Uganda is among the top six nations in sub-Saharan Africa in accessing credit, a new report reveals.
The Institute of Chartered Accountants in England and Wales (ICAEW) in their latest Economic Insight: Africa Q3 2016 report launched this month notes that Rwanda tops in Sub-Saharan Africa when it comes to ease of credit financing.
The accountancy and finance body’s report produced by partner and forecaster Oxford Economics provides a snapshot of the Sub-Saharan Africa’s economic performance focusing specifically on Uganda, Kenya, Tanzania, Ethiopia, Nigeria, Ghana, Ivory Coast, South Africa and Angola.
Mr Michael Armstrong, the regional director, ICAEW Middle East, Africa and South Asia said: “Access to finance is a vital driver of economic growth, so this is great news for Uganda. ”
The ICAEW report states Rwanda and Kenya have maintained strong growth momentum into 2016, recording real GDP growth of 7.3 per cent year-on-year and 5.9 per cent in the first quarter of the year respectively, Uganda recorded a disappointing 3.4 per cent rate in the same quarter.
East African countries have eased monetary policy over the past year while their West African counterparts tightened it in an effort to slow inflation.
The ICAEW report notes Rwanda was best in Sub Saharan Africa in terms of access to credit. In second place was Zambia then Kenya, Ghana, Mauritius, Uganda, Namibia, Nigeria, S.Africa, Botswana, among others.
CENTRAL BANK RATE FOR OCTOBER
Source: Bank of Uganda