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    Full Statement: Uganda`S Economy Will Grow Sustainably – President Museveni





    President Yoweri Museveni has said he is optimistic that the economy of Uganda will grow sustainably as government has now got the facts. The President was speaking at the opening and review of the 5th phase of the Presidential Investors’ Round Table (PIRT) that took place this morning at State House, Entebbe.

    The 5th phase of PIRT has been working for the past 2 years and is due to conclude its work at the end of this year 2017. The 5th phase of PIRT was launched in August 2015 to make recommendations in the areas of tourism, oil, gas and energy, minerals’ value addition, competitiveness and ease of doing business in the country.

    PIRT is an innovation of President Museveni that drives government Ministries, Departments and Agencies to improve service delivery as well as the country’s competitiveness in the global economy.  President Museveni said that after many years of trial and error, we have been able to identify 10 strategic bottlenecks.

    “Part of the problem of Africa is that they take a uni-dimension of issues. In the 1960s, if you attended seminars on Africa, they used to talk about rural economic development and later on in the 1970s, they changed to the education and after that women emancipation,” he said.

    President Museveni said that the uni-dimensional approach of issues or talk of only one issue for a period of time, comes to nothing. He said that he has since then identified 10 strategic bottlenecks that must be tackled head-on in order to help the economy grow sustainably. He said that most African economies have been crippled by emphasis on politics of identity rather than emphasizing interests. Mr. Museveni added that focusing on identity is a very big mistake and the issue of wrong ideology must be addressed.

    “Once you have got the wrong ideology, you cannot build state pillars such as the army because you are thinking of tribes and you end up like Somalia or DRC having to import security from somewhere else,” he said.

    He noted that political problems of Uganda’s trade partners have caused the fall in the prices of commodities such as tea, beef and milk. “The price of tea was affected by the problems in Egypt; the price of beef by problems in the Democratic Republic of Congo and milk by the problems in South Sudan,” he said.

    The President said that the other bottleneck that needs to be addressed is that of infrastructure.

    “Underdevelopment of infrastructure means low electricity, high electricity and transport costs and the private sector cannot make profit because of the high cost of inputs,” he said. Mr. Museveni told the meeting that those critiquing government that the country is producing a lot of electricity should stand warned as he would not compromise and allow that kind of confusion.

    “There will be no slow down on electrification. Even when the construction of all these dams is done, we will only have 2000 megawatts,” he said.

    The President stressed that it was a big mistake by countries like Nigeria to have only 1000 megawatts with a population of 170 million people and be comfortable while the United States of America with over 300 million people produces 1.2 million megawatts and the United Kingdom with a less population produces 55,000 megawatts.

    He said that he has no problems with investors wanting to invest in the electricity sector as long as the cost does not exceed 5 cents per unit for the manufacturing industry. He added that after addressing the problem of electricity, government is now struggling to tackle the issue of high transport costs by constructing the railway and linking it to the lakes.

    “Cargo must move on the railway and water and the roads be left for people. Once we deal with transport, the only dangers remaining will be corruption and delays in decision making,” he said.

    President Museveni said that the other bottlenecks that need to be addressed include supporting the private sector and the fragmented market, which was caused by colonialism.

    “In the 1970’s, one of our leaders woke up and said he was indigenizing some of the business operated by foreign groups. In economics, we have measurements of GDP and GNP. Much of China’s growth is not from GNP but GDP. If you do not have a big market you cannot grow,” he observed.

    He added that when there are low costs of production, such as transport and electricity, many investors will set up industries and help to reduce the population that is stuck in subsistence farming.

    “We have a problem of 68% of the population being in subsistence farming. This figure has not been changing in all the past population censuses,” he said.

    Prime Minister, Dr. Ruhakana Rugunda, said that PIRT is a dynamic and mature private sector and government engagement that has enabled Uganda to achieve tremendous strides in competitiveness and ease of doing business on the global market. He called for implementation of the decisions taken in the meeting.

    The Minister of Finance and Economic Planning, Mr. Matia Kasaija, said that government would put more capital in the Uganda Development Bank to ease trade.

    Certificates were given to the technical work group members to appreciate their work. The recipients included Rajesh Chplot, Erastus Nsubuga, Amina Hersi Mogue, Mahmood Hudda, Vinay Dawda and Ambassador Philip Idro.

    The First Lady and Minister of Education and Sports, Hon. Janet Museveni, First Deputy Prime Minister and Deputy Leader of Government Business in Parliament, Gen. Moses Ali, Trade, Industry and Cooperatives Minister, Hon. Amelia Kyambadde, Minister of Works and Transport, Eng. Monica Ntege Azuba, Kampala Capital City Authority (KCCA) Executive Director, Ms. Jeniffer Musisi, Uganda Investment Authority (UIA) Executive Director Jolly Kamugira Kaguhangire, Bank of Uganda Deputy Governor, Mr. Louis Kasekende, members of the business community such as Patrick Bitature and delegation of foreign entrepreneurs,  led by Baroness Linda Chalker, attended the meeting



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    Stanbic Bank In Trouble, Client Petitions Court After She Was Defrauded Of Shs68m Via Flexi Pay…



    Stanbic Bank CEO Anne Jjuuko whose bank is under fire

    Nakku Joweria a resident of Kyebando has sued Stanbic Bank Uganda limited for failing in its duty of protecting her saving account leading to defrauding her of shillings 68 million which was withdrawn from her account in a period of 24 hours through Flexi pay an application she had never registered for.

    In a court case filed before the Commercial division of the High Court of Uganda and coming up for directions in the registrar Christa Namutebi’s chambers, on the 24th June, 2024 at 9:40am, Nakku Joweria through his lawyers of Kimanje Nsibambi Advocates contends that between 7th and 8th February, 2023, there was unauthorized withdrawal of 68 million shillings from her savings account No. 903000026244 via the Flexi Pay Banking, a platform of Stanbic Bank and a total of 28 unauthorized transactions were conducted by fraudsters who fraudulently accessed her account undetected by the bank.

    She questions how a savings account which had a transaction limit was significantly exceeded during the unauthorized and undetected fraudulent transactions which led to her losing her’ money.

    “Our client has been a loyal client of Stanbic bank since 2001 way before the implementation of the FlexiPay system and at no point did she sign up for or activate the flexi pay on her savings account. The 28 unauthorized withdrawals from our clients account using four unknown Airtel lines raises serious questions and/ or lapses on the part of the bank for which we hold the bank specifically liable for the loss since it was in a better position to detect and prevent this fraud had it exercised reasonable care to detect these suspicious 28 unauthorized transactions that took place within 24 hours on a savings account that was rarely operated by our client,” reads the documents in parts.

    She also questions the effectiveness of the bank’s authentication protocols with their flexi pay system, effectiveness of the transaction monitoring to the extent of allowing 28 unauthorized transactions within 24 hours using four unknown Airtel lines and significantly exceeding the account limit.

    Nakku wants court to direct Stanbic Bank to reimburse 68 million to her account that was fraudulently withdrawn and pay her the costs and damages.

    On 6th February 2023, Nakku Joweria lost her phones to the robbers on her way to work at around 9pm. She reported the incident to police at 9am and to the telecom companies on the 7th February 2023.

    However, the telecom companies MTN and Airtel couldn’t process the new simcards because she had misplaced her original National Identity card.

    The robbers used her MTN number to open up a wallet on the Flexi pay which number had four other Airtel numbers that don’t belong to her which they used to make 28 unauthorized withdraws of 68 million shillings from her Stanbic bank saving account on the 7th and 8th February in a space of only 24 hours.

    When she went to withdraw some money from her account on the 6th, March 2023 that’s when she realized that her money was fraudulently withdrawn from her account.

    She wrote to the bank manager complaining about the matter and the bank promised to do thorough investigations to reveal how the money was withdrawn by the fraudsters.

    Through her lawyers of Kimanje Nsibambi Advocates, she wrote a demand notice to Stanbic Bank manager to reimburse her money since it was their weakness and fault for failure to efficiently protect her account.

    The bank through Twine Arnold, the senior legal advisor, Risk and Dispute Management wrote back with an out of court settlement request.

    However, the bank had proposed to reimburse only 34 million out of the 68 million on the premise that the settlement shall not be taken as admission of liability by any of the parties, a proposal she rejected and instead thought for legal redress in the commercial court.


    By Sengooba Alirabaki


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    Minister Kabanda Panics As Traders Plan To Front Ssekitto To Battle Her For Kampala Central MP Seat…



    KACITA'S Issa Ssekitto and Minister Minsa Kabanda

    Kampala City Traders Association (KACITA) spokesperson Issa Ssekitto has confirmed that come 2026, he is pondering contesting for the position of Kampala Central Division Member of Parliament as an independent.

    Ssekitto revealed that his decision was based on the number of requests he has received from desperate traders who think that the only way to fight bad policies and laws made against them is to have their own in the parliament to argue their case.

    It should be noted that when traders met President Museveni in May 2024 at Kololo independence ground, they warned legislators in parliament who have been passing laws against them that they are going to sponsor their own candidates against them come 2026.

    They claimed that the legislators and other leaders who they showered with votes in the previous elections have betrayed them and it is high time they take over the country’s leadership.

    Sources inside KACITA told theGrapevine that Nagenda Musoke their chairperson also plans to stand for a Member of Parliament in one of the constituents in Mukono district.

    John Kabanda also plans to stand as councilor representing Kampala Central Division on the Lord Mayor’s Council.

    The traders insist that Kampala city and Metropolitan senior minister Hajjat Minsa Kabanda has not helped them as a minister and accuse her of sidelining with their tormentors, especially the Uganda Revenue Authority (URA).

    Since 2023, Minister Kabanda has been conducting clandestine political mobilization to replace Muhammad Nsereko who declared that he is not going to contest in 2026.

    Because of Kabanda’s declaration, Bobi Wine’s elder brother Fred Nyanzi Ssentamu shifted his interest from contesting for Kampala Central MP Seat to Lord Mayor fearing that chances are high that Kabanda will defeat him.

    Traders want parliament to remove EFRIS and reduce taxes on commodities especially imported items.

    However, President Museveni assured them that his government will not accept their prayers because they are against the country’s development.


    By Hadijjah Namagembe


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    Bank Bosses In Trouble For Allowing Sanctioned M7 Gov’t Official To Access Money On Her Account..



    L-R: Agnes Nandutu, Goretti Kitutu and Speaker Anita Among were all recently sanctioned

    The Western powers have kicked off investigation into allegations that bank bosses in Kampala allowed President Yoweri Kaguta Museveni’s sanctioned government officials to access and use their financial services.

    Sources in one of the top banks intimated to theGrapevine that their boss has been summoned at their bank headquarters in the United Kingdom to record a statement detailing how the incident happened and why.

    Sources claim that this senior government official was informed early that President Museveni was briefed about her sanctions and when she asked her lawyers what the sanctions meant, they quickly advised her with immediate effect to rush to the bank and withdraw her money which she did.

    “She came herself and withdrew her money and went with it, but we don’t know whether our bosses were already informed about the sanctions,” a source said.

    This bank source narrated to us a scenario where the former Inspector General of Police Gen. Edward Kale Kayihura’s close relative was denied the opportunity to open a bank account in their bank on grounds that his father was sanctioned and their bank was not allowed to do any financial business with him.

    Recently, the State Minister for Lands Dr. Sam Mayanja revealed that retired High Court Judge Moses Mukiibi told him that because of the sanctions, he could no longer access his money in the banks.

    He added that they asked President Museveni to intervene.

    However, the judiciary last week issued a statement noting that Justice Mukiibi is receiving his retirement benefits as a retired judge.

    Veteran journalist Joseph Tamale Mirundi explained that western powers give a sanctioned official six months to clear whatever they have in their respective countries including repatriating their relatives from their countries.

    But Alex Waiswa Mufumbiro, the National Unity Platform (NUP) deputy spokesperson said that the sanctions take immediate effect and all the money on bank accounts and properties of the sanctioned persons in foreign countries is frozen immediately when the sanctions are announced.

    Mufumbiro’s explanation was supported by a powerful security officer who told theGrapevine that recently, President Museveni posted one of his sanctioned security chief to one of the neighbouring countries; however this officer failed to access his bank account and when he tried to fix his ATM card into the ATM machine, it was swallowed by the machine and he immediately called Museveni pleading with him to withdraw him from the said country.

    Recently, the United Kingdom sanctioned Annet Anita Among the speakers of parliament, Agnes Nandutu the former State Minister for Karamoja affairs and Mary Goretti Kitutu the former senior minister for Karamoja affairs.

    Other government officials who were sanctioned include; Gen. Kayihura, Lt. Gen. Peter Elwelu, Maj. Gen. Abel Kandiho, Maj. Gen. Sabiiti Muzeyi, Maj. Gen. Don Nabasa and a number of others including members of parliament.


    By Sengooba Alirabaki


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