Many shops in Kampala didn’t open today, especially in down town where shopping malls and markets remained closed for most of the day.

Kampala Kikuubo shops remained closed on Wednesday

Issa Sekito the spokesman for Kampala city traders association KACITA says shops and Malls are all closed in protest of government’s apparent inability to deal with inflation and the weakening of the Uganda shillings against the dollar and other currencies.

Ugandans has endured 7 months of rising prices with nationwide protests erupting in April over increase in Food and fuel prices in the walk to work protests.

Last week, the Uganda shilling hit an all time low of 1750 to the dollar blamed on low dollar supply in the economy and despite the Bank of Uganda pumping in some dollars, the recovery of the Uganda shilling has been slow.

Since the start of the year the shilling has depreciated by at least 19% . Ssekito says despite the depreciation of the shilling, Uganda’s tax body insist that traders pay some taxes in dollars worsening their situation.

Kacita also says government has not put in place measures in the 2010/2011 budget to ease the cost of doing business.

Last month the governor of the central bank Emmanuel Tumusiime Mutebile was reported to have criticized president Yoweri Museveni for using the bank reserves for the 720 million dollar fighter jets contract.

The government has appealed to the traders to call off the strike with Trade and Industry Minister Amelia Kyambadde promising the President will meet and solve the traders’ concerns immediately he returns from his current Africa Union trip in South Africa.

By Isaac Senabulya

The post Shops closed as traders protest rising inflation and depreciation of the Uganda shilling first appeared on Uganda Multimedia News & Information.

KACITA Everest Kayondo confirmed to reporters that their planned demonstration is 100% still on since no mutual understanding has been reached upon with the government.

Issa Sekito

Kayondo also notes that the minister is still waiting for a final communication from the president to send to the traders in a meeting which traders say is too late to hold.

The traders say are demonstrating over the depreciation of the shilling, quack Indian and Chinese investors, and high rental charges among others.

But Kyambadde later delivered a message from president Museveni who urged the traders not to strike. The president says striking will further hurt the economy.

Museveni has promised to meet the traders within three days after he returns from African Union meetings in South Africa.

KACITA Spokesperson Issa Sekito says the traders are awaiting real actions from the government to save the bad economic situation from getting worse.

By Issa Senabulya

The post Defiant Kampala traders insist on strike despite Museveni promise to meet over issues first appeared on Uganda Multimedia News & Information.

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.

The post Kampala traders announce strike of depreciation trend of Uganda shilling first appeared on Uganda Multimedia News & Information.