(3 minutes read)
Ugandan President Yoweri Museveni said in a televised national address recently that the country was facing a huge economic crisis and at the critical time continuing with doles and subsidies would be counterproductive. He added that if the government agreed to extend an exorbitant quantum of government subsidies and rollback import duties as demanded by certain sections of the society, the economy would collapse
Ugandan President Yoweri Museveni said in a televised national address recently that the country was facing a huge economic crisis and at the critical time continuing with doles and subsidies would be counterproductive. He added that if the government agreed to extend the exorbitant quantum of government subsidies and rollback import duties as demanded by certain sections of the society, the economy would collapse. Citizens supported by the opposition parties are clamouring for the restoration of subsidies and withdrawal of steep import duties, which make the prices of even essential goods beyond the reach of the people.
Museveni said that the cost of food and imported raw materials have been rising in recent months due to the surging price of petroleum products and supply disruptions of food grains, particularly wheat, exacerbated constraints following the war in Ukraine.
Also Read:
https://trendsnafrica.com/uganda-falling-behind-in-agricultural-productivity-un/
https://trendsnafrica.com/uganda-faces-severe-inflation-food-and-oil-prices-soar-up/
https://trendsnafrica.com/russia-ukraine-war-a-challenge-to-ugandas-propensity-for-russian-weapons/
Museveni stressed that Uganda could ill-afford excessive imports and subsequent foreign exchange outgo. He advised citizens to substitute expensive wheat being imported with locally available food such as millet, maize, green bananas, and cassava. But even the prices of these items have been rising due to higher transportation costs. Ugandans are forced to buy smaller quantities of basic items. They are also giving up using their cars to cope with the increasing fuel cost.
