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East African Records shares new music from Uganda

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East African Records shares new music from Uganda

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East African Records shares new music from Uganda

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Kampala-based East African Records has shared three of its July releases.

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Check out the Linkedin Profile of Emmanuel Katto

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Check out the Linkedin Profile of Emmanuel Katto

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Check out the profile of Emmanuel Katto Uganda based businessman here https://uk.linkedin.com/in/emmanuel-katto-b1468028

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Fintech and Data Usage Spur Double Digit Growth for MTN Uganda - Tech In Africa

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Fintech and Data Usage Spur Double Digit Growth for MTN Uganda - Tech In Africa

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Fintech and Data Usage Spur Double Digit Growth for MTN Uganda - Tech In Africa

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MTN Uganda has achieved strong growth in service revenue, reaching Ush 1.25 trillion ($335 million) in the first half of 2023. This 15% jump was driven by gains in voice, data, and fintech services, according to CEO Sylvia Mulinge. She noted that this aligns with the company’s targets and reflects r…

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Foundation of Emmanuel Katto transforms children’s lives through education

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Foundation of Emmanuel Katto transforms children’s lives through education

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MTN Uganda’s CEO, Sylvia Mulinge, Marks One-Year Milestone

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MTN Uganda’s CEO, Sylvia Mulinge, Marks One-Year Milestone

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Double-digit growth for Ghana's renewable energy capacity predicted

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Double-digit growth for Ghana's renewable energy capacity predicted

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Renewable energy is a major area of investment in Ghana as the country is rich in resources such as biomass, solar, wind and hydropower potential, says GlobalData.
The data and analytics company notes that with the demand for electricity surging 10% annually, renewable capacity is expected to increase to 1,969.5 MW in 2035, at a compound annual growth rate (CAGR) of 19.1%.
Enlit Africa invites you to join the conversation on 28-30 May 2024 in Cape Town, South Africa.
According to GlobalData's report, Ghana Power Market Size and Trends by Installed Capacity, Generation, Transmission, Distribution, and Technology, Regulations, Key Players and Forecast, 2022-2035, Ghana's installed renewable capacity stood at 170.1 MW in 2021, having increased from 2.8 MW in 2010 at a CAGR of 45.1%. Solar PV and onshore wind constitute most of the newly installed renewable capacity.

Attaurrahman Ojindaram Saibasan, the Senior Power Analyst at GlobalData, commented: "The Ghanese government has been actively encouraging the use of renewable sources for energy generation to reduce its dependence on fossil fuels. For instance, the government established the Renewable Energy Act of 2011 (Act 832), which provides support towards the utilisation and development of renewable resources and investments."
Have you read?
Ghana commits to renewable energy with 8 planned solar plants

Image credit: GlobalData

As the Ghanaian economy slowly recovers from the COVID-19 pandemic, potential investment opportunities have emerged in line with the Sustainable Development Goals and climate pledges made under the Paris Agreement. The Government has pledged to scale up the penetration of renewable energy by 10% by 2030 under the Paris Agreement. Furthermore, under Ghana's Integrated Power Sector Master Plan 2019, a major capacity amount through solar and wind power is aimed to be installed between 2022 and 2030, which is also part of the Renewable Energy Master Plan (REMP).
Have you read?
Ghana ready for renewable energy transition says deputy minister
Saibasan adds: "Ghana requires huge investment to drive the power industry's transformation. Local manufacturers and assemblers of renewable energy technology are urgently needed if the country is to add more renewable sources.

"To make the renewable sector more attractive to investors, the government is providing various incentives to increase the contribution of renewable energy to total power supply sources. Investing in the renewable sector would bring great perks for the country in terms of reduced air pollution levels and less dependency on imported fossil fuel resources."

Find out more about GlobalData's Ghana Power Market Size and Trends by Installed Capacity, Generation, Transmission, Distribution, and Technology, Regulations, Key Players and Forecast, 2022-2035 online.

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Double-digit growth for Ghana's renewable energy capacity predicted

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GlobalData notes that notes that with the demand for electricity surging 10% annually, renewable capacity is expected to increase by in 2035.

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Allianz | Going together and going far – Powering Africa’s economic and social potential

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Allianz | Going together and going far – Powering Africa’s economic and social potential

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Allianz | Going together and going far - Powering Africa's economic and social potential

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The African continent is showing much greater resilience than expected, given the set of macro-financial conditions.

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Uganda based Emmanuel Katto | Ourartcorner

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Uganda based Emmanuel Katto | Ourartcorner

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A definitive objective of Emmanuel Katto Emka Foundation is to create shrewd comrades. These are people who are knowledgeable as well as have the insight to pursue informed choices. They figure out the significance of rewarding their networks and adding to the general benefit of their country. By imparting this feeling of obligation and community obligation, Emka's foundation is planting the seeds for a more promising time to come.

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Photo Through education, the Emka Foundation of Emmanuel by salenajones | OurArtCorner

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The ultimate goal of Emmanuel Katto’s Emka Foundation is to produce wise countrymen. These are individuals who are not only well-educated but also possess…

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Digital infrastructure development can foster economic growth

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Digital infrastructure development can foster economic growth

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Uganda's population is growing fast amid prevailing social and economic inequalities. The country's population is largely young with more than 47% under the age of 15 and nearly 80% under the age of 30. Such an age demographic is typically associated with a potential affinity for the use of digital technologies. In addition, the country currently hosts Africa's largest refugee population to whom digital connectivity can offer access to services and economic opportunities.
Uganda's digital sector represents one of the fastest-growing sectors with positive spill-over effects on other sectors of the economy. Its contribution to the country's GDP has considerably increased due to a series of conducive government policies and significant uptake of mobile phone subscribers hence developing digital infrastructure, if complemented by expansion in human capital development can foster growth by enhancing productivity, facilitating information exchange and improving service delivery across the economy.

However, currently, affordability remains a key barrier to the take-up of mobile broadband, despite the widespread adoption of mobile phones that provide the main platform for internet use as opposed to fixed access with about half of all mobile subscribers in Uganda using mobile internet services.

Limited network coverage is another constraint to the higher adoption of mobile broadband, with sharp regional disparities. While more than 95% of the population is covered by mobile telephony networks (2G), mobile broadband (3G and 4G) coverage lags behind at around 50%.

The Government through NITA-U efforts to address these bottlenecks and leverage the opportunities by implementing the Uganda Digital Acceleration program me (UDAP) that will focus on expanding access to high-speed internet, improving the efficiency of digital government services, and strengthening the enabling environment for digital technology adoption.

UDAP has included a policy support component, providing support for developing or updating key national laws and regulations with the view to increasing competition and lower prices for digital services.

It also contributes to building better communications infrastructures by expanding the national fibre optic backbone infrastructure and connecting government facilities such as offices, game parks, and refugee settlement camps, creating more public WIFI in most parts of the country and connecting till the last mile so as to improve the government's ability to deliver services to its citizens through shared e-Government infrastructures.

The Government is also finalising the Digital Uganda Vision aligned with Vision 2040, aiming to build a digitally-enabled modern society that is secure, innovative, and transformative, realised through technology-based empowerment.

The Digital Uganda Vision (DUV) sets an overarching framework for providing direction to national ICT policies and showing how digital services can be used to achieve inclusion, sustainable development, economic progress and poverty eradication.

The five pillars of the Vision include Integrated digital infrastructure and connectivity, digital services, cyber-security, privacy and data protection, digital inclusion and empowerment and content development, innovations and product development.

UDAP is closely aligned with the Uganda Country Partnership Framework which elucidates the potential of the digital sector for Uganda's development. It supports the strategic objectives of p romoting s hared g rowth and s ustainable e conomic g rowth and i mproved connectivity for regional integration through improved digital infrastructure and competitiveness of the digital sector.

Progress toward achieving greater digital connectivity within the country and across the region can boost productivity and efficiency gains in a range of sectors, including financial services, agriculture and natural resource management, health and education.

Solutions such as mobile banking and payments, digital healthcare, agricultural information services and online learning platforms can greatly enhance public service delivery, particularly in lagging regions.

The project is directly aligned with the digital economy transformation for Africa initiative of the African Union, which aims to have every African individual, business and government digitally enabled by 2030.

The project will expand access to affordable high-speed internet through a combination of regulatory reforms and investments.

It will strengthen public sector data infrastructure and digital platforms for improved service delivery, enabling the coordinated roll-out of digital services at scale across key ministries and agencies.

It aims to ensure a digitally capable and inclusive Uganda, by enhancing ICT research and innovation, improving digital skills and promoting digital inclusion. The project will finance a coordinated effort to build up the core foundations of the digital economy including digital infrastructure and platforms, digital skills, digital financial services and an enabling environment for digital business and entrepreneurship.

This initiative supports increased cooperation in digital investment, innovation and trade by promoting the harmonization of regulations between the Northern Corridor countries of Kenya, Uganda and Rwanda.

The writer is the communications officer at National Information Technology Authority Uganda (NITA-U)

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uganda digital acceleration programmedigital infrastructure development can foster economic growth
uganda digital acceleration programme will expand access to affordable high-speed internet through a combination of regulatory reforms and investments

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Digital infrastructure development can foster economic growth

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Uganda Digital Acceleration Programme will expand access to affordable high-speed internet through a combination of regulatory reforms and investments

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From brain drain to digital gain: remittances transforming global economic dynamics | Uganda Business News

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From brain drain to digital gain: remittances transforming global economic dynamics | Uganda Business News

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Uganda Business News | Business news, analysis, comment, and data

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When former Indian Prime Minister Rajiv Gandhi was asked about the risks of "brain drain" - the large-scale and sustained migration of well-trained citizens from lower-income to higher-income countries offering better opportunities - he allegedly responded: "Better a brain drain than a brain in the drain."

Back then, in the 1980s, India's universities were already churning out far more graduates than the country's labour market could absorb, and developed economies, especially the United States, that sought to strengthen their comparative advantage in skill-intensive manufacturing welcomed these highly educated migrants with open arms.

Gandhi's assessment proved prescient: many of these workers, from India and elsewhere, helped shape the modern digital economy, which is poised to extend the organizational and geographical fragmentation of work into new realms. A recent study found that highly skilled immigrants account for 36 per cent of innovation in the US and also contribute significantly to the exchange of ideas across borders, given that they are more likely to rely on foreign technologies and collaborate with foreign inventors.

Buttressed by the contributions of qualified foreign labour, digitalization has expanded the potential of remittances. The cost of sending money to family members back home - a process that migrant workers of all skill levels know well - has traditionally been high. But new digital business models have achieved faster payments, greater transparency, and lower costs for users, increasing the cross-border flow of money in support of welfare improvement and macroeconomic stability.

The growth of digital remittances cannot be overstated. The amount of money sent by migrant workers to family members in low- and middle-income countries (LMICs) has increased more than fivefold over the last two decades, reaching $647 billion in 2022. Remittances now exceed more than a quarter of GDP in several countries, supplementing threadbare social safety nets. Over half of remittances go to people in rural areas, and around 75 per cent are used to meet basic needs such as food, housing, medical costs, and school fees.

These inflows also have enormous benefits in terms of growth and macroeconomic management. In a growing number of LMICs, remittances have overtaken both foreign direct investment and official development aid (ODA) as the largest source of external funds. They are financing investments and mitigating the risk of sudden stops and capital-flow reversals, which are especially important as ODA declines and many LMICs confront balance-of-payments pressures and currency gyrations.

Even during the Covid-19 pandemic, which upended the world economy, migrants continued to send money home, with flows to Latin America and the Caribbean increasing by 6.5 per cent in 2020. And despite broad-based growth deceleration in 2022, remittances to LMICs grew by an estimated 8 per cent. This partly reflects the tight labour markets in advanced economies, many of which implemented large fiscal and monetary stimulus measures to sustain incomes during the pandemic. Moreover, the dollar's sharp appreciation in 2022 increased the value of inflows to LMICs.

The resilience of remittances is also the result of international migration, which has helped shield high-income countries with low fertility rates from demographic headwinds, as well as the effectiveness of quantitative-easing policies after the 2008 financial crisis and in the years leading up to the pandemic. In the era of hyper-globalization, which sustained downward pressure on prices, these policies boosted output expansion to drive wage growth.

Likewise, the shift in remittances from informal to formal channels, together with the decline in transfer costs that followed the normalization of digital payments, has been crucial to increasing cross-border flows and bodes well for future growth.

A study by the GSMA, the global trade association of mobile operators, found that mobile technology halves remittance costs, while research from PayPal and Xoom shows that the average cost of transferring money back home has fallen to 3.93 per cent - nearly half that of traditional fees. According to the International Monetary Fund, cost reductions have a short-term positive impact on remittances and could even generate an additional $32 billion in inflows, if the target of 3 per cent set by the United Nations Sustainable Development Goals is reached.

The relatively low procyclicality and volatility of remittance inflows, coupled with greater cost reductions and increased operational efficiency, will ultimately benefit LMICs. Many of these countries are facing mounting debt-service costs, especially in view of widening spreads and tighter global financial conditions, as well as rising poverty levels exacerbated by food-price inflation. The projected growth of remittances will shore up these countries' foreign-currency reserves, which could help avert a debt crisis.

Remittances can also reduce the risk of a financial crisis. Studies have shown that the impact of a sharp decrease in international reserves on current-account reversals becomes less severe when remittances to a country exceed 3 per cent of GDP. More than 43 per cent of LMICs - 76 countries - have surpassed that threshold, and more countries look set to join them.

Meanwhile, remittances can also stabilize the balance of payments by keeping current-account deficits under control in countries with a negative trade balance. Such inflows can thus help promote macroeconomic stability as operating environments become more challenging in an age of " poly crisis."

Is a brain drain better than a brain in the drain? Given the current state of the world economy, the answer is a resounding yes.

For low-income households that depend on remittances for basic consumption goods, and for LMICs contending with twin deficits and currency risk, it has helped prevent social unrest and balance-of-payments crises.

For high-income countries contending with low fertility rates, international migration has alleviated demographic headwinds and the risk of secular stagnation.

The growth of digital remittances may not fully compensate for the loss of skilled workers and the decline in human capital in LMICs. But the gains associated with brain drain and international migration have been momentous, driving innovation and financing development globally.
Hippolyte Fofack is Chief Economist and Director of Research at the African Export-Import Bank (Afreximbank). Copyright: Project Syndicate, 2023.
www.project-syndicate.org

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From brain drain to digital gain: remittances transforming global economic dynamics | Uganda Business News

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When former Indian Prime Minister Rajiv Gandhi was asked about the risks of "brain drain" - the large-scale and sustained migration of well-trained citizens from lower-income to higher-income countries offering better opportunities - he allegedly responded: "Better a brain drain than a brain in the drain."

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Innovation Village | Technology, Product Reviews, Business

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Determined to play its part in building the digital skills that Africa needs for its digital transformation, MTN has now opened an academy in Uganda to address the digital skills gap, particularly among rural and marginalized youth.

The MTN Skills Academy seeks to provide youngsters across the African continent with access to digital and financial skills training as a catalyst for job development and expanded employment prospects.

MTN said yesterday that it is well positioned to serve communities thanks to its collaboration with ATC Uganda, which has Digital Communities situated at the base of its towers, and Huawei, which has a mobile Digitruck giving connection.

ATC's Digital Communities are digitally connected spaces that are equipped with ICT and offer instructor-led or self-guided digital literacy and youth education instruction, financial literacy and career skilling, or healthcare services with the goal of improving quality of life through connectivity.

In addition, MTN Uganda debuted its digital bus, which provides mobile connectivity to enable community members to access the MTN Skills Academy from numerous locations across the country.

This project will enable our youth to tap into the vast resources that MTN offers for our nation's development.
Joyce Nabbosa Ssebugwawo, Minister of State for ICT

We believe that this platform will be pivotal in providing Ugandan youth with the essential skills required to flourish in the digital economy.

Not only will this help alleviate the shortage of digital skills, but it will also reverberate positively across the nation's economic growth trajectory, aligning to the newly launched Digital Transformation Roadmap.
Nompilo Morafo, MTN Group Chief Sustainability and Corporate Affairs Officer

Trade summit

Meanwhile, the Uganda-South Africa investment and trade summit, attended by MTN Group and other significant South African companies that have operations in Uganda, concluded this week.

The summit's goal is to boost investment and trade between Uganda and South Africa. Ugandan President Yoweri Museveni presided over the event.

As a Pan-African organization MTN sees its role as an important part of the broader conversation to support and facilitate growth and development across the continent and that is why the group has played its part in engaging with the public and private sector to make the summit a reality.
Mcebisi Jonas, MTN Group Chair

In his closing remarks, President Museveni encouraged companies to continue investing in Uganda.

Uganda is one of MTN's core markets, and mobile subscribers increased by 11.2% to 18.1 million in the current reporting period, while active data subscribers increased by 21.4% to 6.9 million and active fintech subscribers increased by 11.6% to 10.9 million.

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MTN launches skills development academy in Uganda - Innovation Village | Technology, Product Reviews, Business

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MTN has opened a skills academy in Uganda to address the digital skills gap, particularly among rural and marginalized youth.

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Shelters are provided to unprivileged children in Uganda by Emmanuel Katto

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Shelters are provided to unprivileged children in Uganda by Emmanuel Katto

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Many children find themselves grappling with the harsh realities of homelessness, a situation that deprives them of the security, stability, and warmth every child deserves. In recognition of this pressing issue, Emmanuel Katto Uganda established the Emka Foundation. Through this initiative, he has provided homeless children with shelter and a secure haven, offering them a fresh start in life.

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There are people and affiliations who stand separated as light emissions in a world stacked with obstructions and weakness, subscribing to dealing with the presences of others who are less fortunate. Emmanuel Katto Uganda public and his Emka Foundation give destitute children cover and a fresh start. They are splendid representations of such committed people and attempts.

Different young people experience the hard reality of vagrancy, which keeps them from getting the prosperity, consistency, and warmth that every young person needs. Due to understanding this issue, he laid out the Emka Foundation. He has given down and out kids cover and a protected safe-haven where they could start to patch up their lives through this surprising establishment.

The Emka Foundation: An Inspiration

The Emka Foundation has transformed into a light emission for Uganda's street kids. It offers something past a spot to remain; it in like manner offers a careful setting where these kids could recover from the scars of vagrancy. They can get the assist they with hoping to reproduce their solid character worth there, close by consolation and comfort.

Obliging a Crucial Need: Safe-haven

Cover is more than basically a housetop over one's head; it fulfills an essential human need and gives one an inclination that everything is great, regard, and neighborhood. The dedication of Emmanuel Katto

to giving dejected kids a spot to live is verification of his huge compassion and enduring commitment to dealing with their lives.

An Appreciation Joined Social class

We should impart our sincere appreciation to Emmanuel Katto in light of a legitimate concern for everyone whose life has been impacted by made by the Emka Foundation. His thought and charity not simply changed the presences of these penniless children, yet furthermore displayed to the rest of the world the impact that compassion and liberality can have.

We really want to thank the Emka Foundation and perceive that their work is advancing. There are at this point various young people requiring safe house and help, and vagrancy is at this point a troublesome issue. Join Emmanuel Katto and the Emka Foundation in their work to give dejected adolescents in Uganda safe house, trust, and better possibilities.

Created by Emmanuel fills in as an indication of the massive effect one individual can have on the presences of others when they are stirred by compassion and an impression of commitment in an overall population that consistently has every one of the reserves of being divided. As we honor the Emka Foundation's undertakings, let us moreover ensure our assistance and fortitude to guarantee that no youngster - in Uganda or somewhere else - ought to deal with the difficulties of vagrancy. By coordinating, we can impact the world, every individual asylum.

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Emmanuel Katto redesigns the presences of dejected Ugandan children by giving them Shelter

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There are people and affiliations who stand separated as light emissions in a world stacked with obstructions and weakness, subscribing to dealing with the presences of others who are less fortunate. Emmanuel Katto Uganda public and his Emka Foundation give destitute children cover and a f

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Govt launches digital transformation roadmap

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Govt launches digital transformation roadmap

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The government has launched a digital transformation roadmap with the commitment to anchor on technology to deliver the country into the much-desired modern society.

The plan is also to harness the power of technology to bridge digital gaps, empower youth, and uplift marginalised communities.

The roadmap presents an overarching vision for a well-connected Uganda that delivers opportunities and limits the risks while at the same time stipulating how the vision effectively be achieved over the next five-year phase of the implementation of the National Development Plan (NDPIII).

Speaking during the launch of the roadmap, the Minister of ICT and National Guidance, Dr Chris Baryomunsi, described the development as the beginning of a journey that holds the potential to reshape "our nation's future and bring about unprecedented progress."

"The digital transformation roadmap represents a bold vision for our nation's future that is not just driven by technology, but one in which technology serves as the catalyst for sustainable development, economic growth, and improved livelihoods for all Ugandans,"he said.

This roadmap has been developed with a clear understanding of the challenges and opportunities that lie ahead. In collaboration with various stakeholders, including United Nations Development Programme (UNDP), the sector ministry has crafted a comprehensive strategy that outlines the key areas of focus, the necessary policies, and the implementation framework that will guide the country through what Dr Baryomunsi refered to in his speech as "transformative journey."

The five-year digital transformation roadmap is anchored on the Digital Uganda Vision 2040 of transforming Uganda into a modern and prosperous country. It identifies five key pillars that the country's digital transformation roadmap is anchored on, acting as a compass guiding towards "a brighter, inclusive, and digitised future."

Biggest consumer
In her speech, the Vice President, Maj (Rtd) Jessica Alupo identified the Ministry of Education as the biggest consumer of ICT.

She said ICT should also be used to create jobs across the economic sectors, including in commercial agriculture, industry, services, and ICT as a sector itself.

"We have realised that our future is closely linked to this massive digital shift," she said.

She continued: "This programme will usher in a new era of sustainable social and economic transformation across Uganda. Our road map's pillars are the foundations upon which Uganda will continue to rise, including in digital infrastructure and connectivity, digital services, cyber security, data protection and privacy, digital skills and innovation and entrepreneurship."

According to the Vice President, the government acknowledges that ICT is more than a sector but a catalyst that will infiltrate every aspect of "our lives, industries, and institutions."

"We pledge to create a conducive environment that will galvanise the private sector, civil society, and every citizen towards achieving this collective objective," she added.
Ms Elsie G. Attafuah, Resident Representative UNDP, Uganda, said digital transformation is the integration of different technologies in all areas of life and this is accelerating in the wake of Covid-19 pandemic.

"The digital future is arriving faster than we expected. The latest advances in artificial intelligence and related innovations are expanding the frontiers of digital transformation,"she said.

By providing means to deliver affordable and quality goods and services in the healthcare, education, commerce, finance, agriculture and other services, digital transformation can help countries to reduce poverty and hunger, boost health, create new jobs, help mitigate climate change, provide early warning for disasters, improve energy efficiency, and make cities and communities more sustainable.

It can also help to build resilience in infrastructure, promote inclusive and sustainable industrialisation, and foster innovation.

Government's expectation is that this roadmap will result into seamless digital access where urban and rural disparities in connectivity are eradicated. Digital services will be obvious. There will be reduced bureaucratic delays, and enhanced citizen satisfaction.
"Keen attention to the critical sectors such as health, education, transportation, and agriculture where we should have all services digitally optimized, ensuring that services are not only swift but also citizen-centric," Dr Baryomunsi said.

Cyber security, data protection and privacy, according to the Permanent Secretary of the Ministry of ICT and National Guidance, Dr Aminah Zawedde, will be jealously guarded.

According to ICT sector leadership, robust digital ecosystem where citizens and organisations operate with confidence, knowing their data is protected will always be a priority.

The roadmap focuses on digital skills. Workforce will be equipped with the necessary digital competencies, ready to embrace the challenges and opportunities of the digital era. Education systems and training programmes are revamped to focus on critical skills, ensuring that students and to professionals are digitally adept and globally competitive.

Innovation and entrepreneurship is the other pillar. The government is looking at a vibrant startup ecosystem, supported by policies and programs that stimulate innovation.

According to Dr Baryomunsi, there should be a notable increase in home-grown tech solutions, products, and services that cater to both local and global markets.
Dr Zawedde said in this era of rapid technological evolution, digital landscape has become a powerful force for change, shaping economies, societies, and nations.

Contribution
The contribution of ICT to Gross Domestic Product (GDP) is estimated at about 9 per cent, significantly contributing to national revenue. In addition, the proportion of employment in the ICT sector is 2.3 million people.

The growth in ICT's contribution to GDP is attributed to considerable initiatives made by both government and private players in expansion of infrastructure coverage, development of e-services among others.

According to National Planning Authority, the information and communications services continued to grow at an average growth rate of 14.8 percent.

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Govt launches digital transformation roadmap

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The digital transformation roadmap which is a comprehensive strategy is expected to revolutionise Uganda's technological landscape

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Financial liberalisation, capital controls and development in Africa: The case of Uganda - Bretton Woods Project

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Financial liberalisation, capital controls and development in Africa: The case of Uganda - Bretton Woods Project

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Financial liberalisation involves diluting or dismantling regulatory controls over the institutional structures, instruments and activities of agents in different segments of the financial sector. It has had a profound impact on Uganda, as it has on other African economies over the last 40 years, but it has not driven economic transformation.

The issues of financial liberalisation and capital controls in Uganda, as in the continent generally, have come to the fore due to ongoing crises - i.e. climate change, high trade deficits, negative health impacts (including high out-of-pocket fees, vaccine and pharmaceuticals dependence), debt distress and economic contraction. The Covid-19 pandemic intensified the preexisting structural challenges exemplified by commodity dependence because of the limited economic transformation in many countries (see Dispatch Annuals 2022, Springs 2022).

Africa requires resources to address all these challenges. Given the dwindling levels of Official Development Assistance provided by wealthy countries and the increasing debt burden, domestic revenues can contribute massively to addressing the current challenges. Therefore, for African countries, the debate around financial liberalisation and capital controls is inextricably related to the urgent quest to mobilise resources by capturing the possible investible surplus for investment. Thus, most post-independence African governments instituted measures to minimise the share of foreign profits repatriated and maximise what was retained in their economies. These included regulations on the repatriation of profits and taxes on foreign investment and profits. Governments also directly supported their economies through state enterprises, capturing the profits that would otherwise have accrued to foreign capital, repatriated, and lost to the domestic economy.

However, the Structural Adjustment Programmes (SAPs) imposed upon Africa by the IMF and World Bank in the 1980s dismantled all these policies, replacing them with neoliberal policies, i.e. economic and financial liberalisation, reformulating the role of government to merely providing a 'conducive environment' for the private sector to thrive and the promotion of private sector-led economic development. Given the weak domestic private sector in Uganda, and in many other African countries at that time, a new slate of policies was developed by African governments to incentivise foreign direct investment (FDI). These included tax incentives and the relaxation or total dismantling of regulations on financial flows in and out of the domestic economy.

The lasting negative legacy of financial liberalisation

The effects of financial liberalisation have varied across countries. However, the literature has shown that although financial flows increased in some countries, financial liberalisation and capital account liberalisation has presented a number of challenges for African countries (see Dispatch Springs 2022). These include: Increased volatility and vulnerability to external shocks due to exposure to volatile capital flows; instability in the countries' financial systems and pressure on the exchange rate with negative impacts on macroeconomic stability and economic growth; appreciation of the domestic currency due to increased capital flows making exports less competitive; and the weakening of the domestic financial sector.

Specifically, for Uganda, the liberalisation of its capital account in 1997 was carried out as part of a series of stabilisation and reform policies undertaken since 1987 under IMF and World Bank Group SAPs. The government, among other measures, allowed the free flow of capital between Uganda and the rest of the world, permitting residents and non-residents to hold foreign exchange-denominated accounts in the domestic banking system and residents to hold foreign exchange-denominated accounts and instruments outside the country. Liberalisation of the capital account in Uganda was justified on the grounds of closing the savings-investment gap to promote sustainable long-term growth, and to address its fiscal deficit to finance infrastructure projects.

Since liberalising its economy, Uganda has not seen increased capital flows, but key macroeconomic indicators have deteriorated. For example, according to IMF data, in 1998, the inflows accounted for 3.19 per cent of GDP, while in 2020 and 2021 they accounted for 2.32 per cent and 2.82 per cent of GDP respectively. The fiscal deficit has also increased from 7.1 per cent of GDP in 1998-99 to 9 per cent in 2020-21; while public debt to GDP ratio has increased from 45.1 per cent in 1998 to 52.2 per cent in 2022. The trade deficit has also increased from a trade balance of 6.8 per cent of GDP in 1964 to a deficit of 10.1 per cent of GDP in 2021.

These adverse figures conceal a profound structural change that has happened in Uganda since the liberalisation of its financial sector including the collapse of local banks with reduced lending to the rural and informal sectors, persistently high lending rates at between 18-20 per cent and the redirection of investments away from the productive sectors of the economy. Financial liberalisation has thus failed to drive investment to sectors that could actually structurally transform the Ugandan economy. It has in effect perpetuated economic underdevelopment while facilitating the extraction of profits by foreign investors. Thus Uganda remains among the poorest economies in the world.

Uganda's experience demonstrates the urgent need for African governments - and the IMF - to rethink the efficacy of capital account liberalisation, based on an assessment of the cost of these neoliberal policies on their economies especially given the current polycrisis (see Dispatch Springs 2023).

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Financial liberalisation, capital controls and development in Africa: The case of Uganda - Bretton Woods Project

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Financial liberation has had a significant effect on Uganda's economy opening the door for significant foreign ownership while facilitating the ongoing extraction of wealth.

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Gov't unveils new plan to fund women enterprises - New Vision Official

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Gov't unveils new plan to fund women enterprises - New Vision Official

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The government and World Bank have unveiled a new strategic plan to fund over 39,000 small women's enterprises across the country.
It is also estimated that 1.6 million people in 46 districts will benefit from the project though which government intends to significantly improve the economic welfare of Ugandan women.

The government looks to finance women through the $217m (over sh800b) five-year grant project financed by the World Bank to increase access to enterprises mainly in small focusing on women-led businesses.

Speaking at the launch of The National Roll-out and sensitization Engagement on the generating growth Opportunities and productivity for women Enterprises (GROW) project at Kololo Independence Grounds on Wednesday, Prime Minister Hon. Robina Nabanja said that the project is timely, especially coming at a time when Uganda has reduced borrowing.

"This project will focus on enabling entrepreneurs or enterprises owned by the women to grow and transition to the next level of the business," she said.

Nabanja also emphasized that the project would address many challenges faced by women entrepreneurs and help women to have successful businesses.

"Challenges such as lack of capital and limited capacity to expand. As you're already aware, many women in business find it difficult to access information. It is important that we reach out to these women and guide them," the Prime Minister suggested.

According to the Ministry of Gender, Labor and social development, the GROW project is to achieve its targets by 2027.

Sarah Kagingo the Vice Chairperson of Private Sector Foundation Uganda (PSFU) assured the public that the foundation will make sure they change the lives in this opportunity.

"Our efforts is to build on the World Bank supported facility with the Ministry of Finance and Gender on the components of facilitation and the loans to the enterprises," she said

Kagingo explained that PSFU will work with the private sector and the government agencies to address all the interventions needed by women in the financial support.

"Our interventions as PSFU responsible for is to help women achieve their Target. We trust the project will be exploited transparently and equitably," she said.

The facility will create individual borrowing of credit between $1,000 (sh3.7m) and $50,000 (sh380m), the grant will award grant support of up to sh400m and finance banks with grassroot branches.

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businessgov't unveils new plan to fund women enterprises
the government looks to finance women through the $217m (over sh800b) five-year grant project financed by the world bank to increase access to enterprises mainly in small focusing on women-led businesses.

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Gov't unveils new plan to fund women enterprises

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The government looks to finance women through the $217m (over sh800b) five-year grant project financed by the World Bank to increase access to enterprises mainly in small focusing on women-led businesses.

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Emmanuel Katto Uganda business magnate, entrepreneur, investor, philanthropist and a rally Ace. He is considered by many East African rally funs as one of Uganda's top rally drivers.

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Emka Rally - Emmanuel Katto Uganda - Ugandan Businessman & Rally Legend

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Ugandan motorsport and rally legend Emmanuel Katto without doubt enjoyed the biggest and most passionate fan base in East Africa and beyond

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Check out the twitter profile of Mr. Emmanuel Katto who is a Uganda based businessman. He is a businessman and a philanthropist.

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Emka is revered as a rally Ace, showcasing his driving skills and thrill-seeking nature on the racetrack. With his drive for success in business, unwavering ability to impact lives, and passion for rallying, Emmanuel Katto truly embodies the spirit of a versatile and accomplished individual.

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African nations dominate top 10 economic growth spots

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African nations dominate top 10 economic growth spots

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Africa faces economic headwinds this year, but some of the continent’s brightest sparks are shading it in a more hopeful light. Six of the top-10 performing economies in the world are forecast to come from Sub-Saharan Africa in 2024, according to the International Monetary Fund (IMF).

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Six out of the top ten global economies are expected to be located in Sub-Saharan Africa

A view of the central business district of Plateau ahead of the 34th edition of the African Cup of Nations (AFCON) scheduled to take place from Jan 13 to Feb 11, 2024, in Abidjan, Ivory Coast, on Dec 8, 2023. (Photo: Reuters)

JOHANNESBURG - Africa faces economic headwinds this year, but some of the continent's brightest sparks are shading it in a more hopeful light.

Six of the top-10 performing economies in the world are forecast to come from Sub-Saharan Africa in 2024, according to the International Monetary Fund (IMF).

Their smaller size will not be enough to make up for less-stellar performances by South Africa and Nigeria, which together account for two-fifths of Africa's US$2 trillion economy. But collectively, they are helping to make a difference in a region that remains severely challenged by poverty and inequality.

"Sub-Saharan Africa's growth prospects are brightening," said Bloomberg Africa Economist Yvonne Mhango. "Eight of the region's top-10 biggest economies - which together account for another 40% of regional GDP - will grow by a strong 5% on average."

These include Ivory Coast at 6.6% and Tanzania at 6.1%. The two countries have done a good job of diversifying their economies and attracting foreign investment.

As a result, the IMF sees regional growth improving moderately to 4% in 2024 from 3.3% in 2023. And while the two heavyweights are not likely to deliver quicker output in the near term, both Nigeria and South Africa are pursuing reforms that may yield benefits over time.

The IMF sees growth in Nigeria picking up to about 3% this year and next, while South Africa is projected to expand by 1.8% and 1.6% over the two years, up from a tepid 0.9% in 2023.
'Big picture'
"Big picture Africa, the external environment is difficult," said Razia Khan, chief economist for Africa and the Middle East at Standard Chartered Bank. "But reforms matter, and this will be the crux of the growth turnaround that we expect in both South Africa and Nigeria."

Nigerian President Bola Tinubu has embarked on aggressive measures to relax the country's foreign-exchange regime and remove costly fuel subsidies.

A general view of Johannesburg skyline on Saturday. (Photo: AFP)

South Africa, hobbled by an energy crisis, is finally making tentative progress on boosting electricity supply, which is expected to continue.

"The important point for South Africa is that we've probably reached the turning point," said Khan. "The years ahead should deliver faster growth. And that is under-appreciated."

That is despite potential uncertainty before elections this year. The vote, likely to be held in April or May, may cost the ruling African National Congress its absolute parliamentary majority. But it is expected to remain the largest party in government and the ballot will not have a major impact on policy, she said.
Near-term caution
Still, analysts remain cautious on Africa's outlook in the immediate future. The pick-up in growth is coming from a low base after the setbacks suffered by the region during the coronavirus pandemic, straining public finances and leaving many countries struggling with heavy debt burdens.

Those have already triggered defaults in Ghana, Zambia and Ethiopia, with the IMF warning other nations remain at risk, and access to foreign capital markets is effectively closed.

Moody's Investors Service has a negative outlook on the credit of African sovereigns because of elevated debt-refinancing risks, and because it expects slower growth in China to dampen demand for the region's commodity exports.

Aurelien Mali, senior credit officer at Moody's Sovereign Risk Group, notes that Africa's ratio of debt to gross domestic product (GDP) has risen to 60% on average. That is back up to the crisis levels of the early 2000s that galvanised debt forgiveness for the poorest nations.

"Many of these countries have been running twin deficits - fiscal deficits and current-account deficits - in the post-Covid period," he said. "They need to access external funding at a moment when you have a wall of maturities coming due."

Moody's estimates about $5 billion of eurobonds will come due in 2024 in Sub-Saharan Africa, with more than $6 billion in 2025. That does not count debts coming due to bilateral creditors like China or multilateral lenders including the IMF and the World Bank.

No African country has tapped the eurobond market since the US Federal Reserve (Fed) began raising interest rates aggressively in 2022.

Nor do analysts see market access reopening for most African sovereign issuers this year, unless the Fed cuts interest rates aggressively, which may help bring borrowing costs back down to more affordable levels.

Optimism that the Fed will move quickly to lower borrowing costs in 2024 has faded in recent weeks, amid signs the US economy remains robust.

"A lot of these countries, despite the recent rally, are still locked out of the market. They're having to find new ways, as their debt comes due, to roll that over to make good on their obligations," said Patrick Curran, senior economist at Tellimer Ltd. "Countries especially in Africa but in frontier markets generally, are going to be particularly vulnerable as long as interest rates stay near current levels."

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African nations dominate top 10 economic growth spots

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JOHANNESBURG - Africa faces economic headwinds this year, but some of the continent's brightest sparks are shading it in a more hopeful light.

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Reliable connectivity in Africa: From rural communities to record-breaking runners

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Reliable connectivity in Africa: From rural communities to record-breaking runners

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Somewhere in West Africa, Russ Cook – also known as ‘The Hardest Geezer’ – a British man from Worthing, is pushing his body to the limit to become the first person ever to run the entire length of Africa, and all for charity.

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Craig Bowley, Regional Vice President, EMEA, ST Engineering iDirect, discusses the potential for reliable connectivity in Africa and its importance in the digital age.

Somewhere in West Africa, Russ Cook - also known as 'The Hardest Geezer' - a British man from Worthing, is pushing his body to the limit to become the first person ever to run the entire length of Africa, and all for charity. To put it into perspective, that's over 360 marathons.

Having started his mission in February, Russ has run over 9,500 kilometres and raised over £100,000 for charity, aided by the hundreds of thousands of fans eagerly following his journey since his story first went viral.

Russ' time on the run has been far from a walk in the park. In addition to the expected issues arising from such a physically demanding challenge in extreme temperatures, Russ has encountered passports, cameras and cash theft while battling an often overlooked hurdle - reliable connectivity.

Reliable connectivity is necessary for safety, ensuring swift communication is possible in emergencies. For Russ, whose charity donations stem from his following on social media, keeping his nearly 475,000 followers updated regularly is also important.

Yet, this has been a challenge in a continent where just 33% of its population has access to the Internet. Impressive as his accomplishments are, Russ' journey across several countries has also brought attention to the deepening digital divide in Africa, where as little as 6% of rural areas are said to have access to some form of digital connectivity.

Poor connectivity can be significant and wide-ranging for those living in these communities, hindering educational and economic development.

Reliable connectivity: The current status

Progress is being made to enhance reliable connectivity options, particularly in Africa's mobile telecoms space, which, according to the African Development Bank, is the fastest-growing market in the world.

There were 489 million unique mobile subscribers in Africa in 2023, and behind the scenes, there have also been continued efforts to pilot 5G programmes around the continent.

Yet, according to the World Bank, only 36% of Africa's population currently has broadband internet access, with a profound disparity between online access for residents residing in urban and rural locations remaining.

In Central Africa, 39% of the population lives outside a mobile broadband coverage area. At the same time, comparably, this figure sits at 16% for West Africa, 13% for East Africa, and 12% for Southern Africa.

The real-life impact

While these statistics are damning, the real-life impact of poor connectivity is even more so. It limits rural residents' access to news, educational resources, and medical information to name a few.

Access to online educational material is pivotal for young people standing a chance of equal progression in today's digitally-driven world. Current statistics show that 90% of children in Africa leave school without learning any basic digital skills - limiting both individuals' career paths and the growth of the economy.

Google itself identifies that Africa's digital economy could be worth $180 billion by 2025 but cites that this relies upon a significant investment in digital expertise. Without students being able to connect to the Internet to learn, develop and test their digital skills, this goal may remain a pipe dream.

Poor connectivity can also impede access to telemedicine services and health information, proving critical in emergencies when timely access can make all the difference.

More widely, according to the United Nations Development Programme, digital health provides an opportunity to develop African health systems, given the high penetration rate of mobile phones and usage.

Benefits of reliable connectivity include better patient care and increasing the number of health workers through e-learning, which is critical in Africa, where there are only 0.21 doctors for every 1,000 people, according to World Health Organisation (WHO) data.

Yet, again, unlocking these benefits relies on the right digital infrastructure.

The solution

Finding and implementing a far-ranging solution is no easy feat, with wider infrastructure developments in telecoms provisions required for one and challenges like changing legislations, rising high adoption costs, and conflict in nations to contend with.

Nevertheless, recent examples prove progress can be made to overcome the digital divide, providing hope for the wider continent.

Peru is one country outside of Africa that has similarly not historically experienced the benefits of reliable connectivity. As recently as 2020, only 60% of Peru's 30 million citizens were connected to the Internet, with the Peruvian Government facing the challenge of expanding access in areas with lower population density.

In 2023, ST Engineering iDirect worked with DIVICAM to deploy the SKYflow ecosystem to deliver OTT (over-the-top) video and documents to remote regions of Peru. This connectivity would enable residents to access previously unavailable public content, including educational content and telemedicine.

SKYflow's native IP over the satellite ecosystem offers cost-effective, ultra-fast, and low-latency live video delivery to mobile devices.

Owing to this solution, 100% of the Peruvian population will be able to receive DTH (direct-to-home) content and have access to live content that can be recorded.

Closer to home, in the DRC (Democratic Republic of Congo), the Internet penetration rate sat at approximately 3% pre-pandemic, with the country still developing its 4G and 3G networks.

Vodacom, the largest mobile network operator in the country, selected ST Engineering iDirect and partner Gilat Telecom to install and commission two Dialog hubs to power cellular backhaul services across the region for applications such as social media, video sharing and conferencing platforms, as well as data transfer applications.

Access to these applications has already had a profound impact on remote communities like the DRC - giving communities the ability to stay up-to-date with the latest local and global news.

Through innovation and optimisation, leaders and technology providers are making important progress to help rural communities and individuals access reliable connectivity.

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Reliable connectivity in Africa: From rural communities to record-breaking runners

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Discover more about the potential for reliable connectivity in Africa and its importance in the digital age.

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Facebook Account of Emmanuel Katto Uganda

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Facebook Account of Emmanuel Katto Uganda

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Not only is Emmanuel Katto an accomplished entrepreneur, but he is also a seasoned investor who has made significant contributions to Uganda's economic growth. His ability to identify promising investment opportunities and guide them towards success has earned him a reputation as a visionary in the business community.

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