Minister Kasaija tabled a Shs 72.1 trillion budget with revenue targets of Shs 37.2 trillion, a record 60% to be self-financed. The rest? Borrowed or begged. Projected GDP is Shs 254.2 trillion (USD 66.1 billion) for FY2025/26, up from Shs 226.3 trillion this year. The cheer? A 7.0% growth estimate. The caution? That optimism is riding on shaky assumptions– oil dreams not yet materialised, global price volatility, regional unrest, and donor fatigue. The structural deficit, 7.6% of GDP, remains huge. We are witnessing a classic case of what Economists refer to as “fiscal drift” — a budget that grows but…
Coronavirus: a pandemic the world is trying to ignore and resume life as usual
Has the coronavirus pandemic been defeated? Not yet. Has the world created a vaccine for coronavirus? Not yet. How come, the rate of new cases especially in the United States of America showing a steep decline during a time of “Black Lives Matter” protests where we expected the cases to spike? How come the protestors especially in the epicentre, New York City, who were moving enmass including at night before curfew hours were affected are not being infected? Do you know how the coronavirus spreads? How come many leading national media companies no longer provide real-time on-going updates of the…
Here is how to transform your internal audit department
Are you adding value as an internal auditor or you are just ticking and bashing and getting lost in the paperwork? In these pandemic times, you must claim your place at the highest table of decision making by providing consulting and advisory insights that transform your audit clients. To read the complete presentation we made to the Government of Uganda Internal auditors, under the auspices of the Internal Auditor General, Internal auditors have a place at the highest level of decision making – the audit committee of the board as they report directly to the board (functionally – internal audit…
Why Indian families succeed in business than most African ones
I have noticed that Asians – Indians and Chinese work more as a team than Africans. In all countries where Indians operate, they live better lives and run successful businesses. Their success is attributed to a better understanding of how the world works. They do not believe in individualism. A father will allow the children to marry in their home. For example, you have a very rich man like Sudhir Ruparelia, having his son to marry and live in the same house! Yes, the house is big. Much as Sudhir is Ugandan, his practices are teamwork focused and leverage from…
Nowhere to hide: Chapter 2: The issue, Part 1
I think quickly about a tactical response. “I need to reach you at any time. Work emails tend to slow the process. Plus no one knows who else checks the office emails, even that of the CEO. This work is very discreet lest our progress is frustrated”, I say. We exchange contacts and bid farewell. Continued from part 3… Just as I pull out of the Protea car parking past the hotel main exit, someone runs faster towards my car and signals me to pull down my car windows on the co-driver’s side. It is about 9:30 pm and out…
How Uganda’s GDP swings affect personal incomes…
In 2016, economists projected an 8.4% GDP growth rate for Uganda attributed to oil production. There were a lot of preparations in anticipation. Uganda’s GDP growth has been volatile attributed to the ever-changing macro-economic dynamics. The key GDP drivers are services (52%), agriculture (23%) and industry 25%. Tourism and diaspora remittances contribution to GDP at the US $1.3 billion and 1.5billion respectively are key drivers. In 2016, Uganda had announced about the US $ 10 to 12 billion investment in upstream oil development activities. However, something happened and the final investment decision (FID) by the government, remains hanging. GDP growth…
