Monday, January 30, 2023
HomePoliticsNationalNRM’s CEC Set to Discuss Runaway Commodity Prices

NRM’s CEC Set to Discuss Runaway Commodity Prices

The National Resistance Movement Central Executive Committee will next week meet to discuss the issue of runaway commodity prices in the country.

 

This was revealed on Saturday by President Yoweri Kaguta Tibuhaburwa during his Easter massage

“I will discuss with the caucus the issue of the high commodity prices” in the coming days before addressing Ugandans” Mr. Museveni said.

The President also said he is aware the runaway prices “are disturbing our people.”

The junior Trade (Industry) minister, David Bahati on Thursday made clear the government’s plans to support farmers to grow more food and vegetable seeds and cereals to ensure sufficient domestic supply and also boost export earnings in statement presented to the parliament.

“Exports like maize can be used as substitutes by regional partners who have been more dependent on imports from affected countries like Ukraine,” the statement reads in part.

It further stated that the government is fast-tracking the implementation of Parish Development Model to increase production of strategic commodities for domestic consumption and export.

The statement also said the government will continue to provide a free and fair competitive environment to support continuous supply of fuel. The government will also work with the private sector to expand alternative fuel import routes across Lake Victoria to avoid unnecessary supply disruptions.

Mr Bahati  also stated that the use of [price controls], subsidies and tax reductions are not only unsustainable, but also cause market distortions and smuggling and lead to revenue loss,”

The minister also noted that the Ministry of Energy and Mineral Development will continue to regulate domestic fuel markets to ensure that prices reflect the economic environment.

 

 

Jolliebest Kasajja
Jolliebest Kasajja
Jolliebest Kasajja is a Ugandan Photo Journalist, Influencer, Photo and Videographer, Nnews Editor and Critic for African Politics.
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