Education and Sports said, the ministry is working on a directive from President Yoweri Museveni on getting partners like Stanbic Bank to help develop sports.

“Sports is one avenue of promoting a healthy population which is key in promoting a healthy economy where private sector players like Stanbic operate.”

He said, this partnership will help them to prepare talent and champions for different competitions.

“I want to assure you that you have touched the right button because schools are the source and the base of sports,” he said.

This year’s gala has attracted a total of 502 schools participating, with 7784 students and 1000-2000 adults including teachers, coaches, and parents. 

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MPs demand reduction in age for SAGE beneficiaries

Hon. Judith Alyek called for reduction of age of beneficiaries

Lawmakers have recommended reducing the age of beneficiaries of the Social Assistance Grant Empowerment (SAGE) from 80 years to 70 years.  

This was contained in the report of the Committee on Equal Opportunities on the state of equal opportunities in selected sectors and affirmative actions that was adopted during plenary sitting on 16 August 2022.

The report further recommended affirmative action for women by reducing the age of the beneficiaries of SAGE from 80 years to 65 years.

The Committee Chairperson, Judith Alyek said that women age faster than men due to hard work as well as effects of childbearing.

“There should be annual increment to the monthly payment of Shs25,000 by at least 10 per cent due to inflation rate. Evidence from the SAGE pilot shows that even such small payment, if made regularly make a huge difference to the lives of poor and vulnerable individuals and families,” Alyek said.

Hellen Kahunde (NRM, Kiryandongo District) said that the life expectancy of Ugandan women is low and therefore, calls for reduction of age of the SAGE beneficiaries.

“Very few of our people live to celebrate the 80th birthday. If government has resources, they should consider reducing the age,” she said.

Oyam District Woman MP, Santa Alum said that women can only benefit from the SAGE when the age is lowered.

“When you look for women who are 80 years, you will not find them. If this age could be reduced to 65, many women will benefit,” she said.

The Committee also recommended that the Ministry of Public Service should ensure that every public office should have sign language interpreters arguing that other people with disabilities miss out on services due to communication challenges.

“Government should introduce strategies to ensure that no one is left behind while providing essential services to the community,” read the report in part.

Alex Ndeezi (NRM, PWDs) welcomed the report but urged the Ministry of Education to expedite construction of special education schools as promised by President Museveni 10 years ago.

“The President promised to construct 10 schools in the 10 original districts but up to now, only two have been constructed. I Implore the Minister of Education to have these schools captured in the budget for next financial year,” he said adding that, ’we have more than one million deaf people and they cannot access public services. This is the time to stand firm and ensure that the Public Service Ministry captures this in the budget framework paper in the next financial year’.

The report also observed that whereas government started the student’s loan scheme to increase access to higher education, there is no regional balance in the awards of the loans, especially for Northern, Eastern and Karamoja with the lowest number of beneficiaries.

“Students loan scheme should be made accessible to all students that intend to borrow the fund for further studies and more information about the loan scheme be given to the public to enable accessibility,” Alyek said.

Maximus Ochai (NRM, West Budama North County) called for affirmative action in the education grants and bursaries for the needy saying that the students loan scheme presupposes that all can afford to pay it back.

“I propose that we add that grants be given to those from very poor backgrounds as long as they have the capacity and will to study,” Ochai said.

Kumi District Woman MP, Christine Apolot blamed the regional imbalance on access to the students loan scheme to lack of information.

“Information on the loan scheme is limited and yet it reaches the people late. The process should be decentralized. Resident District Commissioners should be given airtime on radio to tell people when to apply,” she said.

Kashari South County MP, Nathan Itungo proposed consideration of students of arts subjects as beneficiaries of the loan as opposed to only students studying science subjects.

“This scheme does not target the rural poor. It should include even arts students, after all it is a loan that will be paid back,” said Itungo. 

Chief Opposition Whip, John Baptist Nambeshe, however, said that the affirmative action programmes of government were not well planned and felt.

“They are designed as token packages but not empowerment. They are highly partisan and that is why they end up being abused,” said Nambeshe.

He also tasked the Minister of Education to provide a list of the beneficiaries of the students loan scheme to enable Parliament ascertain the actual beneficiaries.

The Minister of Gender, Labour and Social Development, Betty Amongi said that government will assess the financial implication of lowering the age of SAGE beneficiaries.

“We are discussing this and we shall make recommendations to Cabinet. I want to assure you that the affirmative action projects are existent based on clear guidelines. There is no prejudice in respect to access, that is why members have appreciated and made proposals to make sure they are either scaled up or increase in accessibility,” she said.

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Absa Group earnings increase 27%, demonstrating continued strong recovery

ABSA

Absa Group headline earnings increased 27% to R11 billion (2.5trillion) in the first half of the year as revenue increased, demonstrating a continued strong recovery from the global economic downturn in 2020.

According to the report, Absa exhibited a solid pre-prevision profit for the first half of the year, supported by revenue which rose by 14%, underpinned by growth across our business units and supported by a rebound in the insurance business in South Africa and increased interest rates across key markets. Net interest income and non-interest income rose 12% and 18%, respectively.

“Our strong results reaffirm the strategic choices we made in 2018 and are testimony to the work we have undertaken in creating a business that is closer to customers,” said Arrie Rautenbach, Absa Group Chief Executive Officer. “With a strong, experienced leadership team and an improved operating model, we now have a strong foundation for outperformance.”

In June, Absa announced a strengthened and more diverse executive leadership team. Absa refined its operating model, adopting a flatter structure, bringing management closer to customers and allowing the Group to accelerate strategy execution. Effective 1 July, Absa has five business units, from two previously.

All business units reported improved earnings and stronger returns during the first half.

“All of our key measures are significantly above the pre-Covid-19 levels of the first half of 2019,” said Jason Quinn, Absa Group Financial Director. “The strategic decisions we made in the last few years have ensured that we remain capital generative and we are appropriately provisioned as we face a tougher environment,” he said.

The Group balance sheet remains well positioned, with Common Equity Tier 1 (CET1) having improved. CET1 and liquidity levels remain well ahead of regulatory and Board target ranges.

Costs were well maintained even as the Group increased investment in IT for enhanced digital performance and improved customer experience. Total IT spend grew 11% to R6 billion (Shs 1.3trillion). Improved stability and enriched functionality saw digitally active customers grow across our businesses including a 10% increase to R 2.2 million (Shs 5trillion) in retail and business banking in South Africa.

Retail and Business Banking (RBB)

RBB South Africa, the Group’s largest revenue generator, continued to execute against its 2018 strategic transformation journey, supported by the momentum of the economic recovery, specifically in the first quarter of the year. Although the operating environment became increasingly difficult in the second quarter, key performance indicators continued to trend positively and in line with expectations, benefitting from deliberate execution over the past three years. Home loans registrations, vehicle asset financing and personal loans, among other areas, increased.

Absa gained market share in key areas in retail advances including home loans and vehicle asset financing and our deposit market share continued to be strong at 22%. Customer numbers increased 1% to 9.6 million.

RBB earnings from Absa Regional Operations (ARO) increased strongly following very strong revenue growth, an encouraging performance as Absa repositions the business on a growth trajectory and improved returns.

Corporate and Investment Banking (CIB)

CIB benefited from portfolio diversity and all business units delivered revenue growth.

CIB improved its primacy metrics and client acquisition with notable improvements in its regional franchise. CIB revenue growth of Seven percent reflects solid growth in the client franchise.

The performance solidifies CIB’s commitment to delivering its Pan Africa growth strategy.

An active force for good

 Absa rallied its resources during the April floods in KwaZulu-Natal to assist with immediate and longer term needs to the value of R10 million. In recognition of the direct impact on many households, Absa also waived excess fees on insurance claims.

During the first half of the year, Absa invested R125 million (Shs 28billion) in societal impact initiatives in Africa and reached more than 50,600 individuals through financial education literacy and tools.

Absa, the largest funder of renewable energy in South Africa, continued to make progress on its sustainability agenda. While the Group’s fossil fuel exposure is set to decline, Absa is looking to double its renewable energy loans as a percent of total group loans by 2030.

Outlook

The macro backdrop deteriorated noticeably in the past six months and global growth expectations have reduced materially. There are considerably higher inflationary pressures across most of the markets in which Absa operates and policy rates are increasing faster than we expected.

Absa remains well positioned for the tougher operating environment, with a strong balance sheet and high levels of capital and provisioning.

Absa expects to achieve low double-digit revenue growth in 2022 compared with 2021. Operating expenses will likely increase by low to mid-single digits, with pre-provision profit growth in the teens, resulting in a cost-to-income ratio which is expected to be lower than 2021 levels. Return on equity is also expected to improve to approximately 17%.

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Uganda Airlines CEO Jennifer Bamuturaki has no qualifications for the job – COSASE

Jennifer Bamuturaki

The newly appointed Chief Executive Officer (CEO) of Uganda Airlines Jennifer Bamuturaki had no qualification for the job, Eagle Online has learnt.

Bamuturaki was in July appointed the CEO of Uganda Airlines after serving in acting capacity for six months. Her appointment was confirmed by Gen. Edward Katumba Wamala, the Works and Transport Minister in a letter dated 5th July 2022 to the chairperson of the Uganda Airlines board.

She was named CEO after the suspension and sacking of Cornwell Muleya together with some board members and staff over allegations of corruption and mismanagement of the National airline.

According to the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE), the CEO of Uganda airlines had to have a bachelor’s degree and a post graduate-diploma.

Appearing before COSASE earlier today, MPs learnt that Uganda Airlines CEO Jennifer Bamuturaki didn’t meet the minimum academic requirements at the time of appointment. She only had a B.A SWASA and lacked post graduate training.

She is currently pursuing a post graduate-diploma in Public Administration at Makerere University.

Yesterday, the committee quizzed the new CEO Uganda Airlines Jennifer Bamuturaki on how she got appointed as Aide to the acting CEO and yet she had no appointment letter and was not being paid a salary. The committee also questioned how she rose from Aide to CEO.

Jennifer Bamuturaki however said she was not among the 40 Ugandans who applied for the job. “On the day I was going to apply, that is when I was appointed,” she said this while appearing before COSASE.

Herbert Kamuntu, board member of Uganda Airlines said when Uganda Airlines advertised for the position of CEO, at least 40 Ugandans applied. However, following a presidential directive to appoint Jennifer Bamuturaki, the whole process was halted.

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Kamuli residents set to benefit from Ruparelia Foundation’s free medical eye camp

An optician examining a person's eyes

Residents in Kamuli are to benefit from Ruparelia Foundation’s Free Medical Eye Camp to be held on Saturday 20th and Sunday 21st August 2022 at Shree Hindu Bhagin Samal Plot 4-19 Crawford Avenue in Kamuli.

The free eye medical camp will offer services like Eye Screening, Cataract surgery, free glasses and blood drive. Cataracts remain the leading cause of Blindness in low/middle-income families, the highest burden is thought to be in the Karamoja and Busoga regions.

The Ruparelia foundation has always attracted and treated large numbers during its eye camps with the most recent one attracting thousands of people. 4032 people were screened, 275 cataract surgeries were conducted, and 422 reading glasses and 180 prescription glasses were donated to the people in dire need of corrective eye glasses.

Sheena Ruparelia, the Director of Ruparelia Group, noted that the foundation has so far conducted medical eye camps in Kampala but the Kamuli edition is very special because it’s happening in the town where the co-founder of the foundation, Mrs. Jyotsna Ruparelia, was born and raised.

“It warms my heart, to give back to the community where I grew up,” Jyotsna Ruparelia.

The First Deputy Prime Minister of Uganda, Rt Hon Rebecca Alitwala Kadaga, who is expected to flag off the health camp acknowledged the kind gesture of the Ruparelia Foundation and believes initiatives of this nature are highly essential as they complement Government efforts.

Ruparelia Foundation has extended appreciation to the numerous partners that offered their invaluable support like The North Indian Cultural Association (NICA), Dr Agarwal’s Eye Hospital, Abacus Parental Drug Limited, SSDM Temple, Rwenzori Bottling Company Ltd, Euroflex Ltd (Eurofoam), Pearl Dairy Farms Ltd (Lato milk), Harris International (Riham), Rotary Club of Jinja and Nsangi.

The Foundation was founded in 2012 by Sudhir & Mrs. Jyotsna Ruparelia and runs its programs under the catchphrase theme: “Enriching Lives Together”.

For the past seven years, Ruparelia Foundation has worked together with several stakeholders to champion positive change in different communities across the country to improve livelihoods in Uganda. To date, more than 600 charitable causes have been funded by the charity.

The focus areas of the foundation include health care, education, sports, wildlife and environment conservation, disaster relief, startup and general welfare.

Ruparelia Foundation strives to create a positive and transformative change in the community through making a real difference in the course of the present-day but also have a sustainable plan for every initiative carried out.

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Government to involve religious leaders in PDM implementation

The Minister of Energy and Mineral Development, Ruth Nankabirwa with Archbishop Stephen Samuel Kaziimba

The Minister of Energy and Mineral Development, Ruth Nankabirwa has revealed that the government of Uganda will involve religious leaders in the implementation of the Parish Development Model (PDM) and ensure transformation of their livelihoods.

Nankabirwa made the revelation while speaking at the thanksgiving for the Archbishop of Church of Uganda, The Most Rev Dr Stephen Samuel Kaziimba Mugalu’s 60th birthday in Namirembe.

“As the government, we know how important religious leaders are and the important role they play in community transformation. In the Parish Development Model, we will ensure that they are supported individually so that their families can be equally transformed,” said Nankabirwa.

While attending the thanksgiving service, the Bishop of Namirembe Diocese, The Rt. Rev. Wilberforce Kityo Luwalira emphasized the need for thanksgiving in celebration of every year added.

“Everytime God adds you another year, you need to remember and give thanks for the far the Lord has brought you, remember and repent and pray for the way forward in your life,” said Bishop Luwalira.

He added, “We need to celebrate someone when he or she still lives to show that we value that person, use the opportunity to reflect, rejoice and affirm our gratitude to God for what that person has achieved. It is the working of God that He has lifted Archbishop Kaziimba from no where to sit with Kings and to shepherd His Church.”

Mama Margaret Kaziimba thanked God for raising her husband from a Lay Reader to Archbishop of Church of Uganda.

“God knew us from the beginning. When I was marrying my husband, I never imagined what he would ever become. From the choir to lay reader, priest, Bishop and now Archbishop. It’s only God’s blessings. My only duty has always been going on my knees to pray for him to be successful in ministry,” said Maama Margaret Kaziimba.

The Archbishop’s children led by Capt. Enock Kaziimba lauded their dad (Archbishop Kaziimba) for being a role model and pledged to continue making him proud.

“Because of your testimony and integrity, you have raised us to be God fearing and respected people. You are our greatest role model and we look up to you always,” noted Capt. Enock.

In his remarks, Archbishop Kaziimba attributed his successful ministry to salvation.

“I thank God for the gift of salvation. It is only salvation that has brought me this far. There is no other reason why I would be where I am other than that precious gift. I can’t thank God enough,” said Archbishop Kaziimba.

The thanksgiving service was organized by friends of Archbishop Kaziimba led by Governor Emmanuel Katongole of Quality Chemicals who commended him for being a unifier and a father who does not segregate along tribal, political and religious affiliation.

The Assistant Bishop of the Diocese of Kampala Rt Rev Dr. Hanington Mutebi; the Provost of All Saints Cathedral Kampala, The Very Rev Dr. Rebecca Nyegenye; the Provost of St. Paul’s Cathedral Namirembe, The Very Rev. Canon. Jonathan Kisawuzi Ssalongo; and the Assistant Executive Director of Words of Hope Ministries Uganda, Rev Godfrey Kyome led the Service.

The function was attended by the Archbishop’s friends, relatives, clergy and members of the Provincial Secretariat led by Rev Canon William Ongeng, the Provincial Secretary.

After the thanksgiving Service, friends of the Archbishop hosted the guests for dinner.

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Gov’t to regulate school fees

School Children

The Minister of State for Education, Joyce Moriku has reassured Members of Parliament that government has developed a statutory instrument to regulate school fees and other school related matters.

She was responding to a matter of national importance raised by Samuel Opio (Indep., Kole North County) during plenary sitting on 16 August 2022.

The MP who was concerned about the plan by schools to increase fees, called for government intervention.

“The schools’ conference is planning to increase school fees in the third term as a result of increased prices of essential commodities. Earlier on, we had that there were plans to lay statutory instruments to regulate school fees,” he said.

He warned that increasing school fees will further affect the enrolment of learners, which is already very low.

“Government should come up with measures to enhance secondary school education in the country. As we speak right now, only 27.3 per cent are enrolled,” said Opio.

Moriku said that the statutory instrument is ready and it is being reviewed by the Ministry of Justice and Constitutional Affairs.

“In the meantime, there are procedures in the ministry for any school to increase fees and this is done through the boards of governor and the school management committees,” she said.

She added that ’the issue is real and increment is real but as a ministry, we are already taking measures to ensure that fees are within the framework for parents as approved by boards or school management committees’.  

Tororo District Woman MP, Sarah Opendi however, urged the Committee on Education to expedite presentation of a report on financing of government aided schools.

“I brought a motion here in February and the matter was referred to the Committee on Education. It is high time this Parliament sat and agreed. We would rather stop grant aiding these schools and send the money to seed schools,” she said.

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Does BoU know the continuous increase of CBR is scaring Ugandans?

Bank of Uganda

The Bank of Uganda (BoU) on August 12, 2022, increased the Central Bank Rate (CBR) to 9.0 percent, scaring Ugandans and businesses that now see hope of no borrowing from commercial banks in the near future.

This is because commercial banks, following the increasing of the CBR in the recent months by BoU, have also increased commercial lending rates, sending away Ugandans from borrowing to develop themselves.

BoU claims that the increase in CBR is aimed at controlling the annual headline inflation now estimated to be at 7.9 percent in July.

The increase of CBR is aimed to reduce supply of money in the economy so that inflation is kept at bay. But how long will this measure take?

We know that the Finance Ministry which works alongside BoU has also not released money fearing that it will worsen the situations. Government workers have been crying of delayed salaries, yet they have to cater for their families.

Meanwhile, President Museveni said Ugandans should be creative and engage in production to fight the inflation caused by external factors. Where will Ugandans get the money if banks have increased interest rates?

Can Mr. Michael Atingi, the BoU Deputy Governor answer the above question given that even the money for the Parish Development Model (PDM) continues to be held by the government?

BoU is telling Ugandans of expected depreciation of Uganda shilling yet on its website, figures show the shilling has appreciated, though slightly. Is BoU scared of the Ugandan shilling appreciating?

Ugandans at this point need an institution that gives them hope, than telling them how the situation is expected to worsen. Ugandans are suffering, with most families unable to afford their needs.

Some schools closed earlier because they could not afford to get loans that would have kept children in school. Parents at home especially those in urban centres are facing the wrath. Is BoU crying with them?

This is worsened by the fact that many farmers have no money to buy seeds for planting as the rains for next season set in. That is why the Members of Parliament asked central government to release Shs 4 trillion for seeds so that farmers can plant.

Remember farmers get some money when the banks are offering cheap interest rates and government is paying its workers on time. So BoU should not be bragging that that the limited supply of money is doing wonders. The rural farmers are crying and the country will be in problems in the remaining months of the year, if government and BoU do not increase the supply of money in the economy.

We know that BoU still is anti-subsidy from government. Ugandans have suffered of high fuel prices because of this. Yet some of our neighbours have had their governments intervene in the fuel prices because they know how bad the high prices are to the poor population.

What can only conclude that the policies BoU is implementing in the guise of controlling inflation are targeted at demoralizing the poor Ugandans at the expense of a few that are rich. Please BoU must stop threatening Ugandans with warning of further increase of the CBR and other bad measures of tightening the economy. This is because some people don’t have money to feed their families and care for the sick in the hospitals.

Why has BoU failed to tell Ugandans that Ukraine has started re-exporting wheat even to Africa, fuel prices for crude oil are coming down on the international market as well?  This is the hope that Ugandans need, not warning after warning.

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