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Articles by Bernard Busuulwa
Under pressure: More shocks from global crises test EA currencies
In June this year, the Uganda shilling was the only major East African currency to strengthen against the dollar, gaining 1.4 percent to average 3,710 to the greenback, buoyed by gold exports, which brought in more than $814 million in May, according to government data. That strength was, however, short-lived.
Under pressure: More shocks from global crises test EA currencies
In June this year, the Uganda shilling was the only major East African currency to strengthen against the dollar, gaining 1.4 percent to average 3,710 to the greenback, buoyed by gold exports, which brought in more than $814 million in May, according to government data. That strength was, however, short-lived.
After micro-loan boom, Uganda Mobile money firms target business lending
Uganda’s mobile money operators are expanding beyond small consumer loans and targeting farmers, small businesses and other productive sectors; after registering strong growth in digital micro-lending. It is setting the stage for increased competition with commercial banks in the country’s credit market.
After micro-loan boom, Uganda Mobile money firms target business lending
Prime Rapid growth in consumer lending and a relatively light regulatory environment have encouraged mobile money operators to broaden their lending ambitions. Shutterstock Uganda’s mobile money operators are expanding beyond small consumer loans and targeting farmers, small businesses and other productive sectors; after registering strong growth in digital micro-lending. It is setting the stage for increased competition with commercial banks in the country’s credit market.
How scammers are stealing from Ugandans
Significant numbers of financial crimes registered in Uganda’s financial services sector have exposed weaknesses in administrative remedies offered to fraud victims and changing legal dynamics while investment and employment-related scams increase across Africa.
How scammers are stealing from Ugandans
Significant numbers of financial crimes registered in Uganda’s financial services sector have exposed weaknesses in administrative remedies offered to fraud victims and changing legal dynamics while investment and employment-related scams increase across Africa.
East Africans struggling to buy Dangote stake
Lack of regulatory approvals for the Dangote Refinery initial public offering (IPO) has apparently locked out many East African investors amid a growing frenzy towards the massive public offer witnessed across Africa and rapid increases in fuel prices caused by the US-Iran war.
East Africans struggling to buy Dangote stake
Lack of regulatory approvals for the Dangote Refinery initial public offering (IPO) has apparently locked out many East African investors amid a growing frenzy towards the massive public offer witnessed across Africa and rapid increases in fuel prices caused by the US-Iran war.
Uganda's first oil: Dangling lucky charm in the economy
Prime Commercial oil production is projected to yield Ush1.5 trillion ($388 million) in initial revenue. Pool Uganda’s initial oil revenues could offer a boost to taxation, debt, foreign currency reserves and country creditworthiness ratings over the short term on the back of new, significant export revenues in spite of uncertainty surrounding the official launch of oil export.
Ugandan coffee farmers take the heat from climate change and thieves
Severe drought, a spike in coffee theft cases and fresh demand for Arabica coffee beans driven by Middle East, US and Chinese consumers widely shaped sentiment within Uganda’s coffee industry mid this year amid a weak production outlook blamed on depressed crop fields. Wilted coffee trees dot dusty farms due to months of little rain, leaving many farmers stranded with poor harvests. Increased reports of coffee theft in farms and homes have raised questions about farm security.
Ugandan coffee farmers take the heat from climate change and thieves
Prime Average national coffee prices fell to Ush13,000 ($3.3) per kilogramme of Fair Average Coffee by close of August 2026, compared with a record high of Ush24,000 ($6) per kilogramme registered mid 2024. Shutterstock Severe drought, a spike in coffee theft cases and fresh demand for Arabica coffee beans driven by Middle East, US and Chinese consumers widely shaped sentiment within Uganda’s coffee industry mid this year amid a weak production outlook blamed on depressed crop fields.
Ugandan coffee farmers take the heat from climate change and thieves
Severe drought, a spike in coffee theft cases and fresh demand for Arabica coffee beans driven by Middle East, US and Chinese consumers widely shaped sentiment within Uganda’s coffee industry mid this year amid a weak production outlook blamed on depressed crop fields. Wilted coffee trees dot dusty farms due to months of little rain, leaving many farmers stranded with poor harvests. Increased reports of coffee theft in farms and homes have raised questions about farm security.
DFCU slips into half-year loss as London Crane Bank case drives up legal costs
Ugandan lender DFCU Limited has posted a rare half-year loss for the first six months of 2026, weighed down by mounting legal costs linked to a London court case it is facing. The case was filed by the defunct Crane Bank Limited and some of its shareholders over the sale of the lender to DFCU Bank in 2017. The fight is reflecting in the books.
Uganda owes banks $345m in project funding for delayed and stalled roads
The Uganda Bankers Association fronted a proposal for issuance of a Treasury bond by the Finance ministry but there are few signs of progress Uganda Bankers Association (UBA) says road contractors are owed Ush1.3 trillion ($344.9 million) by government in unpaid invoices linked to existing road projects across the country.
Rising cybercrime rocks Ugandan financial sector
Cyber criminals have complicated Uganda’s financial services sector, exposing weaknesses in law enforcement systems and putting technology investment pressures on companies. At least 65 foreign nationals, mainly originating from Asia, were arrested and deported by Uganda’s Department of Immigration and Citizenship Affairs during the first half of this year, over allegations of involvement in cybercrime.
Rising cybercrime rocks Ugandan financial sector
Cyber criminals have complicated Uganda’s financial services sector, exposing weaknesses in law enforcement systems and putting technology investment pressures on companies. At least 65 foreign nationals, mainly originating from Asia, were arrested and deported by Uganda’s Department of Immigration and Citizenship Affairs during the first half of this year, over allegations of involvement in cybercrime.
OECD pricing reforms to affect multinationals
Multinational companies could face tougher documentation requirements under proposed changes to the Organisation for Economic Co-operation and Development (OECD) transfer pricing guidelines, as tax experts warn the reforms may increase compliance obligations while offering greater clarity on cross-border transactions.
Uganda moves to upgrade financial crime investigations
Uganda is rolling out new financial investigation training packages aimed at harmonising standards across enforcement agencies, improving the collection of financial crime statistics and boosting investigative capacity ahead of an international Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) compliance review scheduled for 2028.
Uganda moves to upgrade financial crime investigations
Uganda is rolling out new financial investigation training packages aimed at harmonising standards across enforcement agencies, improving the collection of financial crime statistics and boosting investigative capacity ahead of an international Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) compliance review scheduled for 2028.
Uganda moves to upgrade financial crime investigations
Uganda is rolling out new financial investigation training packages aimed at harmonising standards across enforcement agencies, improving the collection of financial crime statistics and boosting investigative capacity ahead of an international Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) compliance review scheduled for 2028.
Ebola crisis: Pain for region as trade, tourism hard hit by border closures
The 17th Ebola outbreak in eastern Democratic Republic of Congo (DRC) has placed the health authorities in a quandary: Containing a deadly virus christened Bundibugyo galloping through a population in an area plagued by armed conflict, impassable roads and massive population movement. The situation presents a logistical nightmare to healthcare workers and authorities, in the face of financial and security challenges.
Ebola crisis: Pain for region as trade, tourism hard hit by border closures
The 17th Ebola outbreak in eastern Democratic Republic of Congo (DRC) has placed the health authorities in a quandary: Containing a deadly virus christened Bundibugyo galloping through a population in an area plagued by armed conflict, impassable roads and massive population movement. The situation presents a logistical nightmare to healthcare workers and authorities, in the face of financial and security challenges.
Ebola crisis: Pain for region as trade, tourism hard hit by border closures
The 17th Ebola outbreak in eastern Democratic Republic of Congo (DRC) has placed the health authorities in a quandary: Containing a deadly virus christened Bundibugyo galloping through a population in an area plagued by armed conflict, impassable roads and massive population movement. The situation presents a logistical nightmare to healthcare workers and authorities, in the face of financial and security challenges.
Uganda tightens liquidity as Middle East shock rattles shilling
Uganda’s central bank raised its Cash Reserve Ratio (CRR) from 9.5 percent to 11 percent this month in a drastic move meant to control volatile movements in the foreign currency market and tame rising import bills coupled with thinning narrow windows for both businesses and households in the short-term.
Uganda’s central bank raises cash reserve ratio
Uganda’s central bank raised its Cash Reserve Ratio (CRR) from 9.5 percent to 11 percent this month in a drastic move meant to control volatile movements in the foreign currency market and tame rising import bills coupled with thinning narrow windows for both businesses and households in the short-term.
Uganda tightens liquidity as Middle East shock rattles shilling
Uganda’s central bank raised its Cash Reserve Ratio (CRR) from 9.5 percent to 11 percent this month in a drastic move meant to control volatile movements in the foreign currency market and tame rising import bills coupled with thinning narrow windows for both businesses and households in the short-term.
Real estate, agriculture hit as Uganda’s poll hangover, fuel shocks cloud credit
Widespread business concerns linked to the US-Israel war with Iran, delayed salary payments for government employees and shrinking foreign aid flows are likely to stifle access to credit in Uganda’s agricultural and real estate sectors as lenders grapple with harsh economic conditions and post-election uncertainty.
Real estate, agriculture hit as Uganda’s poll hangover, fuel shocks cloud credit
Widespread business concerns linked to the US-Israel war with Iran, delayed salary payments for government employees and shrinking foreign aid flows are likely to stifle access to credit in Uganda’s agricultural and real estate sectors as lenders grapple with harsh economic conditions and post-election uncertainty.
Things fall apart for street vendors in Uganda towns
The eviction of street vendors from urban centres across Uganda that began earlier this year has left many of them facing a difficult situation, as the government struggles to enforce new public order standards amid ongoing questions about the role of street trading in household survival and local government revenue.
Uganda seeks funds to boost anti-money laundering fight
Uganda’s parliament is pushing for extra funding for the Financial Intelligence Authority (FIA) ahead of a scheduled country mutual evaluation review set for 2028 that could reshape the local Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) enforcement agenda, The EastAfrican has learnt.
Uganda’s $34bln debt surge threatens its credit profile
Uganda’s public debt has surpassed $34 billion, intensifying concerns about the country’s ability to repay its creditors. The debt stock rose sharply from $25 billion in 2023/24 to $32 billion in 2024/25, driven by heavy domestic borrowing to plug budget deficits and a one-off loan settlement with the Bank of Uganda (BoU). By October 2025, national debt had reached Ush126 trillion ($34.7 billion), according to central bank data.
Uganda’s $34bn debt surge threatens its credit profile
Uganda’s public debt has surpassed $34 billion, intensifying concerns about the country’s ability to repay its creditors. The debt stock rose sharply from $25 billion in 2023/24 to $32 billion in 2024/25, driven by heavy domestic borrowing to plug budget deficits and a one-off loan settlement with the Bank of Uganda (BoU). By October 2025, national debt had reached Ush126 trillion ($34.7 billion), according to central bank data.
Uganda’s ports crippled by encroachment and neglect
Human encroachment, illicit land sales, military occupation and climate change are crippling Uganda’s ports, undermining productivity and stalling redevelopment that could threaten trade competitiveness. Uganda has eight ports scattered across Lake Victoria and other water bodies. They are currently managed by Uganda Railways Corporation (URC), a state-owned enterprise.
Uganda’s ports crippled by encroachment and neglect
Human encroachment, illicit land sales, military occupation and climate change are crippling Uganda’s ports, undermining productivity and stalling redevelopment that could threaten trade competitiveness. Uganda has eight ports scattered across Lake Victoria and other water bodies. They are currently managed by Uganda Railways Corporation (URC), a state-owned enterprise.
Gridlock crisis: The high cost of going nowhere in East Africa’s capitals
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East African cities are choking their economies with huge traffic congestions, becoming victims of their own economic progress. One study by the UN-Habitat estimates that Nairobi loses some $600,000 per day in man hours, pollution and fuel in traffic jams. Across the continent, cities have lost up to $340 billion every year, equivalent to annual trade volumes of Africa’s biggest trading partner, China.
By Bob Karashani, Luke Anami Verified, Nelson Naturinda, Patrick Ilunga, Alex Ngarambe, Bernard Busuulwa
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zurl.co
Kenya Pipeline IPO faces scepticism from Ugandan investors
The initial public offer (IPO) of shares by Kenya Pipeline Company (KPC) is testing the appetite of Ugandan oil and gas distributors, as concerns over valuation weigh on investor interest. The IPO closes on February 19, 2026, with trading scheduled to begin on the Nairobi Securities Exchange (NSE) on March 9. KPC is offering 65 percent of its shares to the public, retaining a 35 percent government stake. The offer price is Ksh9 ($0.07) per share, with 11.8 billion shares available.
Kenya Pipeline IPO faces scepticism from Ugandan investors
The initial public offer (IPO) of shares by Kenya Pipeline Company (KPC) is testing the appetite of Ugandan oil and gas distributors, as concerns over valuation weigh on investor interest. The IPO closes on February 19, 2026, with trading scheduled to begin on the Nairobi Securities Exchange (NSE) on March 9. KPC is offering 65 percent of its shares to the public, retaining a 35 percent government stake. The offer price is Ksh9 ($0.07) per share, with 11.8 billion shares available.
Uganda: USE turnover surges in 2025, lifting earnings
Stockbrokers at the Uganda Securities Exchange (USE) earned improved income last year compared to the previous period even as product innovation remained elusive. It is the result of increased trading turnover where the bourse, jumped to Ush98.4 billion ($27.4 million) in 2025, up from Ush77.5 billion ($21.6 million) in 2024.
USE turnover surges in 2025, lifting earnings
Stockbrokers at the Uganda Securities Exchange (USE) earned improved income last year compared to the previous period even as product innovation remained elusive. It is the result of increased trading turnover where the bourse, jumped to Ush98.4 billion ($27.4 million) in 2025, up from Ush77.5 billion ($21.6 million) in 2024.
Uganda decides as Museveni goes for his legacy shaping race
After three months of a gruelling and costly campaign, with candidates criss-crossing the country in search of votes, the race is now winding down, although the Electoral Commission officially keeps the campaign period open until January 13. Candidate Robert Kyagulanyi has traversed nearly the entire country, stopping short only in a few districts where the Electoral Commission (EC) did not clear his schedule or where he could not reach an agreement on campaign timing.
Uganda’s 2025 economy, a mixed bag
Resumption of World Bank funding, a new US financing line for the healthcare sector, challenges associated with Umeme’s exit from the power sector and failure to secure a fresh International Monetary Fund programme defined Uganda’s economic landscape in 2025, and are likely to affect investor confidence in 2026.
Uganda’s farm, factory activities under strain
Uganda’s business confidence rose from 117.9 points between April and June 2025 to 125.6 points during the July-September 2025 period, reflecting a mixed bag of entrepreneur sentiment coupled with low consumer spending patterns, and weak government expenditure. A score above 100 points implies strong business confidence levels while those below signal weak business confidence levels. A 100-point score implies neutral movement in business sentiments.
Uganda’s farm, factory activities under strain
Uganda’s business confidence rose from 117.9 points between April and June 2025 to 125.6 points during the July-September 2025 period, reflecting a mixed bag of entrepreneur sentiment coupled with low consumer spending patterns, and weak government expenditure. A score above 100 points implies strong business confidence levels while those below signal weak business confidence levels. A 100-point score implies neutral movement in business sentiments.
Uganda’s 25-year T-bond hits price correction point, investors now upbeat
A modest increase in the interest rate earned on Uganda’s 25-year Treasury bond last month represents a small victory for investors and also exposes difficulties associated with taming the country’s debt yield curve, amid rising borrowing costs, experts say. The bond, Uganda’s newest government debt security, was unveiled to investors in the first quarter of FY2025/26.
Uganda’s 25-year T-bond hits price correction point, investors now upbeat
A modest increase in the interest rate earned on Uganda’s 25-year Treasury bond last month represents a small victory for investors and also exposes difficulties associated with taming the country’s debt yield curve, amid rising borrowing costs, experts say. The bond, Uganda’s newest government debt security, was unveiled to investors in the first quarter of FY2025/26.
A tool to catch serial mobile money defaulters
The introduction of a unified credit-scoring tool for mobile money services promises to lock out dubious borrowers from telecommunications lending platforms while weak licensing rules applied to tier four institutions have crippled access to credit reference bureau services among several Ugandan borrowers. The deployment is motivated by rampant cases of deliberate borrower default witnessed among mobile money users.
East Africa bourses grapple with tech costs, cyber risks in retail drive
A burning desire to cut reliance on foreign investors within East Africa’s stock markets has compelled the exchanges to expand their retail investor base of late, but hard questions surrounding the procurement of new trading platforms, the passing on of costs to local users, and the tackling of rising cybercrime risks associated with financial services remain unresolved.
Revenue shortfalls, rising costs push Uganda into bond market uncertainty
Uganda’s recent actions in the Treasury bond market, between August and September 2025, have left investors uncertain, as the government appears to be making inconsistent and hesitant moves. These developments come amid mounting domestic borrowing needs and rising debt servicing costs, The EastAfrican has learnt.
Uganda splurges millions in bid to boost farm yields
Over the past three years, the Ugandan government has made significant investments in the agricultural sector, unlocking billions of shillings in interest-free loans for coffee, poultry, and piggery farmers. However, concerns have remained with the broader impact on farm productivity, household incomes, and the growing threat of climate change.
Uganda splurges millions in bid to boost farm yields
Over the past three years, the Ugandan government has made significant investments in the agricultural sector, unlocking billions of shillings in interest-free loans for coffee, poultry, and piggery farmers. However, concerns have remained with the broader impact on farm productivity, household incomes, and the growing threat of climate change.
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