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The Ministry of Trade, Industry and Cooperatives has banned exportation of raw materials starting in the 2021 financial year to encourage adding of value on all raw materials before exporting them. Minister for Trade, Harriet Ntabazi, said 69% of raw materials in the country are exported hence causing revenue loss, adding that the move will improve the manufacturing sector. The trade ministry has also negotiated a U.S.$29 million loan from development partners, and sourced another U.S.$29 million given to Uganda Development Bank this financial year, to give to traders.

The minister said that increased taxation has affected traders, yet the current Covid-19 lockdown has had adverse negative impacts on them. The minister condemned the increase of taxes on garments from 25% to 33% by the finance ministry, adding that this affects consumption both internally and externally.

Read the original article on Monitor.