Tag Archives: Losses

Kampala — What began as a bold presidential dream to transform Uganda’s beloved matooke into a global industrial product is now under intense scrutiny after a damning audit exposed management gaps, delays, financial losses and billions lying idle at the country’s flagship banana industrialisation project. A fresh report from the Office of the Auditor General of Uganda has raised serious …

Uganda Development Corporation was created to be the State’s industrial engine, the strategic investor that would put public money into commercially viable ventures and drive Uganda’s transformation. Instead, the latest Auditor General’s report paints a troubling picture of a corporation pouring trillions into companies that are barely staying afloat. As a state enterprise, UDC is mandated “to promote and facilitate …