In 2019, for example, the Fund reported losing 402 billion shillings due to what it called exposure in the regional equity market, especially the Nairobi stock exchange.
The MD Richard Byarugaba says that currently the total equity (stocks) investment portfolio earns the Fund 13% per year, which is a commendable rate of return, and therefore should not be changed.
In a letter circulated to its employees, the company say its services will stop of October 7, this year, and the staff will remain in employment until November 30.
The Minister for Finance, Planning and Economic Development, Matia Kasaija says it is sad that foreign companies are exiting the Ugandan market at this time, saying distressed companies should instead approach the government for advice or help.
Fr. Muheezangango says that government’s move to just start distributing millions of shillings to the peasantry, like it has always done in the preceding programmes, needs to be stopped because so many billions earmarked for it are bound to go to ‘waste’ through among others, corruption.
Last month, over 6,000 truck drivers suspended travels to Juba and parked their cargo fleets at the Elegu border at the Ugandan side in protest of armed violence on foreign drivers along the Nimule-Juba highway.