Saturday, August 6, 2011

Government bans sugar exportation as scarcity bites

Daily Monitor: "President Yoweri Museveni has announced a ban on the exportation of sugar and allowed the importation of sugar for only six months as an intervention to curb rising prices of sugar in the country.

The President announced the ban yesterday, while touring sugar factories in Jinja and Buikwe districts and in a Television address to the nation.

Although experts insist that the economy is failing, Mr. Museveni insisted that the economy is growing and at a faster rate compared to the past years.

“The government will allow for controlled sugar imports of up to 40,000 tons for six months to address the current scarcity of sugar,” adding that no more sugar exports will be allowed as this has been part of the problem,” a State House statement said.

President Museveni said “Sugar importation will be regulated and controlled and will be stored in bonded warehouses. We should not allow exportation because this has been part of the problem.”

Uganda exported between 275,000 metric tons of sugar in 2010 but the figure nearly doubled in the last six months in 2011."