Matia Kasaija, the Minister of Finance addressing members of the Uganda Parliamentary Press Association – UPPA during a National Budget Conference at Hotel Africana in Kampala. Photo by Dominic Ochola_URN
will revoke trading licenses of business entities that are hoarding essential
commodities on the market.
This was revealed
by Matia Kasaija, the Minister of Finance, Planning, and Economic Development
while addressing members of the Uganda Parliamentary Press Association – UPPA
during a National Budget Conference at Hotel Africana on Thursday.
pointed out that the government is concerned about the illegal purchase and
storage of essential products such as sugar, soap, cooking oil, and posho among
others with an aim of creating scarcity on the market to fetch high prices.
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noted that it would not be a viable policy to ban the exportation of agricultural
products because it would lead to a loss of revenue for the Government and also
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However, he reiterated that the Government is aware of the increasing commodity
prices across the country which has deprived a section of the population
of essential commodities, attributing it to hoarding which he said the Government
has started to investigate.
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Since 2021, the Minister noted pointed out that the global prices for some key
commodities have increased significantly mainly due to supply chain disruptions
occasioned by the Covid-19 pandemic, compounded by the Russia-Ukraine war.
The turmoil that erupted in February this year, affected the supply of goods
and services from Russia and Ukraine, the two major sources of key commodities
consumed directly such as oil and wheat used to manufacture other consumer
goods in many countries including Uganda.
Further, Kasaija explained that the war has resulted in imported inflation in
Uganda which caused a significant rise in the domestic prices the household
commodities such as laundry soap and cooking oil which has become too
expensive thus sparking public outbursts.
The national budget conference is an annual event to afford the journalists and
members of the Civil Society Organizations - CSOs opportunity to discuss key
growth constraints, course of policy actions, and budget financing to spur
industrialization and job creation.
Ochola's journalism career begun from Radio King 90.2 FM in Gulu around 2009, and Radio Rupiny 95.7 Fm under Vision Group in 2012. He also reported for Mighty Fire 91.5 Fm, Kitgum in 2015 before joining Wizarts Foundation in 2017.
He has been reporting for Uganda Radio Network (URN) since 2017 before being posted as Bureau Chief Kitgum, and latr Gulu between 2018 - 2021. Currently, he reports from Parliament.