In the first week of the year 2022, several items dominated the business news agenda. Kikubolane brings you some of these.
Transport at Malaba border paralysed as truck drivers protest over double Covid tests
Transport at Malaba border point became paralysed on Monday after truck drivers from both Uganda and Kenya parked their vehicles, protesting what they described as exorbitant Covid-19 testing fees.
Uganda has imposed testing fees of Shs110,000 on each of the drivers, which test will be valid for seven days.
But the drivers said this is exorbitant considering that they ply the Uganda- Kenya route nearly five times a month.
The chairman of the Uganda National Transport Alliance, Mr William Busuulwa, said such barriers are frustrating trade between the two countries.
“Our worry is that if these barriers continue, Kenyans will change the transport route to South Sudan. Kenyan government is currently constructing a road to South Sudan. If they decided to use that road because of such costs, Uganda will lose a lot in revenue and business,” he said.
Museveni approves NSSF midterm access
President Museveni has signed the amended National Social Security Fund (NSSF) Bill into law, allowing workers who are over 45 years of age to access their savings.
Savers would previously wait till retirement or other special circumstances to access the funds.
The Deputy Press Secretary to the President, Mr Faruk Kirunda, confirmed the news.
Mr Wilson Usher Owere, the chairman general of the National Organisation of Trade Unions (Notu), described the news as a New Year gift to the workers.
“Good news coming in is that; the President of Republic of Uganda His Excellency Yoweri Kaguta Museveni has signed NSSF amendments Bill 2021 into law Congratulations the Workers Uganda thank your Excellency for that New Year gift to the workers of Uganda,” he said.
This comes two months after Parliament passed the National Social Security Fund (Amendment) Bill, 2021, in November.
Uganda govt looks to night economy to revive growth, increase taxes
The restrictions put in place to contain the spread of Covid-19 in Uganda have had severe impact on the various sectors of the economy.
The instituting of the 7pm curfew has affected most businesses, especially those in the informal sector, including Micro Small and Medium Enterprises (MSMEs).
The finance ministry is optimistic that with the full re-opening of the economy, revenue collections will significantly increase.
According to Ramathan Ggoobi, the Finance ministry Permanent Secretary, now that the President has reopened the economy, they plan to support recovery of households, businesses and economy.
Uganda’s private sector suffers job losses, price pressures in December
Uganda’s Purchasing Managers’ Index (PMI) fell to 51.5 in December last year, down from 54.1 in November, Stanbic Bank reported on Wednesday.
The new reading in the monthly report issued by Stanbic Bank, Uganda’s largest bank, attributed the decline to price pressures and a drop in employment.
“Staffing levels dipped in the Ugandan private sector during December after having risen for the first time in six months in November,” the report said, noting that workforce numbers decreased in industry, services, and wholesale and retail.
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