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Economy of Uganda

Endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits, it is thought that Uganda could feed all of Africa if it were commercially farmed. The economy of Uganda has great potential, and it appeared poised for rapid economic growth and development.

Chronic political instability and erratic economic management since self-rule has produced a record of persistent economic decline that has left Uganda among the world's poorest and least-developed countries. The national energy needs have historically been more than domestic energy generation, though large petroleum reserves have been found in the west.

After the turmoil of the Amin period, the country began a program of economic recovery in 1981 that received considerable foreign assistance. From mid-1984 onward, overly expansionist fiscal and monetary policies and the renewed outbreak ofcivil strife led to a setback in economic performance.

Sectors

Agriculture

Agricultural products supply nearly all of Uganda's foreign exchange earnings, with coffee alone (of which Uganda is Africa's second largest producer - after Ethiopia) accounting for about 27% of the country's exports in 2002. Exports of apparel, hides, skins, vanilla, vegetables, fruits, cut flowers, and fish are growing, and cotton, tea, and tobacco continue to be mainstays.

Most industry is related to agriculture.

Industry

The industrial sector is being rehabilitated to resume production of building and construction materials, such as cement, reinforcing rods, corrugated roofing sheets, and paint. Domestically produced consumer goods include plastics, soap, cork, beer, and soft drinks. Major Cement manufacturers like 'Tororo Cement Ltd' caters to the need of building and construction material consumers across East Africa.

Communication

The Uganda Communications Commission regulates communications, primarily "delivered through an enabled private sector.

Mining and petroleum

Uganda's predominant mineral occurrences are gold, tungsten, tin, beryl, and tantalite in the south; tungsten, clay, and granite between latitude zero and two degrees north; and gold, mica, copper, limestone, and iron in the north.

In June 2015, the Ugandan government and Tullow Oil settled a longstanding dispute regarding the amount of certain capital gains taxes that the company owed to the government. The government claimed that the company owed US$435 million. The claim, however, was settled for US $250 million.

The Tullow Oil refinery that cost $1.5 billion has been put on hold due to governmental complications.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Uganda"

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