Accountancy in Uganda

Country overview

Uganda also referred to as “the pearl of Africa” is located in East Africa with a total land area of approximately 77,149 sq. miles. It is a presidential republic divided into four administrative regions all united and served by the national government body. Kampala is the capital and largest city of Uganda. The country’s current population stands at 44.050 million (2018) with the majority being Christians. English is the official Language.

Economic overview

Uganda is richly endowed with plenty of fertile soils and regular rains, it’s, therefore, no wonder that the mainstay of Uganda’s economy is Agriculture employing more than one-third of the workforce. Coffee account for the bulk of export revenues. Uganda’s currency is Shillings (USHS or UGX) and Cents. Save for the requirement that all remittances and/or Repatriations to and from Uganda be made through a duly licensed financial institution or a person or entity duly licensed to conduct money transfer business, there is no exchange controls or restrictions under Uganda Law in respect of the movement of currency or capital. Further, the Financial Institutions (Anti-Money Laundering) Regulations of 2010, makes it a requirement For a financial institution to report, on a monthly basis, any transaction amounting to US$10,000 or its equivalent in any other currency involving cash or “near cash” such as travellers cheques, to the national Law enforcement agencies and serve a copy to the Central Bank.

Transport infrastructure

Uganda poses a well-developed transport system consisting of road, rail, inland water and air transport. Entebbe International Airport is the country’s largest civilian and international airport located on the outskirts of Entebbe, on the shores of Lake Victoria. The Airport is around 40km from the capital of Uganda, Kampala connected by the newly constructed Entebbe-Kampala Expressway .Several international airlines fly to and from Entebbe namely: Emirates, British Airways, KLM, Sabena, South African Airways, Kenya Airways, Ethiopian Airways, Air Tanzania and Egypt Air.


Latest version updated 11th April 2019

Country Breakdown

44.27

Million

Population

USh

Ugandan shilling

Currency

$ 25.89

Billion

GDP

241,037

km2