The permanent secretary in the Ministry of Finance, Planning and Economic Development, Ramadhan Ggoobi has assured Ugandans that the prices of some commodities, particularly soap and cooking oil are more likely to reduce next month.
Ggoobi is currently in Sharm El Sheik, Egypt for the 2022 Islamic Development Bank Group annual meeting. Uganda has been a member of the bank since 1974.
He said from his enagement with the key economic players on the continent, he is confident that prices of some commodities could come down soon, possibly in July this year.
"I have got assurance from Dr. Sri Mulyani Indrawati, Finance Minister of Indonesia that they are going to lift the ban on export of crude palm oil next month (July). Prices of soap and cooking oil are likely to reduce," he said.
Ggoobi explained that Indonesia accounts for 59% of global palm oil exports.
"The minister tells me they have banned export of crude palm oil to cater for rising domestic prices. They have since addressed the problem and are now ready to resume export. Very good news for us on this, “he said.
Right now a bar of soap ranges from Shs 7,000 to Shs 9,000 while a litre of cooking oil costs Shs 10,000.
Ggoobi thanked the bank for focusing on infrastructure and sustainable human development in the next four years as outlined in its five year strategy.
He requested the bank to renew the member country partnership with Uganda and support the private sector to access affordable financing.
