The farmer’s CSOs led by the National Farmers’ Association (NFA) and Caritas Uganda say that   agricultural productivity has gone down due to limited accessible agricultural credit financing.

While addressing a farmers’ meeting on agricultural financing held at Hotel Africana in Kampala on Wednesday this week, the Liaison Officer at Central Archdiocesan Province Caritas Association Uganda, Joseph Bukenya  says that farmers need a credit financing where they can be charged only  interest of 4% which they can afford especially when there a farmers bank.

He added that commercial farmers are well catered for by the banks which the small holder farmers cannot get because of the high interest rates charged.

Bukenya also says that government has to copy some of agriculture policies from some other countries like Germany where farmers are given interest free credit.

Prudence Ayibale the policy analyst at the Uganda National Farmer’s Federation (UNFFE).

The policy analyst at the Uganda National Farmer’s Federation (UNFFE, Prudence Ayibale urged government to sensitize farmers about the existence agricultural insurance fund so that they can insure against risks in their agribusiness

The agricultural activists also say that the current agricultural finance does not unlock Uganda’s agricultural potential.

The post Agric activists want government to introduce credit financing to farmers. first appeared on Uganda Multimedia News & Information.

As a result of the recent hikes of interest rates in the market, many corporate businesses are encountering difficulties in paying back the loans they have acquired from the commercial banks.

A couple of weeks back, the traders in Uganda through their umbrella association of ‘Kampala City Traders Association’ staged a sit-down strike protesting against the high interest rates charged on bank loans. The traders claimed that many of them have had their businesses collapse due to high interests charged on bank loans.

The good news however is that Uganda Development Bank has come out to save the traders especially at this time when the country is undergoing into an economic crisis.

The Director of Uganda Development Bank has told the members of the press that they have the lowest interest rates in town and that the bank is committed to a long term relationship with the traders and all Ugandans at large.

The post Uganda Development Bank reduces interest rates first appeared on Uganda Multimedia News & Information.

Kayondo says that despite having resumed business, the traders still need to put more pressure on the government to put a ceiling on the interest rates commercial banks charge on loans.

The traders went on a three day sit down strike last week demanding that the commercial banks withdraw the increased interest rates on new and old loans. Kayondo says that even though they have opened their shops the government still needs to come out and protect the interests of traders. He was addressing journalists inKampalatoday.

Kayondo says the traders are still waiting for the government’s response on the issue of high interest rates. He says that the moment the government fails to solve the problem the traders will definitely sue the commercial banks.

By Walakira Nyanzi

The post Traders to sue commercial banks over high interest rates charged on loans first appeared on Uganda Multimedia News & Information.

 The traders strike was peaceful although the police arrested some of the traders it suspected that they could turn violent.

 The traders spokesman, Issa Sekitto says that it’s the government which has lost in the strike as over 6 billion shillings have not bee collected during the strike.

 He explains that telecom companies like MTN Uganda, Uganda Telecom, WaridUgandaandOrangecollect millions of money every day from the calls traders make. Sekitto says that all these telecom companies pay taxes to the government so when the traders go on strike all the revenue the government collects on fuel stations, taxis, beverage companies, sugar factory among others also reduce.

The traders strike is ending today evening with a meeting of all traders to decide whether next week the start a violent strike.

Ugandais now among the countries inAfricaknown to have violent strikes in which many people are shot dead by the police and the army.

Millions of Ugandans who used to be so peaceful have slowly turned violent due to increasing levels of poverty, political discrimination, land grabbing executed by some of the people who have big connections in the army, police, courts of law and government.

By Moureen Nakyanzi

The post Traders strike in Uganda ends first appeared on Uganda Multimedia News & Information.

The commercial banks operating in Uganda charge over 27% on loans. Our reporters in Mityana, Kampala and Mubende among other districts have told us that most of the shops in Kampala and other districts have not opened today amidst the government requests to them to open the shops.

The spokesman of Kampala City Traders Association (KACITA), Issa Sekitto has told us that they will continue with the strike for the next three days until the government directs commercial banks to reduce the interest rates. The government deployed soldiers to threaten traders not to open shops in vain.

The post Shops closed as traders in Uganda open strike first appeared on Uganda Multimedia News & Information.

The commercial banks operating in Uganda charge over 27% on loans. Our reporters in Mityana, Kampala and Mubende among other districts have told us that most of the shops in Kampala and other districts have not opened today amidst the government requests to them to open the shops.

The spokesman of Kampala City Traders Association (KACITA), Issa Sekitto has told us that they will continue with the strike for the next three days until the government directs commercial banks to reduce the interest rates.

The government deployed soldiers to threaten traders not to open shops in vain.

By Moureen Nakyanzi

The post Shops closed as traders in Uganda open strike first appeared on Uganda Multimedia News & Information.