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Uganda Ranked 3rd Poorest Country In The World (Based On GDP)

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A report from focus-economics.com has ranked Uganda as the 3rd poorest country based on Gross Domestic Product (GDP) in the world.

GDP is one of the primary indicators of a country’s economic performance. It is calculated by either adding up the annual incomes of all working-age citizens or by totaling the value of all final goods and services produced in the country during the year. Per capita GDP is sometimes used as a standard of living indicator, with a higher per capita GDP equating to a higher standard of living.

“GDP per capita is often considered an indicator of the standard of living of a given country, as it reflects the average wealth of each person residing in a country. It is therefore the standard method used to compare how poor or wealthy countries are in relation to each other. With 2018 just under way, we decided to take a look at our forecasts for GDP per capita from 2018 to 2022 for the 127 countries we cover to get an idea of what countries are the poorest currently and which will be making a leap toward becoming wealthier in the coming years. The projections used in this study are Consensus Forecasts based on the individual forecasts of over 900 world renowned investment banks, economic think tanks and professional economic forecasting firms,” the website writes.

About Uganda, the report states, “Uganda finds itself in third place on the list with a 2018 projected GDP per capita of USD 738. Although this represents a large leap from the level of the first two on the list, Uganda is a bit of a strange case. Following the 1986 armed conflict, the ruling political party National Resistance Movement (NRM), enacted a series of structural reforms and investments that led to a period of significant economic growth and poverty reduction all the way up to 2010. In the last five years or so, economic growth has slowed and consequently so has the pace of poverty reduction. There are a variety of factors that have brought on the slowdown, however, it has been attributed mostly to adverse weather, private sector credit constraints, the poor execution of public sector projects and unrest in their neighbor South Sudan, which has flooded the country with refugees fleeing the country and subdued exports. According to the World Bank, if Foreign Direct Investment accelerates, the banking system stabilizes, and budgeted, capital spending is executed without delays, the economy may start to pick up once again, helping to reduce poverty.

Luckily for Uganda, it appears the FDI is indeed improving as it expanded by double digits in 2017, which bodes well for the economy and poverty reduction in the near future. The downside risk to the outlook is the weakness in the financial system, particularly the low level of credit in the private sector and the high cost of small loans. FocusEconomics panelists see growth of 5.4% in 2018 and 5.8% in 2019.” Below is the full list:

 

2018 Rank Country GDP per Cap 2018 (projected) GDP per Cap 2016 (Actual) 2016 Rank GDP per Cap 2022 (projected) 2022 Rank
1 DRC 468.2076 440.9842 2 631.9861 2
2 Mozambique 485.6679 383.1195 1 578.8407 1
3 Uganda 737.8687 694.2869 3 897.6487 3
4 Tajikistan 835.9737 806.0073 6 1085.773 4
5 Haiti 873.9934 705.3676 4 1153.522 5
6 Ethiopia 938.1304 883.8655 7 1253.024 6
7 Yemen 998.4961 761.088 5 1501.568 9
8 Uzbekistan 1025.504 2144.655 22 1646.637 10
9 Tanzania 1112.21 975.859 8 1362.394 7
10 Kyrgyzstan 1221.712 1080.689 9 1446.402 8
11 Myanmar 1432.801 1231.791 10 2134.979 15
12 Zambia 1461.506 1299.422 12 1665.591 11
13 Cambodia 1494.199 1268.826 11 1967.887 12
14 Pakistan 1609.103 1465.591 14 2004.865 13
15 Bangladesh 1618.685 1371.748 13 2374.252 18
16 CDI 1737.16 1517.963 15 2279.192 17
17 Kenya 1761.482 1557.898 17 2092.147 14
18 Ghana 1767.604 1539.536 16 2245.091 16
19 India 2174.133 1742.058 18 3087.243 21
20 Nigeria 2216.672 1975.526 20 2670.87 20
21 Nicaragua 2276.476 2151.236 23 2643.961 19
22 Egypt 2497.835 3689.49 34 3666.88 27
23 Vietnam 2566.532 2109.914 21 3412.303 23
24 Moldova 2616.058 1924.746 19 3511.613 24
25 Ukraine 2638.074 2169.044 24 3576.092 26
26 Laos 2689.059 2400.304 25 3535.01 25
27 Honduras 2834.203 2631.252 26 3157.905 22
28 Philippines 3164.74 2926.438 27 4378.544 31
29 Bolivia 3398.316 3113.914 29 4045.165 30
30 Morocco 3399.481 3011.579 28 3968.448 29
31 Tunisia 3552.575 3719.063 35 3864.81 28
32 Armenia 3941.751 3578.193 31 4908.447 35
33 Mongolia 3980.608 4075.311 41 5940.182 43
34 Algeria 4094.787 3903.194 38 4508.672 32
35 Indonesia 4109.704 3605.222 32 5439.364 39
36 Azerbaijan 4153.154 3507.727 30 5658.588 42
37 Georgia 4198.04 3946.083 39 5993.943 44
38 Sri Lanka 4282.559 3811.488 37 5544.294 40
39 Venezuela 4368.119 4778 48 4925.365 36
40 Iraq 4436.796 4547.616 46 5046.504 37
41 Kosovo 4495.335 3672.294 33 6024.757 45
42 El Salvador 4509.722 4226.656 44 5135.928 38
43 Paraguay 4516.276 3991.964 40 6169.961 46
44 Belize 4651.313 4630.585 47 4799.132 33
45 Guatemala 4703.326 4125.903 42 5548.938 41
46 Angola 4725.743 3721.601 36 4903.343 34
47 Albania 5192.632 4142.339 43 6824.766 50
48 Bosnia 5209.645 4517.359 45 6757.568 48
49 Jamaica 5374.142 4968.894 50 6209.366 47
50 Iran 5727.839 5231.508 52 7048.236 52
51 Jordan 5904.414 5541.111 55 6768.028 49
52 Belarus 5979.214 4914.952 49 7400.126 54
53 Macedonia 6112.687 5212.371 51 8016.382 56
54 Ecuador 6140.741 5966.118 57 6850.166 51
55 South Africa 6342.13 5335.191 53 7127.819 53
56 Colombia 6671.489 5800.91 56 7880.529 55
57 Serbia 6755.329 5446.652 54 9017.78 59
58 Thailand 6965.455 5969.76 58 8322.678 57
59 Peru 7049.746 6178.552 59 8361.598 58
60 Dominican Republic 7334.704 6766.407 60 9159.166 60
61 Turkmenistan 7456.266 6921.015 61 10311.37 62
62 Botswana 8512.711 7297.961 63 9574.504 61
63 Montenegro 8585.437 7022.697 62 10909.39 63
64 Bulgaria 9210.746 7507.744 64 12281.7 66
65 Kazakhstan 9374.124 7852.118 65 11848.74 65
66 Mexico 9706.379 8796.565 68 12668.89 67
67 China 9766.357 8103.066 66 13108.97 68
68 Brazil 10199.39 8720.176 67 11815.55 64
69 Turkey 10941.74 10805.09 73 14012.61 71
70 Costa Rica 10969.64 10666.89 72 13223.71 69
71 Malaysia 11093.39 9427.831 70 14580.94 72
72 Romania 11600.14 9510.628 71 16486.5 74
73 Russia 11664.74 8933.798 69 13570.09 70
74 Lebanon 12385.41 11292.64 74 15060.66 73
75 Croatia 14729.96 12230.22 75 18340.22 77
76 Argentina 14881.05 12507 77 17082.55 75
77 Hungary 15774.98 12822.99 78 20664.73 81
78 Panama 15793.39 14322.74 81 19630.67 79
79 Chile 15796.06 13585.68 79 19124.89 78
80 Poland 15953.16 12412.96 76 21438.44 82
81 Trinidad 16784.46 16091.78 84 20259.31 80
82 Oman 16848.18 16646.1 86 18020.52 76
83 Latvia 17590.22 14032.5 80 23129.31 83
84 Uruguay 18264.38 14942.53 83 23457.4 84
85 Lithuania 18955.37 14942.53 82 25487.88 87
86 Slovakia 19741.33 16549.46 85 25499.87 88
87 Greece 20600.22 17919.14 88 25042.87 86
88 Saudi Arabia 21814.52 20312.95 91 24865.64 85
89 Estonia 22408.15 17793.45 87 29662.79 91
90 Portugal 23472.93 19893.46 90 28456.84 89
91 Czech Republic 24150.93 18552.02 89 31987.27 94
92 Bahrain 25876.4 24305.31 95 29496.51 90
93 Taiwan 25950 22628.72 93 29862.84 92
94 Kuwait 26193.48 26231.85 97 30496.88 93
95 Slovenia 26332.4 21719.96 92 33070.55 96
96 Cyprus 27628.76 23702.83 94 33157.46 97
97 Brunei 27631.4 26958.03 99 32456.92 95
98 Puerto Rico 30785.55 30790.08 101 38609.33 99
99 Malta 31222.64 25368.66 96 39689.85 101
100 Spain 31684.34 26730.29 98 38722.39 100
101 Korea 32116.98 27534.89 100 38501.28 98
102 Italy 34964.68 30790.56 102 40963.66 103
103 UAE 35810.02 35378.11 103 40613.18 102
104 Japan 39326.88 39189.51 107 45250.71 104
105 New Zealand 42296.78 39075.31 106 47555.63 106
106 Israel 42605.59 37092.17 104 47541.27 105
107 United Kingdom 42712.54 40535.31 108 51243.24 107
108 France 43533.1 38236.2 105 51427.33 108
109 Hong Kong 47094.64 43544.18 112 55478.03 110
110 Canada 47584.47 42409.73 111 53768.91 109
111 Belgium 47980.08 41551.59 109 56380.1 111
112 Germany 49082.64 42270.89 110 59385.92 112
113 Finland 50559.41 43557.5 113 60133.76 113
114 Austria 52284.4 44907.32 114 62176.49 114
115 Netherlands 53339.85 45746.92 115 64251.35 115
116 Australia 57432.85 51899.34 117 66695.32 116
117 Singapore 58090.72 55163.19 119 67629.88 117
118 Sweden 58429.58 51480.74 116 73332.43 121
119 Qatar 59074.09 58211.29 121 72813.63 120
120 Denmark 60789.46 53907.48 118 71931.15 119
121 United States 62009.81 57607.78 120 70437.55 118
122 Ireland 77182.55 64907.43 123 93344.89 123
123 Iceland 77314.73 59523.81 122 95788.6 124
124 Norway 79214.45 70875.86 124 101150.4 125
125 Switzerland 82188.71 81245.83 125 90239.11 122
126 Luxembourg 117274.8 102230.9 126 136074.3 126

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SUDHIR/BOU WARS: The Naked Truth Exposed: Falsehoods Sudhir’s Fans Told Vs. Bank Of Uganda’s Kasekende

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L-R: Bagyenda, Sudhir, Edith Kasekende and husband Kasekende

Being the tycoon he is, there is little surprise that Dr. Sudhir Ruparelia has many fans and supporters operating in the social media space. These have nowadays been very active character-assassinating BoU officials they see as being responsible for the collapse of his Crane Bank empire. One of the biggest victims is Dr. Louis Kasekende, his reclusive wife Edith Kasekende and his former BoU workmate Justina Bagyenda. Sudhir’s supporters have uttered many things on social media targeting Dr. Kasekende and his wife who should be less concerned about the husband’s public position. One of the most notorious falsehoods is that Edith was being used as a conduit to coordinate funny deals between the Deputy Governor and some of the law firms BoU hired to prosecute the Sudhir case and to also finalize the sale of CBL and the recovery of USD80m from Sudhir and other CBL shareholders. It has been peddled that Edith Kasekende was dubiously hired to offer HR consultancy services for BOWMANS which is one of the law firms BoU had retained for the Sudhir case.

THE NAKED TRUTH;

The truth as established by Grapevine is as follows; sometime in 2013, BOWMANS suffered severe staff exodus and this was at a time the South African partners were buying into the firm and coming on board to boost its global profile. Many employees were leaving and this scared the South African partners. Price Watershouse Coopers (PWC) which is an HR and audit firm in Kampala was approached and hired to help restore sanity at BOWMANS. Francis Kamulegeya who heads PWC deployed Mrs. Baliddawa to head a team of consultants to help BOWMANS come up with better strategies to ensure staff retention or else the AF Mpanga firm then based at Workers House risked losing the BOWMAN partnership. Mrs. Baliddawa did some work and set up systems and even recruited an HR Manager for BOWMANS. This was a lady called Dorothy from Shell Uganda. She then went ahead with creating strong HR systems to ensure staff retention and talent attraction for the law firm. In her report, Mrs. Baliddawa pointed out why even when they were given instant salary increment, young lawyers still insisted on quitting AF Mpanga. The lawyers still quit even after the crowded Workers House office was abandoned for more spacious DFCU Towers. After sometime, Mrs. Baliddawa quit PWC and went into retirement. She left in place a team of young consultants carrying on the work at AF Mpanga/BOWMANS and this lasted several months for which PWC experts were paid a retainer. Meanwhile Edith Kasekende was also working with PWC and on Mrs. Baliddawa’s recommendation, Francis Kamulegeya deployed her to boost the teams working for BOWMAN to establish strong HR systems. That is how she came to work for AF Mpanga in her own right as an eminent HR practitioner and not as wife of Dr. Kasekende.

BOWMANS WORKING FOR SUDHIR;

By the way, this way before the AF Mpanga/BOWMAN lawyers ever got to be involved in any work relating to Sudhir and BoU. The truth is the law firm only worked for Sudhir during the takeover of Amama Mbabazi’s National Bank of Commerce by CBL. Fred Muwema, representing the NBC owners, used Justice Steven Kavuma to get a strange court order against CBL bosses including the MD Kalan, the DMD and Sudhir himself. He accused them of contempt of court that they went on to take over NBC operations even when there was an order restraining such as issued by Justice Kavuma. There was panic at Crane Chambers and city lawyer Alex Rezida (a director in CBL) recommended that AF Mpanga would handle that Muwema case on behalf of CBL. He led the AF Mpanga lawyers to Crane Chambers late evening and instructions were issued inside Sudhir’s office. The case was worn and the AF Mpanga attorneys moved on. That is the only deal they ever had with Dr. Sudhir who sometime back accused them of conflict of interest. Muwema’s client NBC had brought contempt of court criminal proceedings against both CBL and BoU which was separately represented by MMAKS. Then much later on, the same AF Mpanga came to do some work for BoU as external lawyers after some diplomatically powerful representatives in Kampala got concerned and insisted on AF Mpanga’s inclusion on the team of lawyers to pursue the CBL saga. Justine Bagyenda, the strong Mukiga lady who was at first very uncomfortable with the AF Mpanga law firm on grounds that it had represented Kizza Besigye and other FDC honchos in high profile cases, was instructed to add AF Mpanga on the list of BoU’s legal team to pursue the CBL matter. She directed PWC to closely work with the firm in carrying out a forensic audit on CBL and this angered the Sudhir camp. That forensic report became the basis for the CBL’ sale to DFCU which took it after other bidders became disinterested in seeing the bank’s vulnerable situation (it had just UGX1.5bn against depositor obligations stretching over UGX1trn). This was long after Edith Kasekende had been working for BOWMANS as HR consultant. Even after quitting PWC, after Francis Kamulegeya communicated that PWC would be scaling down on HR practice to concentrate on its core function which is audit, Edith Kasekende maintained a consultancy relationship with BOWMANS and all this clearly had nothing to do with Dr. Kasekende or any dealings regarding CBL. On starting her own company, she still occasionally moved in to support and supervise other teams on ground working to ensure the BOWMANS HR functions worked well. Of course she would be paid by BOWMANS for her services and it’s these payments that Sudhir’s fans misconstrued for being a conduit for money to her husband Dr. Kasekende.  Because they wanted to make Dr. Kasekende look shady and dirty, they also deliberately misrepresented Edith’s bank statements to exaggerate her bank balances as if she is a billionaire whereas not. She simply kept fixing her own retirement benefits package in order to get some interest at the end of the banking year but Sudhir’s fans made it appear she was damning rich.

CONFLICT OF INTEREST CLAIMS;

But there has also been claims of conflict of interest being propagated by Dr. Sudhir’s supporters. But there is one glaring case they never speak about. Ernest & Young which OAG John Muwanga hired to do the latest audit report on BoU had for some time back accumulated an axe to grind with Bagyenda. As the powerful Director supervision, Bagyenda had denied E&Y business a few years ago and struck them off the list of audit service providers after they missed submitting very important pre-qualification documentation.  And here was the same firm being tasked or hired by Muwanga to audit BoU decisions including those that occurred at a time Bagyenda was in key authority and decision-making positions. Its hard ruling out this being an opportunity to settle an old score against Bagyenda and other heavyweights at BoU.

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SELFISH: How Sudhir Badly Frustrated Bank Of Uganda Talks, Kenyan Crane Bank Shareholder Feared Being Arrested On Ugandan Soil

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Tycoon Sudhir Ruparelia

Shocking secrets have come out showing how Crane Bank proprietor Sudhir Ruparellia frustrated BoU on the talks the President had directed in order to protect him against being prosecuted for criminally mismanaging his own Crane bank.

Sources have told this website that when BoU moved in to control the mess and Crane Bank and protect the clients who had their money there, they discovered that the bank had only Ugx1,500,000,000 in its possession. This was against depositor obligations of more than Ugx1trn.

That’s how Price Waterhouse Coopers auditors discovered things which had gone wrong. BoU had to stabilize the economy by using its own capital (and that’s how BoU became insolvent) to make sure depositors didn’t get to know that their money had been diverted to other things creating liquidity problems for Crane Bank Ltd which forced BoU to come in and solve it. This was dangerous because Crane Bank was the 3rd largest bank in Uganda at that time. Sudhir and other shareholders were supposed to be arrested and prosecuted which never happened because Museveni pleaded for them.

Instead, BoU agreed that Sudhir and other shareholders must repay the tax payers’ money BoU had used, which was in a tune of more than Ugx400bn to cater for the depositors. BoU hired city law firms like MMAKS to recover the money from Sudhir and other shareholders. Meetings would he held at MMAKS headquarters at Diamond Trust. When lawyers wrote to the Kenyan shareholder Rasik Kantaria, he panicked and first feared coming to Ugandan for BoU meetings because he feared he would be arrested because the Crane bank mess was a very big case which in a normal country was clearly going to lead shareholders to Luzira.

The Kenyan-based Indian shareholder later on agreed to come but he was full of fear. A total of USD80m was at stake and BoU hired the MMAKS lawyers to recover it from Crane bank shareholders. The Kenyan shareholder was assured by BoU that he wouldn’t be arrested and that’s why he agreed to come for the meetings.

In the first meeting, the Kenyan shareholder Kantaria cried like a little boy and repented his sins saying he was misled by his business partner Sudhir to embrace the Crane Bank saga. The lawyers told him all was well and all he had to do to escape jail was to pay up to his liability as a shareholder. The Kenyan/Indian shareholder who was escorted by lawyers from a law firm called ABMAK in Kololo thanked the lawyers and immediately agreed to pay USD7.5m not to be prosecuted. Sudhir whose extravagancy is understood to have caused Crane bank liquidity problems also paid USD8m and promised to pay the balance later. The balance was USD65m. When Sudhir failed to get the money, he came back to BoU lawyers and said he had his properties which he was staking to cover the USD65m.

BANK OF UGANDA AGREES

BoU management and board agreed that if he can surrender his properties, then it’s okay. Meetings were held at Diamond Trust building inside MMAKS offices but Sudhir made a U turn and started acting funny. He complained to Museveni that the BoU lawyers were very complicated. The Indian tycoon is understood to have caused Crane bank problems because he was lending to politically exposed entities and these are borrowers who took cash without being able to pay back and yet they are too powerful for the bank to foreclose by way of attaching their security properties. Others were unable to pay because the loans weren’t properly assessed against the amounts sought right from day one. When he was ready with the properties, Sudhir gave a phone call to BoU officials and meetings were held at MMAKS lawyers’ offices. While there, Sudhir’s lawyers shocked everybody when they delivered titles for properties that were legally not good for any value. These included 50 acres of land covering the whole of Kinawataka wetland. The BoU lawyers wondered how anyone can have a private title in a wetland which is supposed to be gazetted public land.

They even doubted there can be 50 acres in Kinawataka.

They refused that title and Sudhir’s lawyer quarreled and stormed out of the meeting. Sudhir also delivered a title for land in the Kitante valley which BoU lawyers rejected because it was similarly a wetland. Sudhir also tendered a title for the land situated in Kololo near Summit view. There was also land for the Nakasero primary school playground and the Kololo School which Bamugemereire is now investigating. The big tycoon was exposed on the Kololo land near Summit View. He gave in the title saying it was his land which BoU can sell to recover Ugandan taxpayers’ money. However, when BoU surveyors reached there they got arrested immediately by SFC soldiers.

They accused them of criminal trespass and made them crawl on their berries. The soldiers kept saying this land belongs to the army. The surveyors were detained for many days for illegally accessing the army land under Summit View barracks in Kololo. BoU top management had to contact the President for the surveyors to be released. The surveyors were so terrified some of them even resigned their jobs and refused to go to any other Sudhir land for similar surveying. Apart from the SFC chasing them away saying this is army land, the surveyors also found that the Kololo land was bad property because it had no regular access road meaning that even if BoU had accepted it, there would be little value because of the access problems. On being told of his weaknesses, Sudhir became even more annoyed and started accusing the MMAKS lawyers of being complicated.

He also reported to the President that the BoU team had refused his land titles because MMAKS MD Timothy Masembe Kanyerezi hates and wants him to die in prison. The lawyers wrote to BoU showing that the properties combined wouldn’t exceed USD13m in value as opposed to the USD45M that was still pending. The lawyers also advised BoU not to accept the properties because the Auditor General and MPs would in future raise a red flag for causing financial loss because BoU would be asked why they accepted wetlands which is clearly public land.

Sudhir made the talks even more complicated when he started demanding that BoU gives him back the titles for properties like Bauman House which used to be an extension of Parliament. Bauman was taken by BoU/DFCU because it’s among the properties or companies of Sudhir which were borrowing from Crane Bank and the rich Indian wanted BoU to return it to him to strengthen his tenancy arrangements with Parliament and later on the Ministry of Justice which now rents Bauman. BoU bosses refused which led to problems and made the tycoon even more annoyed.

The Grapevine strives for accuracy by providing in-depth, objective and non-partisan information if you have a hot story or scandal you would like to share with us, please reach us through 0752 227640, or grapevineug@gmail.com, info@thegrapevine.co.ug.

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Corrupt People Disturb Investors Like Parasites, I Will Deal With Them – Museveni Commissions Fertiliser Factory

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President Yoweri Museveni has vowed to deal with corrupt officials because they disturb investors like parasites and stifle economic growth.

While commissioning the first phase of the Uganda-China Free Zone of International Industrial Cooperation project in Tororo yesterday, the president said, “Uganda will undoubtedly become prosperous but I know we must fight corruption. Those engaged in corruption will be dealt with. They disturb investors like parasites. We are going to lock them up. It is a simple fight once we have evidence.”

The first phase includes an office living base, mineral dressing plant, phosphate fertilizer plant, unbaked block plant, machine repair centre and a laboratory centre.

“In my Economics class at high school, I learnt about the four factors of production; land, labour, capital and entrepreneurship. While Uganda is endowed with natural resources and affordable labour, we do not have much capital nor entrepreneurs . This is where the partnership with China comes in handy.

I thank the Chinese government for support extended to us through investors like Guangdong Dongsong Energy Group, which was mobilised by Ugandans living in China and their counterparts living here to come and establish this project.

The Chinese government does not only support these money-making projects, but also supports infrastructure. These factories need electricity and the Chinese have supported us in the construction of Isimba and Karuma dams.

I am told that when operating at full capacity this Sukulu factory needs 120 megawatts, which is nearly all the power currently generated at Owen Falls Dam (180MW). That is why the government intends to construct more dams,” the president noted.

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