Uganda's Economic Landscape: Navigating Technology, Census Preparations, and Financial Markets
As technology continues to reshape Uganda's business landscape, companies are increasingly turning to social media platforms to tap into the online market, aiming to boost sales.
However, senior economist Dr Fred Muhumuza warns of potential cost implications associated with online marketing efforts.
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"While technology offers growth opportunities, companies must be mindful of the costs involved in leveraging online platforms for marketing," cautions Dr. Muhumuza.
In other news, the Uganda Bureau of Statistics (UBOS) gears up for the National Census scheduled for May 10th, receiving its first batch of over 36,000 tablets.
Executive Director Dr. Chris Mukiza emphasized the importance of adequate preparation for a successful census.
"The receipt of tablets marks a significant step forward in our preparations for the upcoming National Census," stated Dr. Mukiza.
Despite a decline in Uganda's Absa Africa Financial Markets Index (AFMI) score in 2023, the country maintains its 4th position in the continental bloc.
Mumba Kalifungwa, Managing Director of Absa Uganda, sheds light on the implications of these scores.
"The decline in AFMI score underscores the need for continuous efforts to strengthen Uganda's financial markets," remarked Kalifungwa.
On the Uganda Stock Exchange, seven counters witness an upward movement in share prices, with notable gains for KCB Group and Centum.
However, some counties, including Airtel Uganda and Bank of Baroda, experience losses.
In the forex markets, the Bank of Uganda signals a preference for lower rates despite investor demand for higher returns in the government debt market. Meanwhile, the Kenyan shilling strengthens against the dollar, buoyed by investor confidence.
Amidst minimal changes in commodity prices, vendors express satisfaction with weekend sales despite small margins.
