Wafanya Biashara Uganda wagoma na kususia Mkutano na Waziri Mkuu Je Wabongo tunajifunza ??? | JamiiForums | The Home of Great Thinkers

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Wafanya Biashara Uganda wagoma na kususia Mkutano na Waziri Mkuu Je Wabongo tunajifunza ???

Discussion in 'Jukwaa la Siasa' started by August, Jan 12, 2012.

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    August JF-Expert Member

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    August JF-Expert Member

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    By Mercy Nalugo (email the author)[TABLE]
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    Posted Wednesday, January 11 2012 at 00:00

    Kampala City Traders Association (Kacita) leadership yesterday boycotted a meeting called by Prime Minister Amama Mbabazi to find ways to avert today's planned strike over high interest rates on bank loans.

    The leaders said the meeting would not be of any help since government has showed no commitment to intervene positively in the matter.

    Kacita chairperson Evarest Kayondo and spokesperson Issa Ssekitto said they would not attend the meeting at Postal Building since they wanted Mak action, not "empty promises".

    Only the organisation's chief executive officer, Mr Moses Kalule, put in a token appearance and insisted after the meeting ended at 8:30 pm that the traders' strike was still on.

    "We have talked enough and we feel we are exhausted. We are here in town briefing people not to open their shops for three days. Those that will come to town should just come to withdraw their money from banks," Mr Ssekitto told Daily Monitor yesterday.

    The State Minister for Finance (General Duties), Mr Fred Omach, chaired yesterday's meeting.

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    It was attended by State Minister for Trade David Wakikona, the Governor Bank of Uganda, Prof. Tumusiime Mutebile, Private Sector Foundation boss, Moses Ogwal and bankers.

    The Prime Minister, Mr Amama Mbabazi, who joined in much later, told journalists, who were initially denied access, to the meeting that there was a proposal to review accounts of borrowers by extending the period of recovery of the loans but not reducing the interest rates.

    "We shall negotiate with banks to extend the period of recovery," Mr Mbabazi said.

    Bankers' representatives meanwhile, handed the baton to the Central Bank, saying they were ready to decrease interest rates if it agrees to reduce the Central Banking Rate (the interest commercial banks pay when they borrow from BoU) which is currently 23 per cent.

    But BoU insisted that they cannot reduce the CBR abruptly as it is helping to reduce the inflation rate in the country, which is reportedly hovering at 27 per cent.

    So far, the traders have been joined by manufacturers, the private sector, teachers and now Makerere University staff all of whom are protesting the increased interest rates on old loans.

    They are all agreed that the new and much higher interest rates should not apply to old loans as this is exploitative.

    "Since the eight-hour (Monday) meeting in Parliament yielded nothing, let us stay at home because our businesses have already closed and there is nothing to do in town," Mr Ssekitto said.

    Monday's meeting of ministers, traders and MPs failed to agree on a way forward.

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    1. Submitted by akunatabu
      Posted January 12, 2012 09:44 AM

      traders gave 2 weeks for negotiation, I wonder why you had to wait for the actual strike. learn to take matters serious hon. pm


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