Can Uganda leverage oil to turn around economy? [Business Africa]
Uganda is transitioning its economic focus from traditional exports such as coffee and gold to the oil industry. The country anticipates starting oil exports potentially by October, which could generate nearly $2 billion annually. The challenge remains…
Uganda is transitioning its economic focus from traditional exports such as coffee and gold to the oil industry. The country anticipates starting oil exports potentially by October, which could generate nearly $2 billion annually. The challenge remains to manage the associated risks and avoid the "resource curse" experienced by other nations.
Ensuring Accountability in Oil and Gas
Winfred Ngabiirwe, an advocate for accountability and compliance in the oil and gas sector, provides insights on strategies Uganda can adopt to ensure that oil revenues contribute to sustainable development for its population.
Mineral Trade: Zambia's Yuan Payment Approval
Zambia has approved the use of China's Yuan for the payment of mining taxes, marking a significant shift in trade practices within Africa. This decision could influence global trade alliances and reflects a gradual shift away from reliance on the US dollar.
Uganda is transitioning its economic focus from traditional exports such as coffee and gold to the oil industry.
Impact on Global Trade: Suez Canal Traffic Decline
Despite the cessation of Houthi attacks, shipping traffic through Egypt's Suez Canal remains approximately 60% below average. This persistent decline in maritime activity is affecting global trade routes and has economic implications for Egypt.
Based on reporting by Africanews.
