Civil society group commends govt on improved credit rating

Some of the developments in Uganda’s economic performance, according to S&P Global Ratings, include oil projects, strong and resilient growth, record rise in foreign exchange reserves, improved external balance, return of concessional financing, low inflation, current currency stability and strong banking sector.

Since Uganda’s first oil is expected by the end of next year — with production peaking at 230,000 barrels per day by 2030 — Mukunda said Uganda is likely to be getting sh61b per day when the oil comes out.