Top 5 Business News Headlines in Uganda: September 2021
As businesses continue to navigate the challenges caused by the COVID-19 pandemic, Uganda’s business landscape has seen significant changes in the month of September 2021. Here are the top 5 business news headlines that have caught our attention:
1. Uganda’s economy set to recover in 2022
According to a World Bank report, Uganda’s economy is projected to grow by 6% in 2022, up from 3.3% in 2021. The report cites the loosening of COVID-19 restrictions and increased government investment in infrastructure as key drivers of economic recovery.
2. Bank of Uganda cuts interest rates
In a bid to stimulate economic growth and increase borrowing, the Bank of Uganda has slashed its benchmark lending rate by 100 basis points to 6%. The move is expected to lower the cost of borrowing and boost lending to the private sector.
3. MTN Uganda to list on Uganda Securities Exchange
Telecommunications company MTN Uganda has announced its intention to list on the Uganda Securities Exchange. The move is expected to provide a boost for the country’s capital markets and increase investment opportunities for Ugandan citizens.
4. Uganda Airlines launches new routes
In a bid to increase its market share and expand its operations, Uganda Airlines has launched new routes to Johannesburg, South Africa and Accra, Ghana. The move is expected to boost Uganda’s tourism sector and increase trade links with other African countries.
5. Uganda ranked among top five African countries in ease of doing business
According to the World Bank’s annual Doing Business report, Uganda has been ranked the fifth easiest country to do business in Africa, up from eighth position last year. The report cites improvements in access to credit and the ease of paying taxes as key factors for the country’s improved ranking.
In conclusion, September 2021 has been a month of positive developments for Uganda’s business sector. With projections of economic growth, lower interest rates, new investment opportunities, expanded airline routes, and improved rankings for ease of doing business, there is reason to be optimistic about Uganda’s future.
