KAMPALA
Traders under the Uganda National Traders Alliance (UNATA) have called on the government to revise the high interest rates charged by commercial banks in Uganda.
Kwebiha Muzamir Abwooli, Executive Director of UNATA, expressed concern over the burden these rates place on the business community.
“Interest rates of 30% and 28% are extremely high. As a result, the business community is sinking day by day due to such policies,” Kwebiha said.
The traders also urged the government to increase the funds allocated under the Parish Development Model (PDM), arguing that the current amount of UGX 1,000,000 (One million shillings) is insufficient for a business operating in Kampala’s Central Business District.
In addition to the high interest rates, traders raised concerns about heavy taxation and unclear tax policies imposed by the Uganda Revenue Authority (URA).
“We are being heavily taxed on our imported goods, making it increasingly difficult to sustain our businesses. The government needs to revise these tax policies to create a more favorable environment for traders,” said Godfrey Katongole, President UNATA.
The traders are now calling for an urgent dialogue between government, financial institutions, and the private sector to find lasting solutions to the challenges affecting the business community.
