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Kampala traders announce strike of depreciation trend of Uganda shilling

July 1, 2011
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Home Business & Finance

Kampala traders announce strike of depreciation trend of Uganda shilling

by Gerald Businge
July 1, 2011
in Business & Finance, Business news, Latest Uganda News
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Traders in Kampala have announced a massive sit down strike starting Wednesday and Thursday next week that will see the whole business community in the country keep home for those two days as a way for drawing the government’s attention to address their needs.

Issa Sekito

In a meeting held on Friday between the traders and their leadership under the umbrella body Kampala City Traders Association (KACITA), the traders expressed concern at the current high inflation and the continued depreciation of the shilling.

In a heated up meeting, traders were blaming the government for not intervening in saving the shilling from depreciating against the US dollar which has made the transaction of business in and out of the country unpredictable.

The traders unanimously agreed to keep their businesses closed for those days as a way to make the government to take action.

They also demand the government to look into the issue of quack investors who have disorganized the whole business sector singling out the continued habit of foreign traders mainly Indians and Chinese who they say do businesses that Ugandans are already doing.

The traders also say that these foreign investors repatriate all profits back to their respective countries.

KACITA publicist, Issa Sekito maintains that the coming demo is not affiliated to any political motive and warns all traders not to be caught on the wrong side of the law by schemers.

 

 

Tags: depreciation of Uganda shillingIssa SekitoKACITAKampala traders AssociationUganda shilling
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