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              Ghana: Prime Minister Shri Narendra Modi addresses the Parliament of Ghana

              Ghana: Prime Minister Shri Narendra Modi addresses the Parliament of Ghana

              Ghana: Mahama swears in 7 new Supreme Court Justices

              Ghana: Mahama swears in 7 new Supreme Court Justices

              Africa: Launch of PAPSSCARD Marks Major Leap Toward Financial Sovereignty and Intra-Continental Trade Integration

              Africa: Launch of PAPSSCARD Marks Major Leap Toward Financial Sovereignty and Intra-Continental Trade Integration

              Africa: Nigeria, Egypt Top $95 Billion Remittance Surge, Unlocking New Investment Frontiers

              Africa: Nigeria, Egypt Top $95 Billion Remittance Surge, Unlocking New Investment Frontiers

              Nigeria: Customs Integrates CBN, FIRS, Banks into B’Odogwu Platform to Digitize Trade Efficiency

              Nigeria: Customs Integrates CBN, FIRS, Banks into B’Odogwu Platform to Digitize Trade Efficiency

              Africa: Nigeria Ascends Global Customs Leadership as CGC Adeniyi Becomes WCO Council Chair

              Africa: Nigeria Ascends Global Customs Leadership as CGC Adeniyi Becomes WCO Council Chair

              Kampala Road Works: Kigenyi urges safety, order

              Kampala Road Works: Kigenyi urges safety, order

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              • FEATURES
                Meet Sidi Ould Tah: Newly President of African Development Bank Group

                Meet Sidi Ould Tah: Newly President of African Development Bank Group

                Meet the newly appointed executives steering NNPC Limited

                Meet the newly appointed executives steering NNPC Limited

                Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                Meet Haruna Iddrisu: The Politician, Lawyer, and Latest  Minister of Ghana’s Ministry of Education

                Meet Haruna Iddrisu: The Politician, Lawyer, and Latest  Minister of Ghana’s Ministry of Education

                Meet Agnes Naa Momo Lartey: The Minister Designate for the Ministry of Gender, Children and Social Protection in Ghana

                Meet Agnes Naa Momo Lartey: The Minister Designate for the Ministry of Gender, Children and Social Protection in Ghana

                Meet Justina Nelson: A Banking Visionary and Strategic Leader Who Takes Over MIIF as Acting Chief Executive Officer

                Meet Justina Nelson: A Banking Visionary and Strategic Leader Who Takes Over MIIF as Acting Chief Executive Officer

                Meet Nigeria’s Newly Nominated Ministers

                Meet Nigeria’s Newly Nominated Ministers

                Nigeria’s $5 billion FLNG project gets Presidential endorsement

                FULL TEXT: President of Nigeria 2024 Independence Day speech

                Trending Tags

                • DIGITAL ECONOMY
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                  Tanzania signs deal with Cuban firm to enlarge TBPL

                  Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                  Namibia: President Nandi-Ndaitwah unveils new cabinet

                  Kenya: Ministry of Health outlines SHA compliance measures

                  Kenya: Ministry of Health outlines SHA compliance measures

                  South Africa: Durban Port to expand vehicle terminal

                  South Africa: Durban Port to expand vehicle terminal

                  Botswana, Türkiye aim for stronger ties

                  Botswana, Türkiye aim for stronger ties

                  Nigeria to host 2025 Afreximbank annual meetings

                  Nigeria to host 2025 Afreximbank annual meetings

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                  Ghana:Adjei reaffirms commitment to expanding urban water supply

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                  Mahama reaffirms commitment to economic stability

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                  Kenya Government Embarks on County Industrialization Initiative to Boost Trade and Employment

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                  • INTERVIEW
                    Botswana Stock Exchange’s Strategic moves to attract foreign investors: Insights from CEO ; Kopano Bolokwe

                    Botswana Stock Exchange’s Strategic moves to attract foreign investors: Insights from CEO ; Kopano Bolokwe

                    Transforming Botswana’s Public Service: Gaone Manzini on Leadership, Integrity, and Vision for the Future

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                    Ghana’s registra department: driving digitization for effecient services

                    Ghana’s registrar department: driving digitization for efficient services

                    Nigerian’s First Lady Aisha Buhari in Talks on Plans After Husband’s Presidency

                    Nigerian’s First Lady Aisha Buhari in Talks on Plans After Husband’s Presidency

                    Cedi expected to end 2020 with less than 5% depreciation to dollar Says Expert

                    Cedi expected to end 2020 with less than 5% depreciation to dollar Says Expert

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

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                      Ghana: Vice President Bawumia launches Credit Scoring System

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                      Sam Shivute, Commissioner General, Namibia Revenue Agency has Emerged as Public Sector Global CEO of the Week

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                      Ms. Hapiloe Sello, Chief Executive Officer, South African National Parks has Emerged as Public Sector Global CEO of the Week

                      Dr. Douglas Letsholathebe, Minister of Education and Skills Development, Botswana has Emerged as Public Sector Global Minister of the Week

                      Dr. Douglas Letsholathebe, Minister of Education and Skills Development, Botswana has Emerged as Public Sector Global Minister of the Week

                      Bashir Adewale Adeniyi MFR, Comptroller General, Nigeria Customs Service has Emerged as Public Sector Global CEO of the Week

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                      Ms. Latifa Mohamed Hamis, Director General, Tanzania Trade Development Authority, has Emerged as Public Sector Global CEO of the Week

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                      Esther Ngari Emerges Public Sector Global ‘CEO of the Week’

                      Esther Ngari Emerges Public Sector Global ‘CEO of the Week’

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                      Uganda: Government tasked to detail profit timelines for Uganda Development Corporation (UDC) Investments

                      Public Sector Global by Public Sector Global
                      April 13, 2023
                      in NEWS
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                      Uganda: Government tasked to detail profit timelines for Uganda Development Corporation (UDC) Investments
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                      State Minister for Industry, Hon. David Bahati says it could take up to ten years for enterprises in which government has shares to become profitable to House Committee on Trade, Tourism and Industries.

                      Citing enterprises engaging in beverage, sugar and fruit processing, Minister Bahati said that the six are still making loses and will need some time before they can start breaking even.

                      “We expect that within five to ten years, these companies will start making money and then we pull out. There is one company where we have made some money, the Nile Hotel, that one we got a dividend of Shs500 million,” said Bahati, who was appearing before the Committee together with the Minister of Trade, Industry and Cooperatives, Hon. Francis Mwebesa, on Thursday, 13 April 2023.

                      Bahati said that enterprises like Mbale Growers Tea factory, Kayonza Growers Tea Factory, Soroti Fruits Factory, Budadiri Arabica Coffee Mills Limited, Busoga Sugar Factory, and Atiak Sugar Factory may take up to 10 years to become profitable.

                      He attributed this to the fact that most of these companies are less than five years old, and it is typical for businesses to suffer losses in their early years.

                      He said the investments were intended to create employment opportunities, boost local production and reduce Uganda’s dependence on imported goods.

                      Bwamba County MP, Hon. Richard Gafabusa, questioned why the government was investing taxpayers’ money in the different ventures when there is no guarantee of a return on investment.

                      “The investments were intended to create employment opportunities, boost local production and reduce Uganda’s dependence on imported goods”

                      He said that the claim that the enterprises were creating employment opportunities is not true as some factories like Atiak Sugar were closed by the time the committee visited the place.

                      “You cannot break even when you are closed; there is no single kilogramme of sugar in the market from Atiak. Will Atiak make profits when the sugarcane plantations are burnt,” he questioned.

                      Nwoya East MP, Hon. Okello Charles, tasked the Minister to provide MPs with a prospectus of each of the investments so that members can know which company will make a profit and when.

                      “Even when a company is anticipated to make profits in ten years, it is recorded down. Can you provide us with those details,” he said.

                      Committee chairperson, Hon. Mwine Mpaka, asked the Minister to explain when the companies would start making profits saying government had injected billions of money in the enterprises.

                      Minister Bahati said that the government would continue to closely monitor the performance of these businesses to ensure that they are managed effectively and achieve financial sustainability. He stated that they will come up with a detailed statement on when each of the businesses is expected to start making profits.

                      Meanwhile, the Uganda Development Corporation (UDC) seeks over Shs253 billion for the expansion of the Soroti Fruit Factory, tea processing factories in Luwero, Zombo, and Mitooma, a potato processing plant, cocoa factory, grain value addition among others.

                      Hon. Mpaka said that as a committee they should go to the ground to ascertain the credibility of the enterprises that UDC seeks to invest in.

                      “All these projects you are planning to fund, we have to go physically and look at them, because of the challenge of sitting in this room and funding projects that are in a very bad situation.” he said.

                      Tags: InvestmentUganda
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