This Speech by Prof. Emmanuel Tumusiime Mutebile, Governor, Bank of Uganda was delivered at the Dialogue on the Impact of Oil Price Volatility and its Implications for the Economy and for Macroeconomic Stability at Protea Hotel Kampala on February 25, 2O15 We bring you the full speech here below [toggle title=”Introduction” state=”open” ]Good afternoon ladies
Uganda’s unending oil tax disputes: will URA survive another Total Disaster
[dropcap]T[/dropcap]he tax dispute between Total E&P Uganda is just another in a series of Tax Disputes that the Uganda Revenue Authority has had to deal with in the past 5 years. The good news is that so far Uganda’s Tax body has always come out victorious and most remarkably in the Heritage case in which
Tullow oil cuts expenditures further as the global oil-price drop rages on
In November 2014, Tullow Oil PlC released an Interim Management Statement reviewing its capital expenditure. “In light of current oil and gas sector challenges including the commodity price environment, we are reviewing our capital expenditure and our cost base to ensure that Tullow is well-positioned for future success.” the Chief Executive Officer of Tullow Oil,
Why Uganda will not benefit from the slump in Global Oil Prices
When Ugandans query the constant upsurge in oil prices, they are often reminded by fuel dealers that the global oil price trends largely driven by the Middle East suppliers especially Saudi Arabia are the reason to blame. However, developments in the recent past suggest that the dealers only use the global oil prices as the
UMEC 2015 set to showcase Investment Potential in Uganda’s Mining Sector
In 2014, the estimates of discovered oil in Uganda rose from 3.5 Million to 6.5 Million Barrels. The recent revelation that Uganda was exploring areas like Karamoja and the Hoima Basin to find more oil, the hopes to embark on commercial output in 2017 and the new round of licensing in the sector scheduled to
Women’s rights in the oil sector go beyond land rights- Activist tells government
In an article published in the Newvision the Minister of Gender, Labour and Social Development Mary Karooro Okurut was concerned that there is a total disregard of women in the compensation process for land identified for roads, drillings sites and the oil refinery in the Albertine Graben. However, Betty Akol the Assistant Projects Officer of
Oil to raise Uganda’s economic growth rate to 7%
Investment from oil explorers and expansion in the services sector will be key factors in steering Uganda’s economy to a percentage growth rate of 7% per year in three to five years’ to come. The Minister of Finance, Planning and Economic Development, Maria Kiwanuka says this is up from a projection of 6% made earlier
Museveni’s attitude on rights of mineral-rich land owners depicts a colonial kind of mentality
By James Muhindo Seven days to the 52nd independence celebrations in Uganda, President Y.K. Museveni while at the Conference on Mineral wealth, in Kampala Uganda, took the country five decades back in the struggle for human rights. As reported in one of Uganda’s Dailies, the president said that government will change the law to allow
Why Museveni won’t compensate mineral-rich land owners
In an article published by the Daily Monitor, on Thursday October 2, 2014, the President of Uganda, Yoweri Kaguta Museveni said the government will change the law to allow intending investors in the mining industry to access private land that contains minerals without negotiating with the land owners. The President is quoted to have said “the
Oil attracts increased Investments to Uganda
The recent oil discovery in Uganda has led to an increase in Foreign Direct Investment (FDI) inflows to the country. According to the data that the United Nations Conference on Trade and Development released recently, Uganda FDI increased by 92.51% to $ 1.721 billion in 2012 down from $ 894 Million in 2011. The data